The Government of India will conduct a conversion or switch auction for an aggregate amount of ₹20,000 crore in face value on October 19, 2026. The auction involves exchanging existing government securities maturing between 2027 and 2029 for longer-dated securities maturing between 2033 and 2060, according to the Reserve Bank of India (RBI).
The auction will include multiple source securities such as 8.26% GS 2027, 7.17% GS 2028, and 7.26% GS 2029, among others, which will be converted into destination securities like 7.19% GS 2060, 7.41% GS 2036, and 7.57% GS 2033. Bidders must place their bids through the RBI’s Core Banking Solution (e-Kuber), specifying the amount and price of both source and destination securities. The auction will follow a multiple-price format, where successful bids are accepted at their quoted prices.
This conversion auction is part of the government's debt management strategy to extend the maturity profile of its securities and manage refinancing risks. By switching shorter-term securities to longer maturities, the government aims to reduce rollover pressure and stabilize debt servicing costs. Such auctions are common tools used by sovereign issuers to optimize their debt portfolio amid varying market conditions.
The auction scheduled for October 19, 2026, will determine the final allocation of ₹20,000 crore worth of securities, with detailed security-wise amounts and maturities published by the RBI. Market participants will closely monitor the auction results to gauge demand for long-term government bonds.