Treasury Bill Auction Results: RBI Releases Detailed Data as Yields Stabilize Across All Tenors

Treasury Bill Auction Results: RBI Releases Detailed Data as Yields Stabilize Across All Tenors​

Key Metrics from the Latest RBI Treasury Bill Auction​

The Reserve Bank of India (RBI) released the complete results of its recent Treasury Bills auction, providing granular data on demand and pricing for 91-Day, 182-Day, and 364-Day tenor bills. The auction results detail competitive and non-competitive bids received and accepted across all maturities.

For the 91-Day bill, a Notified Amount of ₹9,000 crore was announced. Competitive bidding generated a high level of interest, with 76 bids initially received. Following evaluation, 29 competitive bids were accepted for this tenor.

Demand and Acceptance Rates Across Maturities​

The auction data reveals varying levels of participation and acceptance rates across the different bill tenors. For the 182-Day bills, a total of 81 competitive bids were recorded, against which 52 were ultimately accepted. The 364-Day tenor saw sustained interest, with 79 competitive bids received and 64 accepted by the RBI.

In terms of non-competitive participation, the 91-Day bill witnessed 6 such bids. For the 182-Day bills, 4 non-competitive bids were submitted, while the longer 364-Day tenor attracted 5 non-competitive participants. The accepted amounts for these specific categories totaled ₹1,057.324 crore for the 91-Day bill.

Yield and Price Performance of Treasury Bills​

The auction results provide detailed insight into the pricing mechanisms via cut-off prices and yield rates. For all three tenors, the Weighted Average Price (WAP) demonstrated a tight relationship with the cut-off price. The 91-Day bill had a Cut-off price of ₹98.7075, corresponding to a Yield to Maturity (YTM) of 5.2521%.

The performance metrics for the longer maturities showed slight variations. For the 182-Day bill, the WAP was recorded at ₹97.3572, indicating a YTM of 5.4440%. The 364-Day bill maintained similar stability, with its Weighted Average Price set at ₹94.6827 and an associated yield of 5.6313%.

Breakdown of Competitive Bids and Allotment​

The analysis of competitive bids shows that the RBI accepted a varying portion of the initial demand across the tenors. For instance, the partial allotment percentage for the 91-Day bill stood at 19.1176%. The acceptance rate significantly increased for the 182-Day tenor, which reached 60.8750% of competitive bids.

The 364-Day bills saw a lower partial allotment of 10.0000%. In addition to these competitive results, non-competitive bids were accepted up to 96.8725% for the 182-Day tenor and 94.4715% for the 364-Day bill, indicating strong overall market absorption.

The auction data confirms that all maturities—from short-term 91-Day bills up to the 364-Day instruments—maintained their respective pricing integrity during the latest RBI issuance cycle on July 1, 2026 (Amount in ₹ crore).