State Bond Auction on 9 November 2026: How to Read RBI's SGS Result
Most of us watch the central government's bond auctions. The state loans get less attention, even though they come almost every week and the result sheet is full of useful detail.
I am Nishi Jain, a full-time trader in Jaipur and ex-JioBlackRock. When a state auction result comes out, I read it in three passes: the totals, the yields, and then the odd cases where a state took less than it asked for.
Here is the 9 November 2026 result, read that way.
What RBI released
On 9 November 2026, RBI put out two notes on the same auction of State Government Securities (SGS).
The short one is Result of Yield/Price Based Auction of State Government Securities (Press Release 2026-2027/1470). The long one is State Government Securities - Full Auction Result (Press Release 2026-2027/1472), which breaks every security down by bids, allotment and yield.
The headline numbers
Eleven states and one union territory, Jammu and Kashmir, came to the market with 21 securities between them. Some were new loans and some were re-issues of older ones.
Notified amount: ₹29,050 crore
Amount accepted: ₹27,083.882 crore
Competitive bids received: 1,455 bids for ₹82,868.200 crore
Competitive bids accepted: 476 bids for ₹25,921.784 crore
Non-competitive bids accepted: 121 bids for ₹1,162.098 crore
By my own rough arithmetic, competitive bids came to about 2.85 times the notified amount. That is not a figure RBI prints. It simply tells you demand was not the problem on the day.
Reading the cut-off yields
The cut-off yield is the highest yield the state accepted. Here it ran from 7.61% to 8.1476%.
Security | Cut-off yield | Accepted (₹ crore) |
|---|---|---|
Haryana SGS 2030 (new, 4 years) | 7.61% | 500 |
Gujarat SGS 2036 (new, 10 years) | 7.82% | 1,000 |
Uttar Pradesh SGS 2046 (new, 20 years) | 8.09% | 2,000 |
Haryana SGS 2048 (re-issue) | 8.1476% | 2,000 |
The pattern is the usual one. The short Haryana loan cleared at the lowest yield, and the long papers cleared above 8%.
As general background, not from this release: in a new loan, the cut-off yield normally becomes the coupon, which is why RBI shows those securities at a price of ₹100.
Why some prices are above ₹100 and some below
The re-issues are worth a second look. They already carry a fixed coupon, so the auction sets a price instead.
Take 8.21% Tamil Nadu SGS 2051. It cleared at ₹101.39, a yield of 8.0786%. The coupon is higher than the yield, so buyers paid more than face value.
Now take 7.63% Mizoram SGS 2041. It cleared at ₹96.15, a yield of 8.0788%. Almost the same yield, but a lower coupon, so the price sits below ₹100.
Once you see that, the price column stops looking random.
Where states took less than they asked for
Two lines in the sheet are different from the rest.
Bihar offered ₹2,000 crore in an 18-year loan and accepted only ₹1,533.882 crore, at a cut-off of 8.10%.
Chhattisgarh did not accept any amount in either of its re-issues, the 7.68% SGS 2036 (₹900 crore) and the 7.64% SGS 2042 (₹600 crore).
Bids were not missing in either case. Chhattisgarh's two loans drew 73 and 63 competitive bids. RBI's note does not give a reason. As general background, an issuing state is free to turn down bids it finds too costly.
What "partial allotment" means here
Many columns show a partial allotment percentage for competitive bids. For Gujarat SGS 2036, for example, it is 95.7022%.
This applies to bids placed exactly at the cut-off. When there are more of those than the room left, each one gets only that share.
What the result does not tell you
It does not say which banks or funds bought the bonds.
It does not explain why Chhattisgarh rejected its bids or why Bihar took less.
It is not a view on where yields should go, and it is not a trading signal.
If you want the central-government side of the same week, see my note on the 6.94% GS 2036 auction notice.
FAQ
How much did the states raise on 9 November 2026?
They accepted ₹27,083.882 crore against a notified amount of ₹29,050 crore, as per RBI Press Release 2026-2027/1470.
How many bids came in?
RBI's full result shows 1,455 competitive bids for ₹82,868.200 crore. Of these, 476 bids for ₹25,921.784 crore were accepted.
What was the range of cut-off yields?
From 7.61% for the new 4-year Haryana loan to 8.1476% for the Haryana SGS 2048 re-issue.
Which states took less than the notified amount?
Bihar accepted ₹1,533.882 crore of ₹2,000 crore in its 18-year loan. Chhattisgarh accepted nothing in its two re-issues.
Why do some cut-off prices sit above ₹100?
In a re-issue the coupon is already fixed. When the coupon is above the auction yield, as with 8.21% Tamil Nadu SGS 2051, the price ends up above face value.
Sources
This article is for information and education only. It is not investment advice or a recommendation to buy, sell or hold any security. Figures are from RBI Press Releases 2026-2027/1470 and 2026-2027/1472 dated 9 November 2026; refer to the originals for the full tables. — Nishi Jain, full-time trader in Jaipur, ex-JioBlackRock. Updates: https://t.me/nishijain_com.
