India announces ₹20,000 crore government securities conversion/switch auction

The Government of India will conduct a conversion/switch auction on October 19, 2026, swapping shorter-dated securities (maturing 2027-2028) for longer-dated ones (maturing 2036-2060), totaling ₹20,000 crore face value. This operation extends the average maturity of the government's debt portfolio, likely to manage redemption pressure and smooth the yield curve. The move signals continued liability management by the RBI on behalf of the government, with potential implications for bond supply and yields.