Central Bank Pricing: T-Bill Auction Reveals Mixed Demand as Yields Climb Across 91, 182 and 364 Days
The Reserve Bank of India (RBI) released the comprehensive results for its latest Treasury Bills auction on July 15, 2026. The results provide a granular look into market demand across three different tenors: 91-Day, 182-Day, and 364-Day instruments.The auction reflected varied levels of participation, with key metrics related to cut-off prices and weighted average yields being finalized for each segment. The data is critical for understanding the current liquidity appetite in the short-term government debt market.
Overview of Treasury Bill Auction Results
The total notified amounts across all three tenors were 9,000 ₹ crore (91-Day), 8,000 ₹ crore (182-Day), and 7,000 ₹ crore (364-Day). These amounts represented the maximum face value offered during the competitive bidding process.In terms of demand intensity, the competitive bids received were significant. For the 91-Day T-Bill, total competitive bids reached 24,158.450 ₹ crore. Similarly, 21,309.500 ₹ crore and 23,935.000 ₹ crore were reported for the 182-Day and 364-Day tenors, respectively.
Cut-off Prices and Competitive Bids Trends
The competitive bidding segment saw partial allotment in all three categories, indicating that demand did not fully absorb the notified amounts. For the 91-Day instrument, the cut-off price was recorded at 98.6880 ₹, corresponding to a Yield to Maturity (YTM) of 5.3324%.The 182-Day T-Bill achieved a cut-off price of 97.2980 ₹, with an associated YTM of 5.5693%. The longest tenor, the 364-Day bill, registered a cut-off price of 94.6038 ₹ and a corresponding Yield to Maturity (YTM) of 5.7197%.
Non-Competitive Demand and Market Dynamics
The competitive bids resulted in partial allotment across the board. The acceptance rates were noted as follows: 42.8770% for the 91-Day, 29.1038% for the 182-Day, and 34.4629% for the 364-Day bills. This indicates differential levels of institutional interest across the maturity spectrum.In addition to competitive bids, the non-competitive bidding segment showed strong participation. Nine bidders participated in the non-competitive bid for the 91-Day T-Bill, amounting to 6,335.152 ₹ crore. The RBI accepted the entire amount of these non-competitive bids across all tenors.
Weighted Average Yield Analysis
The final calculated weighted average (WA) prices and yields offer a comprehensive measure of successful transaction outcomes in the market. For the 91-Day T-Bill, the weighted average price was determined at 98.6905 ₹, corresponding to a WAY yield of 5.3221%.The performance trend continued across longer tenors. The 182-Day bill showed a weighted average price of 97.3109 ₹ with a WAY yield of 5.5420%. For the 364-Day instrument, the weighted average price settled at 94.6326 ₹ and carried a corresponding WAY yield of 5.6874%.
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