The Government of India announces a switch of ₹20,000 crore in government securities on October 19, 2026, involving conversion of 8.26% GS 2027 into longer-term bonds.
Government of India to Conduct Securities Switch
The Government of India has announced a conversion or switch of its securities through auction for an aggregate face value of ₹20,000 crore on October 19, 2026. The source security is the 8.26% Government Stock 2027, maturing in April 2027. The destination securities are longer-term bonds, aimed at extending the maturity profile of government liabilities.
This operation, conducted by the RBI on behalf of the government, facilitates liability management by reducing rollover risk ahead of upcoming maturities. The auction will be conducted in consultation with primary dealers, with terms and pricing determined through market-based bidding.
Implication for practitioners: Portfolio managers and institutional investors holding the source bonds should assess reinvestment options. The switch reflects proactive debt management, potentially influencing yield curve dynamics for short- to medium-term government securities.