The government’s bond auction held on 19 September 2025 was fully subscribed, with strong demand seen for both the 5.91% GS 2028 and 6.33% GS 2035 securities.
For the 5.91% GS 2028, the notified amount of Rs 6,000 crore drew competitive bids worth Rs 21,741 crore from 91 participants. The cut-off price stood at 100.04, translating into a yield of 5.8899%. A total of six bids amounting to Rs 5,999 crore were accepted, with a partial allotment of 87.45% made to two bidders. The weighted average yield was 5.8781%.
In the case of the 6.33% GS 2035, the notified amount of Rs 30,000 crore received robust interest with 440 competitive bids totaling Rs 76,263 crore. The cut-off price was fixed at 98.65, implying a yield of 6.5198%. The government accepted 161 bids amounting to Rs 29,928 crore, with partial allotment of 29.73% across 41 bids. The weighted average yield was 6.5170%.
For the 5.91% GS 2028, non-competitive bids of Rs 0.79 crore from three bidders were accepted, while for the 6.33% GS 2035, bids worth Rs 72.37 crore from six bidders were fully allotted. There was no devolvement on primary dealers as underwriting commitments of Rs 6,000 crore and Rs 30,000 crore for the two bonds were fully subscribed.