| The government mobilised Rs 32,000 crore through the auction of the 6.48% GS 2035 bond on 5 December 2025, drawing robust demand from investors. The paper received 334 competitive bids amounting to Rs 65,371.89 crore, more than twice the notified amount.
The RBI set the cut-off price at 99.93, translating into a yield of 6.4881%. A total of 206 competitive bids worth Rs 31,985.33 crore were accepted, with partial allotment applied to 16 bids at 17.51%. The weighted average yield stood slightly lower at 6.4812%, reflecting steady appetite for medium-term sovereign debt.
Non-competitive participation remained small, with six bids worth Rs 14.67 crore received and fully allotted. Underwriting commitments matched the entire notified amount, and no devolvement occurred on primary dealers.
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