The government will be converting Rs 27,000 crore of short term bonds maturing between May 2021 to September 2022 into longer term securities maturing between April 2026 and September 2060.

The Reserve Bank of India (RBI) will do the switching on June 15. The government's earlier plan to switch Rs 30,000 crore worth of securities into longer tenure one largely met with tepid response as it wanted to convert ultra-short securities maturing in June into 40-year securities.

In May, RBI tried to switch Rs 30,000 crore worth of securities into longer tenure one, but could manage to do less than a third of that.

However, this time, the securities that would be switched are well spaced out, and therefore, bond dealers say the switching can be done relatively easily.