In the auction held on November 25, 2025, Rs. 161 billion (~64% of the total) was issued in longer tenors, Rs. 60 billion (~24% of the total) in the shorter tenors and the balance Rs. 30 billion (~12% of the total) in the 10-year bucket. In aggregate, the share of shorter tenor issuance in the total borrowings rose mildly to 26% in November 2025 from 25% last month, while that of longer tenors declined to 61% from 64%.

The 10-year G-sec (06.48 GS 2035) yield eased to 6.46% on November 25, 2025 from 6.48% last week, while the 10-year SGS yield inched up to 7.18% from 7.17% during the same period. Accordingly, the spread between the two increased to 73 bps on November 25, 2025 from 68 bps last week.

EXHIBIT: SGS issuances in FY2026 so far