In the auction held on November 18, 2025, Rs. 55 billion (~40% of the total) was issued in shorter tenors, Rs. 46 billion (~34% of the total) in the longer tenors and the balance Rs. 35 billion (~26% of the total) in the 10-year bucket. Reflecting a relatively balanced weekly auction pattern, the share of shorter tenor papers increased to 27% in November 2025 till date compared to 25% last month, while the share of the longer-tenor papers in total issuance declined to 59% from 64%.

The weighted average SGS cut-off dipped to a 15-week low of 7.13% in the auction held on November 18, 2025, from 7.24% in the previous week, with the mild decrease in the weighted average tenor to 12 years from 13 years.

EXHIBIT: SGS issuances in FY2026 so far