Reserve Bank publishes the result of the conversion auction of Government of India securities

21 October 2026

The Reserve Bank of India announced the result of the conversion or switch auction of Government of India securities on October 19, 2026.
In a conversion auction, holders exchange shorter dated securities for longer dated ones, which pushes the government's repayment obligations further out.
For the source security 8.26% GS 2027, the notified amount was 2,000 and the amount accepted was 2,000.000, in rupees crore of face value.
The destination security in that case was 7.19% GS 2060, issued at a cut-off price of 92.32, giving a yield of 7.8391 per cent.
Other source securities switched in the auction included 7.17% GS 2028, 7.06% GS 2028, 7.26% GS 2029 and 6.79% GS 2029.
The 6.03% GS 2029 leg received no offers, so nothing was accepted or issued against it.