India’s government debt market is on tenterhooks again as traders assess the buzz around prospects for the nation’s sovereign debt to be added to global indexes.
Bonds swung between gains and losses last week with traders latching on to every bit of news — be it a report that the Reserve Bank of India is asking some foreign lenders on how to handle increased inflows or the central bank changing debt investment rules for banks in line with global norms.
They asked not be identified as the final decision on inclusion rests solely with JPMorgan. India continues to hold its position of not giving any concessions, said the officials. An email to the Finance Ministry was unanswered. Meantime, the debt market is seeing a replay of last year’s script when bonds rallied on rumors of index inclusion only to tumble later.
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