India to switch 25,000 crore rupees of bonds on November 16

The Government of India will convert or switch 25,000 crore rupees, face value, of its securities through an auction on Monday, November 16, exchanging bonds maturing in 2027 to 2029 for securities maturing in 2034 to 2062.

Why it matters: The switch lengthens India's maturity profile without new cash borrowing, and it runs days after the October inflation print that polls expect at or above the top of the Reserve Bank's tolerance band.

Data as of Reserve Bank of India press release 2026-2027/1480, published November 11, 2026 and read in full on rbi.org.in in this run; every figure is from the Reserve Bank's own announcement. Developing item.

The Government of India will convert or switch its securities through an auction for an aggregate amount of 25,000 crore rupees, face value, on Monday, November 16, 2026, the Reserve Bank of India announced. Holders of six source securities maturing between 2027 and 2029, including 5,000 crore rupees of the 7.38 percent GS 2027 and 2,000 crore of the 8.26 percent GS 2027, can exchange into destination securities maturing between 2034 and 2062, the longest of them the 7.40 percent GS 2062.

Bids are placed on the Reserve Bank’s e-Kuber platform between 10:30 and 11:30 a.m. on November 16 in a multiple price auction, with results announced the same day and settlement on November 17. The government reserves the right to accept less than the notified amount.

India to switch 25,000 crore rupees of bonds on November 16

Sources