Document title: Result: Conversion/Switch Auction of Government of India Securities
Issuing authority: Reserve Bank of India (RBI), Department of Communication
Reference number: Press Release: 2026-2027/714
Date: July 20, 2026
Capital Markets and Flows
The RBI conducted conversion/switch auctions for eight series of Government of India securities. For the first four series – 6.79% GS 2027, 6.64% GS 2027, 7.17% GS 2028 and 7.06% GS 2028 – the notified amounts were ₹4,000 cr, ₹4,000 cr, ₹3,000 cr and ₹5,000 cr respectively. A total of 35, 9, 25 and 10 offers were received. Accepted offers numbered 4, 6, 2 and 4, resulting in source securities accepted of ₹4,000 cr, ₹503.899 cr, ₹155 cr and ₹5,000 cr. Corresponding destination securities issued amounted to ₹4,164.015 cr, ₹514.155 cr, ₹150.450 cr and ₹4,838.060 cr. The cut‑off prices were ₹96.77, ₹99.00, ₹104.85 and ₹105.16, yielding 6.7091%, 6.8145%, 6.7097% and 7.0113% respectively.
For the additional four series – 7.50% GS 2034 (₹2,000 cr), 6.64% GS 2035 (₹3,000 cr), another 6.64% GS 2035 (₹5,000 cr) and a series quoted at 7.10% GS – no offers were accepted for the first two series. Four offers were accepted for the third series, leading to source securities accepted of ₹839.305 cr and destination securities issued of ₹867.977 cr at a cut‑off price of ₹98.91 yielding 6.8039%. For the fourth series, source securities accepted were ₹4,000 cr and destination securities issued ₹4,081.409 cr at a cut‑off price of ₹102.67 yielding 6.6496%.
Regulatory and Policy Measures
These conversion/switch auctions are part of the RBI’s ongoing debt‑management operations aimed at optimizing the maturity profile of Government of India securities and providing market participants with opportunities to switch between securities of differing tenors and yields.
The auction results indicate robust participation in most series, with substantial amounts of source securities converted into longer‑dated destination securities at yields consistent with prevailing market conditions.