Govt of India to Conduct Switch of ₹25,000 Crore Securities Via Auction on February 23

The Government of India is to conduct a conversion or switch of dated government securities worth ₹25,000 crore on February 23, 2026.  

As per the press release, the operation will be carried out through an auction, allowing certain short-dated bonds to be exchanged for securities with longer maturities. 

Source Securities Identified 

The switch will involve several securities maturing in 2026 and 2027. These include the 6.97% GS 2026, the 5.74% GS 2026, the 8.15% GS 2026, and the 8.24% GS 2027. Individual tranches identified for the operation range from ₹2,000 crore to ₹7,000 crore in face value. 

A total of ₹5,000 crore from the 6.97% GS 2026 will be split into 2 parts, while ₹4,000 crore of the 5.74% GS 2026 and ₹6,000 crore of the 8.15% GS 2026 will also be part of the switch. The 8.24% GS 2027 accounts for ₹10,000 crore across 2 separate tranches. 

Destination Securities Offered 

In exchange, investors will be offered longer-dated bonds across different maturity buckets. These include the 8.32% GS 2032, the 6.57% GS 2033, the 7.50% GS 2034, the 7.62% GS 2039, and the 7.40% GS 2062. 

The largest share of the conversion, amounting to ₹13,000 crore, will be directed into the 6.57% GS 2033. Other allocations include ₹4,000 crore into the 7.62% GS 2039, ₹3,000 crore into the 8.32% GS 2032, ₹2,000 crore into the 7.50% GS 2034, and ₹3,000 crore into the 7.40% GS 2062. 

Auction and Bidding Details 

The auction will be conducted through the Reserve Bank of India’s e-Kuber platform. Participants will be required to submit bids specifying the amount of the source security and the price of both the source and destination securities. 

All bids must be quoted in Indian rupees up to 2 decimal places, in line with the auction guidelines. 

Read More: NABARD Secures ₹6,779 Crore Via 3-Year Bonds at 7.01% Yield! 

Conclusion 

The switch operation scheduled for February 23 will cover multiple securities across maturity years 2026 and 2027, with a total face value of ₹25,000 crore. The process will be conducted through an auction on the RBI’s e-Kuber system. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.   
 
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.