India to switch bonds worth 250 billion rupees next week

The Reserve Bank of India will conduct a switch auction of government securities worth 250 billion rupees ($2.67 billion) on November 16, the central bank said on Wednesday.

Here are more details:

* The auction will swap six bonds maturing between 2027 and 2029 for longer-dated paper maturing up to 2062


* The government conducts conversion of bonds maturing in the near term into longer-term bonds to manage its debt redemption profile and push out repayment obligations

* In October, the government bought back 113.02 billion rupees of bonds, issuing long-term securities worth 116.51 billion rupees, in a switch auction

* India plans to borrow 7.86 trillion rupees through bonds in the second half of the current fiscal, taking the total figure for the year to 16 trillion rupees.