(Bloomberg) -- Global investors lapped up Indian government debt ahead of the country’s entry into a major global bond index, shrugging off concerns about...
-- Global investors lapped up Indian government debt ahead of the country’s entry into a major global bond index, shrugging off concerns about policy continuity after Prime Minister Narendra Modi ’s slim election win.Billionaire-Friendly Modi Humbled by Indians Who Make $4 a DayForeign purchases of the nation’s index-eligible sovereign securities have reached roughly 50 billion rupees so far this week, according to the local clearing agency’s latest figures.
The yield on India’s benchmark 10-year sovereign bonds will drop to roughly 6.5% in the coming year, from just over 7% currently, in part due to inflows linked to the index inclusion, according to forecasts by UBS Group AG.“While Modi’s grand coalition had won by a much smaller margin relative to market expectations, we don’t foresee significant change to India’s growth prospects or fiscal consolidation path,” said Edward Ng, senior portfolio manager at Nikko Asset Management Asia Ltd.
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