Govt to switch 6 gilts worth INR 150 bln with 5 other bonds via auction Mon
This story was originally published at 21:36 IST on 10 December 2025
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--RBI: Govt to switch 6 gilts worth INR 150 bln via auction Mon
NEW DELHI – The government will switch six bonds worth INR 150 billion with five longer-term gilts through an auction on Monday, the Reserve Bank of India said in a release Wednesday. This is the smallest gilt switch auction announced so far in 2025-26 (Apr-Mar).
The auction will take place at 1030-1130 IST. According to the central government's borrowing calendar, switches of government bonds are scheduled for the third Monday of every month.
The Union Budget for FY26, presented in February, had pegged the gilt switch target at a record INR 2.50 trillion against INR 1.47 trillion in FY25. So far in FY26, the government has switched short-term gilts worth INR 1.55 trillion, including an INR 373-billion bilateral debt switch of FY27 bonds with the RBI.
A switch operation entails replacing a security maturing in the near term with a longer-maturity paper, effectively postponing the government's debt repayment to a later date.
The security-wise details of the switch auction are as follows:
| Source Security | Notified amount of source securities (in INR bln) | Destination Security |
| 8.24%, 2027 gilt | 20 | 7.50%, 2034 gilt |
| 7.38%, 2027 gilt | 20 | 6.67%, 2035 gilt |
| 6.64%, 2027 gilt | 20 | 6.57%, 2033 gilt |
| 7.17%, 2028 gilt | 30 | 7.57%, 2033 gilt |
| 8.60%, 2028 gilt | 30 | 6.57%, 2033 gilt |
| 7.59%, 2029 gilt | 30 | 6.19%, 2034 gilt |
| Total | 150 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Aaryan Khanna
Edited by Ashish Shirke
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