Govt to switch 5 FY27 gilts worth INR 200 bln with 5 bonds via auction Mon
This story was originally published at 21:25 IST on 4 March 2026
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--RBI: Govt to switch 5 gilts worth INR 200 bln via auction Mon
MUMBAI – The government will switch five bonds worth INR 200 billion maturing in 2026-27 (Apr-Mar) with five longer-term gilts through an auction on Monday, the Reserve Bank of India said in a release Wednesday. The auction will take place at 1030-1130 IST. The auction will be settled on Tuesday.
A switch operation entails replacing a security maturing in the near term with a longer-maturity paper, effectively postponing the government's debt repayment. The central government's borrowing calendar said it would continue to use switches and buybacks to smoothen the redemption profile in consultation with the RBI.
On Monday, the government switched INR 137.88 billion of four bonds maturing in FY27 through an auction, against the notified amount of INR 250 billion. Including two bilateral switches with the RBI, the government's total gilt switches in FY26 have risen to INR 2.69 trillion. The reduction in its redemptions in FY27 has led to the projected gross borrowing for the next financial year falling to around INR 16.15 trillion from the budgeted INR 17.20 trillion. This is likely to fall further depending on the subscription at the switch auction Monday and any further gilt switches the government conducts of FY27 bonds.
The security-wise details of the switch auction are as follows:
| Source Security | Notified amount of source securities (in INR bln) | Destination Security |
| 6.97%, 2026 gilt | 20.00 | 7.50%, 2034 gilt |
| 6.97%, 2026 gilt | 20.00 | 8.32%, 2032 gilt |
| 7.33%, 2026 gilt | 30.00 | 6.57%, 2033 gilt |
| 5.74%, 2026 gilt | 20.00 | 7.62%, 2039 gilt |
| 8.15%, 2026 gilt | 20.00 | 6.57%, 2033 gilt |
| 8.24%, 2027 gilt | 30.00 | 7.40%, 2062 gilt |
| 8.24%, 2027 gilt | 60.00 | 8.32%, 2032 gilt |
| Total | 200.00 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Cassandra Carvalho
Edited by Ashish Shirke
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