The Government of India successfully raised Rs 32,000 crore through the auction of its 6.48% Government Security (GS) 2035, held on Friday, 7 November 2025. The auction attracted strong investor participation, with bids exceeding more than twice the notified amount.
According to data released by the Reserve Bank of India (RBI), the auction received 406 competitive bids amounting to Rs 73,863.16 crore, against the notified amount of Rs 32,000 crore. The cut-off yield was set at 6.4817%, with a cut-off price of Rs 99.98, reflecting sustained demand for medium-term sovereign papers.
A total of 194 competitive bids were accepted, amounting to Rs 31,981.35 crore, while partial allotment was made to 42 bids, with an allotment ratio of 69.26%. The weighted average yield (WAY) stood slightly lower at 6.4775%, implying strong investor appetite at prevailing yield levels.
Under the non-competitive segment, six bids worth Rs 18.65 crore were received and fully accepted. The RBI confirmed there was no devolvement on primary dealers, as underwriting commitments were fully subscribed.