{"id":16866,"date":"2026-10-31T12:10:39","date_gmt":"2026-10-31T06:40:39","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16866"},"modified":"2026-10-31T12:10:40","modified_gmt":"2026-10-31T06:40:40","slug":"rbi-accepts-higher-t-bill-yields-a-week-after-rejecting-every-bid","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/rbi-accepts-higher-t-bill-yields-a-week-after-rejecting-every-bid\/","title":{"rendered":"RBI Accepts Higher T-Bill Yields a Week After Rejecting Every Bid"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"The_Reserve_Bank_of_India_accepted_the_full_%E2%82%B923000_crore_on_offer_at_its_October_28_Treasury_bill_auction_at_cut-off_yields_about_20_to_26_basis_points_above_the_previous_sale\"><\/span><strong>The Reserve Bank of India accepted the full \u20b923,000 crore on offer at its October 28 Treasury bill auction, at cut-off yields about 20 to 26 basis points above the previous sale.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>When a central bank refuses to lend at the market\u2019s price, someone eventually has to give way. In India\u2019s Treasury bill market, that moment arrived on Wednesday. A week after turning away every bid, the RBI took the money, and the price it paid says as much about the economy as it does about the auction.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/rbi-accepts-higher-t-bill-yields-a-week-after-rejecting-every-bid\/#The_Reserve_Bank_of_India_accepted_the_full_%E2%82%B923000_crore_on_offer_at_its_October_28_Treasury_bill_auction_at_cut-off_yields_about_20_to_26_basis_points_above_the_previous_sale\" >The Reserve Bank of India accepted the full \u20b923,000 crore on offer at its October 28 Treasury bill auction, at cut-off yields about 20 to 26 basis points above the previous sale.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/rbi-accepts-higher-t-bill-yields-a-week-after-rejecting-every-bid\/#The_Auction\" >The Auction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/rbi-accepts-higher-t-bill-yields-a-week-after-rejecting-every-bid\/#Why_Yields_are_Climbing\" >Why Yields are Climbing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/rbi-accepts-higher-t-bill-yields-a-week-after-rejecting-every-bid\/#Why_it_Matters\" >Why it Matters<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/rbi-accepts-higher-t-bill-yields-a-week-after-rejecting-every-bid\/#What_to_Watch\" >What to Watch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/rbi-accepts-higher-t-bill-yields-a-week-after-rejecting-every-bid\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Auction\"><\/span><strong>The Auction<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The RBI turned down all bids at its October 21 sale. A week later it took the opposite course, accepting the full \u20b98,000 crore, \u20b98,000 crore, and \u20b97,000 crore across the three tenors. The dispute was about price, not appetite: bids ran at roughly two to 2.7 times the notified amounts.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Tenor<\/strong><\/td><td><strong>Oct 14 cut-off<\/strong><\/td><td><strong>Oct 28 cut-off<\/strong><\/td><td><strong>Move<\/strong><\/td><td><strong>Bids vs. notifications<\/strong><\/td><\/tr><tr><td>91-day<\/td><td>5.73%<\/td><td>5.93%<\/td><td>+21 bps<\/td><td>~2.0x<\/td><\/tr><tr><td>182-day<\/td><td>6.29%<\/td><td>6.55%<\/td><td>+26 bps<\/td><td>~2.7x<\/td><\/tr><tr><td>364-day<\/td><td>6.49%<\/td><td>6.69%<\/td><td>+20 bps<\/td><td>~2.2x<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p><em>Source: RBI auction results; bid ratios calculated from published figures.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Yields_are_Climbing\"><\/span><strong>Why Yields are Climbing<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>A deliberate liquidity squeeze:<\/strong> Surplus cash fell from nearly \u20b911 lakh crore in early September to \u20b946,200 crore by October 26. The RBI is keeping money tight to deter bets against the rupee, which neared record lows this month, and since October 16, banks must hold 99% of their required reserves daily, up from 90%. Emergency repo support is capped at \u20b91.5 trillion.<\/li>\n\n\n\n<li><strong>Policy tightening:<\/strong> The RBI raised the repo rate 25 bps to 5.50% on October 7 and shifted to calibrated tightening. The one-year bill\u2019s premium over the repo rate reached 99 bps on October 14, the widest in four years.<\/li>\n\n\n\n<li><strong>Oil:<\/strong> Brent settled at $115.32 on October 28 amid Middle East supply fears, which feeds inflation worries for a major crude importer.<\/li>\n\n\n\n<li><strong>Global rates:<\/strong> The US Fed held at 3.75% to 4.00% in a 10-2 vote, with two officials wanting a hike, and markets see about an 85% chance of a December increase.<\/li>\n<\/ul>\n\n\n\n<p>The pressure extends beyond bills. The 10-year government bond yield closed at 7.44% on October 28, matching October 21, when it hit its highest since November 2022.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_it_Matters\"><\/span><strong>Why it Matters<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Treasury bills are the reference price for short-term money in India, so a move in their yields rarely stays confined to the auction room. Commercial paper and certificates of deposit are priced off T-bill yields, which means banks and companies are likely to face higher funding costs in the weeks ahead. The center faces the same pressure, since short-term borrowing becomes more expensive for the government itself. For investors, the picture is mixed: money-market funds may see better returns as new paper comes in at higher yields, while longer-duration debt funds could take a hit on prices if yields keep climbing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_to_Watch\"><\/span><strong>What to Watch<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The RBI is balancing two jobs: defending the rupee by keeping cash scarce and funding the government at a tolerable cost. Watch whether it keeps accepting higher cut-offs or rejects bids again. End-of-month government spending and \u20b935,400 crore of maturing securities could release some funds, but oil and the Fed\u2019s December decision may matter more. Traders are bracing for further tightening.<\/p>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udcdd Quick Summary: The Reserve Bank of India accepted the full \u20b923,000 crore on offer at its October 28 Treasury bill auction,&hellip;<\/p>\n","protected":false},"author":16,"featured_media":16868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[25],"tags":[],"class_list":["post-16866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bond-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>RBI Accepts Higher T-Bill Yields a Week After Rejecting Every Bid<\/title>\n<meta name=\"description\" content=\"RBI accepts higher T-bill yields a week after rejecting all bids. 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