Document Title: Result: Conversion/Switch Auction of Government of India Securities

Issuing Authority: Reserve Bank of India, Department of Communication

Reference: Press Release: 2026-2027/455

Date: 15 June 2026

Capital Markets and Flows

The RBI disclosed detailed results for four source‑security series that were offered for conversion/switch into longer‑dated government securities.

  • Series 1: Source security 6.79% GS 2027 with a notified amount of ₹4,000 crore was offered to a destination security 7.50% GS 2034. Thirteen offers were received totalling ₹6,075.966 crore of face value; four offers were accepted, resulting in ₹1,347.901 crore of source securities being converted and ₹1,307.979 crore of the destination security issued. The cut‑off price was ₹103.80 per ₹100 face value, corresponding to a yield of 6.8809%.
  • Series 2: Source security 6.64% GS 2027 (₹4,000 crore notified) was switched to 6.67% GS 2035. Four offers totalling ₹4,437.714 crore were received; one offer was accepted, converting ₹170.620 crore of source securities and issuing ₹174.745 crore of the destination security. Cut‑off price ₹98.42, yield 6.8995%.
  • Series 3: Source security 8.60% GS 2028 (₹3,000 crore notified) was switched to 6.22% GS 2035. Seventeen offers totalling ₹4,336.032 crore were received; two offers were accepted, converting ₹800.000 crore and issuing ₹871.184 crore of the destination security. Cut‑off price ₹95.64, yield 6.8897%.
  • Series 4: Source security 7.37% GS 2028 (₹4,000 crore notified) was switched to 6.92% GS 2039. Twenty‑two offers totalling ₹5,390.296 crore were received; twenty‑one offers were accepted, converting ₹3,390.296 crore and issuing ₹3,555.800 crore of the destination security. Cut‑off price ₹97.70, yield 7.1890%.

A second set of auction data was also presented, summarising additional notified amounts and outcomes:

  • For a 6.64% GS 2035 security with ₹2,000 crore notified, 32 offers totalling ₹5,780.643 crore were received; 24 offers were accepted, converting the full ₹2,000 crore and issuing ₹2,082.692 crore of the destination security at a cut‑off of ₹98.21 (yield 6.9104%).
  • For a 7.50% GS 2034 security with ₹4,000 crore notified, 7 offers totalling ₹5,259.561 crore were received; a single offer was accepted, converting ₹13.748 crore and issuing ₹13.692 crore at a cut‑off of ₹103.80 (yield 6.8809%).
  • For a 6.33% GS 2035 security with ₹4,000 crore notified, 11 offers totalling ₹4,931.125 crore were received; nine offers were accepted, converting ₹931.125 crore and issuing ₹984.063 crore at a cut‑off of ₹96.44 (yield 6.8705%).
  • Aggregate totals for this block were: source securities offered ₹9,704.738 crore, source securities accepted ₹4,053.100 crore, and destination securities issued ₹4,308.482 crore, with a uniform cut‑off price of ₹98.21 (yield 6.9104%).

Regulatory and Policy Measures

The conversion/switch auction is part of the RBI’s routine market‑operations toolkit aimed at managing liquidity conditions and deepening the government‑securities market. By allowing holders of existing securities to switch into longer‑dated issues, the RBI seeks to align the maturity profile of government debt with its liquidity management objectives.

The release underscores the continued active participation of market participants, as evidenced by the volume of offers exceeding the notified amounts across all series. The cut‑off yields, ranging from 6.87% to 7.19%, provide a benchmark for pricing of future government‑security issuances.

Overall, the auction results reflect robust demand for longer‑dated government securities and demonstrate the RBI’s ongoing role in facilitating orderly market functioning.