In the auction held on July 7, 2026, ~81% of the total issuance was in longer tenors and the balance ~19% in shorter tenors. The weighted average tenor of all SGS in the auction held on July 7, 2026 declined slightly to 19 years from 20 years in the last week. The weighted average SGS cut-off eased by 3 bps to 7.55% in the auction held on July 7, 2026, from 7.58% last week. 

On a cumulative basis, the SGS issuance stands at Rs. 2.4 trillion in FY2027 till date, a mild 3% above the Rs. 2.3 trillion raised in the same period previous year. Notably, the actual borrowings were 17% below the Rs. 2.9 trillion planned for this period, mainly on account of 23-27% shortfalls in April and May 2026.

Source: RBI, ICRA Research