The Government of India successfully raised Rs 36,000 crore through the auction of two benchmark securities, Rs 6,000 crore via the 5.91% GS 2028 and Rs 30,000 crore via the 6.33% GS 2035, held on 25 July 2025. The auctions attracted strong investor interest, with competitive and non-competitive bids significantly exceeding the notified amounts.
For the 5.91% GS 2028, the RBI received 98 competitive bids worth Rs 24,453 crore, against a notified amount of Rs 6,000 crore. Of this, Rs 5,998.14 crore was accepted across 15 bids. The cut-off price stood at Rs 100.27, translating to a yield-to-maturity (YTM) of 5.8061%, while the weighted average yield (WAY) settled at 5.7986%. A partial allotment of 17.12% was made for 9 of the competitive bids.
On the longer tenor 6.33% GS 2035, demand was even stronger. The RBI received 402 bids totaling Rs 74,694 crore against a notified issue of Rs 30,000 crore. The central bank accepted Rs 29,947.86 crore from 174 successful bids, with a cut-off price of Rs 99.95 and a YTM of 6.3352%. The weighted average price was Rs 99.97, implying a WAY of 6.3325%. Partial allotment of 29.33% was made for 49 bids.
In the non-competitive segment, the RBI allotted Rs 1.86 crore and Rs 52.14 crore respectively for the 2028 and 2035 securities. All non-competitive bids received were accepted in full.
The entire underwriting amount, Rs 6,000 crore for the 2028 paper and Rs 30,000 crore for the 2035 paper, was absorbed by primary dealers, and no devolvement occurred.