(Bloomberg) -- India’s auction of the debut 50-year bond met with strong demand Friday, underscoring growing interest from insurance and pension funds for...
-- India’s auction of the debut 50-year bond met with strong demand Friday, underscoring growing interest from insurance and pension funds for ultra-long papers.Harvard, Yale Warned by Top Law Firms About Antisemitism
It’s the insurance companies and provident funds buying at these levels, said Murthy Nagarajan, head of fixed income at Tata Asset Management. “Since we are coming toward the end of the rate hike cycle, the demand is there,” he said. The sale of long-term bonds may help the government elongate the tenure of debt sold and keep its interest costs under control. Today’s cutoff came in lower than 7.54% yield for the 40-year paper auctioned last week.Over one-third of the government’s fiscal second-half bond supply is in papers maturing in 30-50 years. The RBI in September said it planned to add the 50-year bond in response to market demand for ultra-long papers, extending the nation’s yield curve.
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