Document title: Result: Conversion/Switch Auction of Government of India Securities
Issuing Authority: Reserve Bank of India, Department of Communication
Reference: Press Release 2026-2027/1156
Date: 21 September 2026
Policy Rates and Liquidity
The RBI conducted a conversion/switch auction involving four source securities: 8.26% GS 2027 (₹2,000 crore notified), 7.06% GS 2028 (₹4,000 crore), 8.60% GS 2028 (₹4,000 crore), and 7.26% GS 2029 (₹4,000 crore). A total of 51 offers were received, representing ₹14,938.825 crore face value. Accepted offers amounted to ₹8,620.357 crore (2,000 crore, 3,945.357 crore, 2,500 crore, and 175 crore respectively). The corresponding destination securities issued were 7.19% GS 2060, 6.79% GS 2034, and 7.50% GS 2034, with total face value ₹8,890.591 crore. The cut‑off prices and yields for the destination securities were 94.04/7.6861%, 98.64/7.0134%, 103.09/6.9818% and 102.90/7.0129% respectively.
Capital Markets and Flows
In a separate tranche, destination securities 6.79% GS 2034, 7.50% GS 2034 and 7.40% GS 2035 attracted 21, 6 and 13 offers respectively, totalling 40 offers. The total face value of source securities offered was ₹13,345.894 crore, of which ₹10,153.760 crore were accepted (₹5,000 crore, ₹4,000 crore, and ₹1,153.760 crore). The RBI issued destination securities with face values ₹5,133.470 crore, ₹3,929.483 crore and ₹1,123.998 crore respectively. The cut‑off prices and yields were 98.64/7.0134%, 103.06/6.9867% and 102.20/7.0639%.
The auction demonstrates robust participation from market participants and facilitates the RBI’s objective of managing government debt maturity profile and market liquidity.