Changeflow GovPing Banking & Finance ₹13k Crore Government Securities Conversion/Swi...
Routine Notice Added Final

₹13k Crore Government Securities Conversion/Switch Auction Results

Favicon for www.rbi.org.in RBI Press Releases
Published
Detected
Email

Summary

The Reserve Bank of India conducted a conversion/switch auction for Government of India Securities on April 20, 2026. A total notified amount of ₹27,000 crore across 9 source securities was offered for conversion to longer-dated destination securities. Of the ₹44,345.278 crore in face value offered by investors, ₹12,686.974 crore was accepted, resulting in ₹12,309.383 crore in destination securities issued.

Published by RBI on rbi.org.in . Detected, standardized, and enriched by GovPing. Review our methodology and editorial standards .
View original document View source feed page

What changed

The RBI published detailed results of a government securities conversion auction, showing offers received and accepted across 9 source securities with maturities ranging from 2026 to 2030 being converted to destination securities with maturities from 2033 to 2039. Four securities received zero acceptances (6.64% GS 2027, 7.04% GS 2029, 7.88% GS 2030). Cut-off yields ranged from 6.7910% to 7.1565% for destination securities with confirmed pricing.

Primary dealers, banks, and institutional investors active in the G-Sec market should note these results as they establish benchmark yields for longer-dated government securities. The partial acceptance rates on certain securities and zero acceptance on others may signal market preference for specific yield levels, which could inform future auction strategy and portfolio positioning.

Archived snapshot

Apr 21, 2026

GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.

Press Releases

| () |
| Date : Apr 20, 2026 |
| Result: Conversion/Switch Auction of Government of India Securities |
| | A. | Source Security | 5.74% GS 2026 | 8.24% GS 2027 | 6.79% GS 2027 | 6.64% GS 2027 | 8.60% GS 2028 |
| B. | Notified Amount (in ₹ crore) | 3,000 | 1,000 | 3,000 | 3,000 | 3,000 |
| Destination Security | 6.33% GS 2035 | 6.92% GS 2039 | 6.19% GS 2034 | 6.64% GS 2035 | 7.50% GS 2034 | |
| C. | i. No. of offers received | 13 | 15 | 59 | 8 | 21 |
| ii. Total amount of Source Security offered (Face value, in ₹ crore) | 2,998.685 | 1,615.400 | 8,570.267 | 7,125.997 | 6,861.626 | |
| iii. No. of offers accepted | 5 | 8 | 17 | 0 | 3 | |
| iv. Total amount of source security accepted (Face value, in ₹ crore) | 2,316.000 | 1,000.000 | 3,000.000 | 0 | 1,640.594 | |
| v. Total amount of destination security issued (Face value, in ₹ crore) | 2,389.764 | 1,039.171 | 3,173.015 | 0 | 1,663.557 | |
| vi. Cut-off price (₹) / yield (%) for destination security | 96.92/6.7910 | 97.96/7.1565 | 95.42/6.9165 | NA | 103.61/6.9187 | |

| A. | Source Security | 7.59% GS 2029 | 7.10% GS 2029 | 7.04% GS 2029 | 7.88% GS 2030 |
| B. | Notified Amount (in ₹ crore) | 3,000 | 6,000 | 4,000 | 4,000 |
| Destination Security | 6.22% GS 2035 | 6.57% GS 2033 | 7.50% GS 2034 | 7.40% GS 2035 | |
| C. | i. No. of offers received | 16 | 27 | 6 | 33 |
| ii. Total amount of Source Security offered (Face value, in ₹ crore) | 5,003.743 | 14,979.685 | 12,173.141 | 12,165.373 | |
| iii. No. of offers accepted | 4 | 6 | 0 | 0 | |
| iv. Total amount of source security accepted (Face value, in ₹ crore) | 3,000.000 | 1,730.380 | 0 | 0 | |
| v. Total amount of destination security issued (Face value, in ₹ crore) | 3,243.017 | 1,802.859 | 0 | 0 | |
| vi. Cut-off price (₹) / yield (%) for destination security | 95.67/6.8772 | 98.04/6.9032 | NA | NA | |
Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2026-2027/110 | A. | Source Security | 5.74% GS 2026 | 8.24% GS 2027 | 6.79% GS 2027 | 6.64% GS 2027 | 8.60% GS 2028 | B. | Notified Amount (in ₹ crore) | 3,000 | 1,000 | 3,000 | 3,000 | 3,000 | Destination Security | 6.33% GS 2035 | 6.92% GS 2039 | 6.19% GS 2034 | 6.64% GS 2035 | 7.50% GS 2034 | C. | i. No. of offers received | 13 | 15 | 59 | 8 | 21 | ii. Total amount of Source Security offered (Face value, in ₹ crore) | 2,998.685 | 1,615.400 | 8,570.267 | 7,125.997 | 6,861.626 | iii. No. of offers accepted | 5 | 8 | 17 | 0 | 3 | iv. Total amount of source security accepted (Face value, in ₹ crore) | 2,316.000 | 1,000.000 | 3,000.000 | 0 | 1,640.594 | v. Total amount of destination security issued (Face value, in ₹ crore) | 2,389.764 | 1,039.171 | 3,173.015 | 0 | 1,663.557 | vi. Cut-off price (₹) / yield (%) for destination security | 96.92/6.7910 | 97.96/7.1565 | 95.42/6.9165 | NA | 103.61/6.9187 | A. | Source Security | 7.59% GS 2029 | 7.10% GS 2029 | 7.04% GS 2029 | 7.88% GS 2030 | B. | Notified Amount (in ₹ crore) | 3,000 | 6,000 | 4,000 | 4,000 | Destination Security | 6.22% GS 2035 | 6.57% GS 2033 | 7.50% GS 2034 | 7.40% GS 2035 | C. | i. No. of offers received | 16 | 27 | 6 | 33 | ii. Total amount of Source Security offered (Face value, in ₹ crore) | 5,003.743 | 14,979.685 | 12,173.141 | 12,165.373 | iii. No. of offers accepted | 4 | 6 | 0 | 0 | iv. Total amount of source security accepted (Face value, in ₹ crore) | 3,000.000 | 1,730.380 | 0 | 0 | v. Total amount of destination security issued (Face value, in ₹ crore) | 3,243.017 | 1,802.859 | 0 | 0 | vi. Cut-off price (₹) / yield (%) for destination security | 95.67/6.8772 | 98.04/6.9032 | NA | NA |
| A. | Source Security | 5.74% GS 2026 | 8.24% GS 2027 | 6.79% GS 2027 | 6.64% GS 2027 | 8.60% GS 2028 |
| Destination Security | 6.33% GS 2035 | 6.92% GS 2039 | 6.19% GS 2034 | 6.64% GS 2035 | 7.50% GS 2034 |
| ii. Total amount of Source Security offered (Face value, in ₹ crore) | 2,998.685 | 1,615.400 | 8,570.267 | 7,125.997 | 6,861.626 |
| iii. No. of offers accepted | 5 | 8 | 17 | 0 | 3 |
| iv. Total amount of source security accepted (Face value, in ₹ crore) | 2,316.000 | 1,000.000 | 3,000.000 | 0 | 1,640.594 |
| v. Total amount of destination security issued (Face value, in ₹ crore) | 2,389.764 | 1,039.171 | 3,173.015 | 0 | 1,663.557 |
| vi. Cut-off price (₹) / yield (%) for destination security | 96.92/6.7910 | 97.96/7.1565 | 95.42/6.9165 | NA | 103.61/6.9187 |
| Destination Security | 6.22% GS 2035 | 6.57% GS 2033 | 7.50% GS 2034 | 7.40% GS 2035 |
| ii. Total amount of Source Security offered (Face value, in ₹ crore) | 5,003.743 | 14,979.685 | 12,173.141 | 12,165.373 |
| iii. No. of offers accepted | 4 | 6 | 0 | 0 |
| iv. Total amount of source security accepted (Face value, in ₹ crore) | 3,000.000 | 1,730.380 | 0 | 0 |
| v. Total amount of destination security issued (Face value, in ₹ crore) | 3,243.017 | 1,802.859 | 0 | 0 |
| vi. Cut-off price (₹) / yield (%) for destination security | 95.67/6.8772 | 98.04/6.9032 | NA | NA |

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

;)

Related changes

Favicon for www.rbi.org.in GoI Dated Securities Auction, ₹32,000 Crore, April 24, 2026
Routine Apr 21, 2026 • RBI Press Releases • Banking & Finance
Favicon for www.rbi.org.in State Government Securities Auction of ₹16,900 Crore
Routine Apr 19, 2026 • RBI Press Releases • Banking & Finance
Favicon for www.rbi.org.in ECB / FCCB / RDB Data February 2026 Released
Routine Apr 21, 2026 • RBI Press Releases • Banking & Finance

Get daily alerts for RBI Press Releases

Daily digest delivered to your inbox.

Free. Unsubscribe anytime.

Source

Favicon for www.rbi.org.in
RBI Press Releases rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx
Banking & Finance

About this page

What is GovPing?

Every important government, regulator, and court update from around the world. One place. Real-time. Free. Our mission

What's from the agency?

Source document text, dates, docket IDs, and authority are extracted directly from RBI.

What's AI-generated?

The summary, classification, recommended actions, deadlines, and penalty information are AI-generated from the original text and may contain errors. Always verify against the source document.

Last updated

Press inquiries →

Classification

Agency
RBI
Published
April 20th, 2026
Instrument
Notice
Branch
Executive
Legal weight
Non-binding
Stage
Final
Change scope
Minor
Document ID
Press Release: 2026-2027/110

Who this affects

Applies to
Government agencies Investors Financial advisers
Industry sector
9211 Government & Public Administration
Activity scope
Government securities trading Debt management operations Auction participation
Geographic scope
IN IN

Taxonomy

Primary area
Banking
Operational domain
Finance
Topics
Securities Financial Services

Browse Categories

Agriculture & Food Safety 73 Banking & Finance 405 Consumer Protection 89 Courts & Legal 411 Data Privacy & Cybersecurity 89 Defense & National Security 53 Education 55 Energy 100 Environment 151 Gaming 2 Government & Legislation 430 Healthcare 15 Healthcare & Life Sciences 375 Immigration 10 Insurance 75 Labor & Employment 132 Pharma & Drug Safety 21 Professional Licensing 7 Real Estate & Housing 77 Securities & Markets 153 Tax 78 Telecom & Technology 50 Trade & Sanctions 141 Transportation 91

Get alerts for this source

We'll email you when RBI Press Releases publishes new changes.

Free. Unsubscribe anytime.

You're subscribed!