RBI raised ₹32,000 crore in the Indian government bond auction
In the Indian government securities market, the entire notified amount was accepted for three bond series in the July 17, 2026 auction. For securities maturing in 2029, 2033, and 2055, there was no devolvement on primary dealers, indicating robust demand.
Highlights
- The Reserve Bank of India raised a total of ₹32,000 crore in the auction of 6.03% GS 2029, 6.68% GS 2033, and 7.24% GS 2055 bonds.
- The cut-off yields for the three bonds were 6.1988%, 6.6203%, and 7.3941% respectively, with zero devolvement on primary dealers.
- The government raised the entire amount from the market without devolvement, maintaining a balance across short, medium, and long-term securities.
This article was translated from the original. Read the original version by our correspondent here.
Cut-off Yields and Accepted Amounts
According to the Reserve Bank of India's July 17, 2026 press release, the full notified amount of ₹11,000 crore was accepted for the 6.03% GS 2029, with a cut-off price of ₹99.61 and an implied yield at cut-off of 6.1988%.For the 6.68% GS 2033, the entire notified amount of ₹11,000 crore was also accepted, with a cut-off price of ₹100.31 and an implied yield at cut-off of 6.6203%.
For the 7.24% GS 2055, the full notified amount of ₹10,000 crore was accepted, with a cut-off price of ₹98.16 and an implied yield of 7.3941%.
Market Signals and Impact on Debt Management
There was zero devolvement on primary dealers for all three securities, indicating that investor demand in the auction was sufficient for the government to raise the entire amount from the market.In total, ₹32,000 crore was raised through this auction. The acceptance across different maturities shows that the government maintained a balance in its short, medium, and long-term borrowing program, while the cut-off yields reflect prevailing market pricing trends for the respective maturities.
In our previous report, we covered the changes in Nifty Fixed Income indices by NSE Indices Limited effective July 20, 2026. This included the inclusion of two Rajasthan SDL securities (ISIN IN2,920,160,164 and IN2,920,200,036) in different Nifty bond/SDL indices, which could enhance the benchmark presence, weight, and market visibility of these bonds.
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