The Reserve Bank of India announced the results of the Conversion/Switch Auction of Government of India Securities on December 15, 2025.
The source securities included: 8.24% GS 2027, 7.38% GS 2027, 6.64% GS 2027, 7.17% GS 2028, 8.60% GS 2028 and 7.59% GS 2029, each with a notified amount of ₹2,000 crore, ₹2,000 crore, ₹2,000 crore, ₹3,000 crore, ₹3,000 crore and ₹3,000 crore respectively.
The destination securities included: 7.50% GS 2034, 6.67% GS 2035, 6.57% GS 2033, 7.57% GS 2033, 6.57% GS 2033 and 6.19% GS 2034.
Details of the auction results:
* 7.50% GS 2034: 16 offers were received, with a total amount of source security offered of ₹3,057.559 crore and 4 offers accepted. The total amount of source security accepted was ₹1,537.559 crore, and the total amount of destination security issued was ₹1,490.073 crore, with a cut-off price/yield of ₹106.01/6.5759%.
* 6.67% GS 2035: 25 offers were received, with a total amount of source security offered of ₹3,269.369 crore and 2 offers accepted. The total amount of source security accepted was ₹195.000 crore, and the total amount of destination security issued was ₹198.504 crore, with a cut-off price/yield of ₹100.51/6.5995%.
* 6.57% GS 2033: 4 offers were received, with a total amount of source security offered of ₹2,480.000 crore and 0 offers accepted. The total amount of source security accepted was ₹0 crore, and the total amount of destination security issued was ₹0 crore.
* 7.57% GS 2033: 29 offers were received, with a total amount of source security offered of ₹6,092.932 crore and 6 offers accepted. The total amount of source security accepted was ₹1,075.000 crore, and the total amount of destination security issued was ₹1,039.987 crore, with a cut-off price/yield of ₹105.95/6.5534%.
* 6.57% GS 2033: 28 offers were received, with a total amount of source security offered of ₹7,058.109 crore and 5 offers accepted. The total amount of source security accepted was ₹3,000.000 crore, and the total amount of destination security issued was ₹3,184.485 crore, with a cut-off price/yield of ₹100.05/6.5613%.
* 6.19% GS 2034: 17 offers were received, with a total amount of source security offered of ₹4,517.363 crore and 3 offers accepted. The total amount of source security accepted was ₹3,000.000 crore, and the total amount of destination security issued was ₹3,226.530 crore, with a cut-off price/yield of ₹97.42/6.5806%.
The press release number is 2025-2026/1702. Contact person: Ajit Prasad, Deputy General Manager (Communications).
Key Entities Referenced
Government of India Securities: Subject of the conversion/switch auction
Reserve Bank of India: Publisher of the press release and presumably the regulator conducting the auction.
Mumbai: Location of the Department of Communication, Central Office of Reserve Bank of India