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 2026-2027/1351

Date: 19 October 2026

Capital markets and flows

The Reserve Bank of India conducted a conversion/switch auction for six series of Government of India securities, notifying a cumulative amount of ₹20,000 crore. A total of 80 offers were received, representing a face‑value of ₹14,049.28 crore, of which ₹11,302.18 crore was accepted and converted into destination securities worth ₹11,651.12 crore.

  • Series 1 involved the 8.26% GS 2027 (notified ₹2,000 crore) switched to the 7.19% GS 2060. Two offers were received, total face‑value offered ₹2,003.098 crore; one offer was accepted for the full ₹2,000 crore. Destination securities issued amounted to ₹2,191.941 crore at a cut‑off price of 92.32 rupees, yielding 7.8391%.
  • Series 2 comprised the 7.17% GS 2028 (notified ₹3,000 crore) switched to the 7.41% GS 2036. Thirty‑four offers were received, total offered ₹4,058 crore; eighteen offers were accepted for the full ₹3,000 crore. Destination securities issued were ₹3,014.193 crore at a cut‑off price of 100.15 rupees, yielding 7.3867%.
  • Series 3 covered the 7.06% GS 2028 (notified ₹3,000 crore) switched to the 7.23% GS 2039. Twelve offers were received, total offered ₹3,425 crore; eleven offers were accepted for ₹1,925 crore. Destination securities issued totaled ₹1,968.890 crore at a cut‑off price of 98.38 rupees, yielding 7.4311%.
  • Series 4 involved the 7.26% GS 2029 (notified ₹4,000 crore) switched to the 6.64% GS 2035. Eighteen offers were received, total offered ₹2,378.180 crore; seventeen offers were accepted for ₹2,377.180 crore. Destination securities issued were ₹2,509.916 crore at a cut‑off price of 95.44 rupees, yielding 7.3598%.
  • Series 5 related to the 6.03% GS 2029 (notified ₹4,000 crore) switched to the 7.50% GS 2034. No offers were received; consequently, no acceptance or issuance occurred and the cut‑off price is marked NA.
  • Series 6 comprised the 6.79% GS 2029 (notified ₹4,000 crore) switched to the 7.57% GS 2033. Fourteen offers were received, total offered ₹2,185 crore; seven offers were accepted for ₹2,000 crore. Destination securities issued amounted to ₹1,966.176 crore at a cut‑off price of 101.08 rupees, yielding 7.3590%.

The cut‑off prices across the auctioned series ranged from 92.32 to 101.08 rupees, corresponding to yields between 7.36% and 7.84% on the destination securities.

Regulatory and policy measures

The results were communicated by Deputy General Manager Ajit Prasad of the RBI’s Department of Communication. No additional regulatory actions or policy changes were indicated in the release.

The RBI’s conversion/switch auction successfully allocated the notified amounts across most series, with strong market participation in several series and issuance of longer‑dated government securities at yields around 7.4%‑7.8%, reflecting continued demand for sovereign debt.