India accepted ₹11,302.180 crore in government bond switches at its Oct. 19 auction, reaching 56.51% of its ₹20,000 crore target as one of six planned exchanges drew no offers.
The Reserve Bank of India (RBI) counted 80 offers covering ₹14,049.278 crore in existing bond face value and selected 54. Its results listed ₹11,651.116 crore in replacement bond face value for the accepted switches.
The auction paired government securities due from 2027 to 2029 with replacements maturing from 2033 to 2060. In a successful switch, an investor sells an existing bond to the government and buys the designated replacement at quoted prices. That pricing accounts for the difference between the face values of the bonds exchanged.
The proposed exchange of 6.03% GS 2029 for 7.50% GS 2034 accounted for ₹4,000 crore of the announced target but attracted no offers.
Two exchanges reached their full notified amounts: ₹3,000 crore of 7.17% GS 2028 and ₹2,000 crore of 8.26% GS 2027. For the remaining pairs that received bids, India accepted ₹2,377.180 crore of 7.26% GS 2029 against ₹4,000 crore notified, ₹2,000 crore of 6.79% GS 2029 against ₹4,000 crore, and ₹1,925 crore of 7.06% GS 2028 against ₹3,000 crore.
The RBI scheduled settlement for Oct. 21.
