OMO sale absorbs ₹25,000 crore as bids reach ₹67,655 crore
The Reserve Bank of India accepted ₹25,000 crore against bids of ₹67,655 crore in an open market operation sale auction held on September 28, 2026. Settlement for the six government securities takes place on September 29, 2026.
Heavy demand for 2032 maturities
The auction saw total subscription reaching ₹67,655 crore across 328 bids against the notified amount of ₹25,000 crore.
The Reserve Bank of India accepted ₹25,000 crore, with activity heavily concentrated in the two longest-dated papers.
For the 6.54% GS 2032, the central bank accepted 52 bids totaling ₹14,350 crore at a cut-off yield of 7.0810 percent and a cut-off price of ₹97.63, with a 50.00 percent partial allotment.
The 7.26% GS 2032 attracted ₹24,095 crore in bids, with ₹6,450 crore accepted across 26 bids at a cut-off yield of 7.1021 percent.
Combined, the two 2032 maturities represented ₹20,800 crore, or 83.2 percent of the aggregate accepted volume.
Yield spread across shorter tenors
Shorter maturities saw significantly smaller absorption.
The RBI accepted ₹920 crore for the 7.59% GS 2029 at a cut-off yield of 6.6676 percent and ₹610 crore for the 6.45% GS 2029 at 6.7201 percent.
For the 2030 securities, the 7.61% GS 2030 saw ₹1,350 crore accepted at a cut-off yield of 6.9108 percent, while ₹1,320 crore was allotted for the 5.85% GS 2030 at 6.9481 percent.
All four shorter tenors saw full competitive bid allotments at their respective cut-off prices.
Durable draining without friction
The bid-to-cover ratio of 2.7 shows robust appetite for sovereign paper despite systemic liquidity withdrawal.
By concentrating absorption in the 2032 papers, the central bank efficiently drained durable liquidity while keeping shorter yields anchored.
The smooth execution confirms that balance sheet adjustments can proceed without friction.