diff --git a/HISTORY.md b/HISTORY.md
index 9acc1c59d4..0b0521c9ca 100644
--- a/HISTORY.md
+++ b/HISTORY.md
@@ -6,6 +6,14 @@ dev
 
 - \[Short description of non-trivial change.\]
 
+2.27.1 (2022-01-05)
+-------------------
+
+**Bugfixes**
+
+- Fixed parsing issue that resulted in the `auth` component being
+  dropped from proxy URLs. (#6028)
+
 2.27.0 (2022-01-03)
 -------------------
 
diff --git a/requests/__version__.py b/requests/__version__.py
index cd00931521..e973b03b5f 100644
--- a/requests/__version__.py
+++ b/requests/__version__.py
@@ -5,8 +5,8 @@
 __title__ = 'requests'
 __description__ = 'Python HTTP for Humans.'
 __url__ = 'https://requests.readthedocs.io'
-__version__ = '2.27.0'
-__build__ = 0x022700
+__version__ = '2.27.1'
+__build__ = 0x022701
 __author__ = 'Kenneth Reitz'
 __author_email__ = 'me@kennethreitz.org'
 __license__ = 'Apache 2.0'