Seven state governments raised Rs. 182 billion through state government securities (SGS) on April 7, 2026, in the first weekly auction of FY2027. This was in line with the indicated amount, albeit 4.2x the amount raised in the same period last year. In the auction held on April 7, 2026, ~78% of the total was issued in longer tenors, ~15% in shorter tenors and the balance ~8% in the 10-year bucket. The weighted average SGS cut-off in the auction held on April 7, 2026, was 7.94%, up 2 bps from the last weekly auction of FY2026. This is the highest weighted average cut-off since July 2022. Notably, the cut-offs of Andhra Pradesh, Maharashtra, Rajasthan and Telangana’s 23-31-year papers were in a narrow band of 8.06-8.07%.

EXHIBIT: State-wise indicated, notified and actual SGS issuance on April 7, 2026