As many as 12 states raised the monthly auction of government securities on Tuesday at an average price of 7.68 per cent, down by 2 basis points over last week, making it the second largest auction in the quarter. Aditi Nayar, the chief economist and head of research at Icra Ratings, said the drawdown is a sharp 24 per cent more than indicated in the quarterly borrowing calendar. The drawdown is more than double the year-ago level. The weighted average cut-off decreased by 2 bps to 7.68 per cent, with the average tenor declining mildly to 15 years from 16. The spread between the 10 year state bonds and the similar Central government bond yields increased to 34 bps from 30 bps last week. As the fiscal year ends, the states can only have two more weekly debt auctions. At Tuesday's auction, 12 states borrowed Rs 32,600 crore as against and indicated Rs 26,200 crore taking the total borrowings to Rs 6,81, 500 crore, which is 5 per cent more than last fiscal year when it was Rs 6,49, 200 crore and 138.8 per cent more than a year ago drawdown when they raised only Rs 13,600 crore. Nayar said something.