The Reserve Bank of India accepted offers involving six Government of India source securities and issued destination securities with a combined face value of ₹11,651.12 crore. One of the six securities received no offers, while accepted destination-security yields ranged from 7.3590% to 7.8391%.
BKK Bureau, New Delhi | 20 October 2026 | 12:28 AM IST
The Reserve Bank of India accepted offers with a combined face value of ₹11,302.18 crore in the conversion or switch auction of Government of India securities, according to the result released on October 19, 2026. The auction covered six source securities and corresponding destination securities.
The notified amount across the six source securities was ₹20,000 crore. The RBI received 80 offers in total and accepted 54 of them. The accepted source-security amounts varied across the securities, with the largest notified and accepted amount being ₹3,000 crore for the 7.17% Government Security 2028.
Security-wise auction result
For the 8.26% Government Security 2027, the notified amount was ₹2,000 crore. One of two offers was accepted, covering ₹2,000 crore of the source security. The RBI issued ₹2,191.941 crore of the 7.19% Government Security 2060 as the destination security. Its cut-off price was ₹92.32, corresponding to a yield of 7.8391%.
The 7.17% Government Security 2028 had a notified amount of ₹3,000 crore. Eighteen of the 34 offers received were accepted, with ₹3,000 crore of the source security accepted. The destination security was the 7.41% Government Security 2036, of which ₹3,014.193 crore was issued. The cut-off price was ₹100.15 and the yield was 7.3867%.
For the 7.06% Government Security 2028, the RBI accepted 11 of 12 offers. The accepted source-security amount was ₹1,925 crore against a notified amount of ₹3,000 crore. The corresponding destination security was the 7.23% Government Security 2039, with ₹1,968.890 crore issued at a cut-off price of ₹98.38 and a yield of 7.4311%.
The 7.26% Government Security 2029 attracted 18 offers, of which 17 were accepted. The accepted source-security amount was ₹2,377.180 crore against a notified amount of ₹4,000 crore. The RBI issued ₹2,509.916 crore of the 6.64% Government Security 2035. Its cut-off price was ₹95.44 and the yield was 7.3598%.
No offers were received for the 6.03% Government Security 2029, which had a notified amount of ₹4,000 crore. No source security was accepted and no destination security was issued against this line in the auction.
For the 6.79% Government Security 2029, the notified amount was ₹4,000 crore. Seven of 14 offers were accepted, covering ₹2,000 crore of the source security. The RBI issued ₹1,966.176 crore of the 7.57% Government Security 2033. The cut-off price was ₹101.08 and the yield was 7.3590%.
Destination securities issued
Across the five source securities for which offers were accepted, the RBI issued destination securities with a combined face value of ₹11,651.116 crore. The amounts issued differ from the accepted source-security face values because each conversion line has its own destination-security price and yield, as shown in the auction result.
The RBI released the figures under its 2026-2027 press-release series. The result identifies Ajit Prasad, Deputy General Manager in the RBI’s Communications department, as the issuing official.
Why it matters
The result provides a transparent view of the government-securities conversion auction, including investor participation, accepted amounts and the yields established for each destination security. It also shows that demand differed materially across the six source securities, with one line receiving no offers.
Source: Reserve Bank of India
Report discrepancies
Comments