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India’s Bonds Gain After Factory Output Falls Short of Estimate

India’s 10-year government bonds gained for the first time in three days as concern the economy is weakening fueled demand for safer assets.

Factory output climbed 0.1 percent in July from a year earlier, a government report showed yesterday, missing the median forecast of economists in a Bloomberg News survey for a 0.5 percent gain. Yields near this week’s highest level also lured investors, according R.S. Chauhan, chief dealer of fixed income and currencies at State Bank of Bikaner & Jaipur.

“People are probably preferring the safety offered by sovereign debt,” Mumbai-based Chauhan said. “That is supporting bonds.”

The yield on the 8.15 percent notes due June 2022 fell two basis points, or 0.02 percentage point, to 8.18 percent in Mumbai, according to the central bank’s trading system. Benchmark 10-year yields have dropped 39 basis points so far this year, according to data compiled by Bloomberg.

One-year interest-rate swaps, or derivative contracts used to guard against fluctuations in funding costs, fell two basis points to 7.75 percent, according to data compiled by Bloomberg.

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