In the auction of August 25, 2026, ~78% of the total borrowing was issued in longer tenors, ~12% in shorter tenors and the balance 10% in the 10-year bucket. The weighted average tenor of all SGS in the auction held on August 25, 2026 increased mildly to 17 years from 16 years last week. The weighted average SGS cut-off rose to 7.62% in the auction held on August 25, 2026, from 7.60% last week. 

The benchmark 10-year G-sec (06.94 GS 2036) yield increased to 6.85% on August 25, 2026, from 6.83% last Tuesday. The 10-year SGS yield declined to 7.50% from 7.60% in the same period. Accordingly, the spread between the 10 year SGS and 10-year G-sec yields narrowed to 66 bps on August 25, 2026 (lowest since November 11, 2025), from 77 bps last Tuesday.