What changed
The auction results for the 6.94% Government Stock 2036 were published on Jul 03, 2026. The notified amount of ₹34,000 crore was fully subscribed, with competitive bids accepted at a cut-off price of ₹101.50 (yield 6.7275%). Non-competitive bids of ₹37.616 crore were fully accepted.
What it means for you
Strong bid-to-cover ratio indicates healthy demand for long-term government securities, signaling stable investor confidence. Banks and primary dealers can expect continued liquidity in the G-sec market. The absence of devolvement suggests primary dealers managed underwriting commitments smoothly.
What you must do
- Review your bank's G-sec portfolio for potential rebalancing given the 6.7275% yield benchmark.
- Monitor secondary market yields for the 6.94% GS 2036 to align trading strategies.
- Ensure compliance with HTM and AFS classification norms for this security.
Who it affects
Primary dealers, Banks with G-sec holdings, Treasury departments, Institutional investors
What was the cut-off yield for the 6.94% GS 2036?
The cut-off yield was 6.7275%, based on a cut-off price of ₹101.50.
Were non-competitive bids fully accepted?
Yes, all 5 non-competitive bids totaling ₹37.616 crore were accepted in full.
Was there any devolvement on primary dealers?
No devolvement occurred; primary dealers underwrote the full ₹34,000 crore without any forced allocation.