diff --git a/CHANGES.md b/CHANGES.md
index 7713328f12..65819ee1e1 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,12 @@
+Synapse 1.32.1 (2021-04-21)
+===========================
+
+Bugfixes
+--------
+
+- Fix a regression in Synapse 1.32.0 which caused Synapse to report large numbers of Prometheus time series, potentially overwhelming Prometheus instances. ([\#9854](https://github.com/matrix-org/synapse/issues/9854))
+
+
 Synapse 1.32.0 (2021-04-20)
 ===========================
 
diff --git a/changelog.d/9854.bugfix b/changelog.d/9854.bugfix
deleted file mode 100644
index e39a3f9915..0000000000
--- a/changelog.d/9854.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a regression in Synapse 1.32.0 which caused Synapse to report large numbers of Prometheus time series, potentially overwhelming Prometheus instances.
diff --git a/debian/changelog b/debian/changelog
index 83be4497ec..b8cf2cac58 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.32.1) stable; urgency=medium
+
+  * New synapse release 1.32.1.
+
+ -- Synapse Packaging team <packages@matrix.org>  Wed, 21 Apr 2021 14:00:55 +0100
+
 matrix-synapse-py3 (1.32.0) stable; urgency=medium
 
   [ Dan Callahan ]
diff --git a/synapse/__init__.py b/synapse/__init__.py
index 79232c4de1..a0332d602d 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -48,7 +48,7 @@ try:
 except ImportError:
     pass
 
-__version__ = "1.32.0"
+__version__ = "1.32.1"
 
 if bool(os.environ.get("SYNAPSE_TEST_PATCH_LOG_CONTEXTS", False)):
     # We import here so that we don't have to install a bunch of deps when