Govt to switch 9 gilts worth INR 300 bln with 8 bonds Mon in 1st FY27 auction
This story was originally published at 21:32 IST on 15 April 2026
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--RBI: Govt to switch 9 gilts worth INR 300 bln via auction Mon
MUMBAI – The government will switch nine bonds worth INR 300 billion maturing between 2026 and 2030 with eight longer-term gilts through the first switch auction of the financial year 2026-27 (Apr-Mar) Monday, the Reserve Bank of India said in a release Wednesday. The auction will take place at 1030-1130 IST. It will be settled 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 for Apr-Sept said it would continue to use switches to smoothen the redemption profile in consultation with the RBI. Including two bilateral switches with the RBI, the government switched gilts worth around INR 3.00 trillion in FY26, bringing down its FY27 gross borrowing.
The security-wise details of the switch auction are as follows:
| Source Security | Notified amount of source securities (in INR bln) | Destination Security |
| 5.74%, 2026 gilt | 30.00 | 6.33%, 2035 gilt |
| 8.24%, 2027 gilt | 10.00 | 6.92%, 2039 gilt |
| 6.79%, 2027 gilt | 30.00 | 6.19%, 2034 gilt |
| 6.64%, 2027 gilt | 30.00 | 6.64%, 2035 gilt |
| 8.60%, 2028 gilt | 30.00 | 7.50%, 2034 gilt |
| 7.59%, 2029 gilt | 30.00 | 6.22%, 2035 gilt |
| 7.10%, 2029 gilt | 60.00 | 6.57%, 2033 gilt |
| 7.04%, 2029 gilt | 40.00 | 7.50%, 2034 gilt |
| 7.88%, 2030 gilt | 40.00 | 7.40%, 2035 gilt |
| Total | 300.00 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Cassandra Carvalho
Edited by Rajeev Pai
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