Fourteen state governments raised Rs. 266 billion through state government securities (SGS) on September 1, 2026, ~10% above the amount indicated in the Q2 FY2027 auction calendar. The actual issuance by states that had adopted the Benchmark Issuance Strategy (BIS) was in line with their indicated amounts for this auction, except for Manipur (under borrowed by Rs. 1 billion), Telangana (borrowed Rs. 20 billion even though it had not indicated to raise) and Uttar Pradesh (under borrowed by Rs. 10 billion). Additionally, among two other BIS states, Chhattisgarh partially accepted bids for 16-year paper and Uttarakhand did not accept any bids for its 12-year paper. Goa did not participate even though it had previously indicated it would raise Rs. 1 billion. Tamil Nadu borrowed an additional amount of Rs. 20 billion.

EXHIBIT: Indicated and actual SGS issuances in Q2 FY2027 so far