By March 25, 2018, 6:30 PM EDT Indian government’s near-record bond sales begin in two weeks. The lingering question is who’s going to buy the securities.While the seven-month selloff in sovereign notes has spurred state-run lenders — the biggest holders — to stay away, global funds too have soured on rupee debt. With scant signs of buying support from any direction, traders are worried about the fate of the 6.06- trillion rupee ($93 billion) borrowing for the year starting April 1.Poor demand signals more pain for the embattled market. Four of 10 fixed-income traders surveyed by Bloomberg News expect the benchmark 10-year yield to reach a three-year high of 8 percent next quarter in the absence of measures to stoke appetite. Surging yields will boost borrowing costs for Prime Minister Narendra Modi’s government, and may lead to a repeat of a recent situation when it had to pare the size of few auctions and scrap others.“If it’s a normal bond supply calendar with no intervention whatsoever by the government or the RBI, then the yield is just a number, frankly,” said Suyash Choudhary, head of fixed income at IDFC Asset Management Co. in Mumbai. “It can easily go to 8… Read full this story
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