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India 2022 Bond Yield at Three-Month High as Record Sales Start

The yield on India’s 2022 bonds rose to a three-month high on speculation there is a lack of demand for the debt, as the government prepares to start a record borrowing program.

The finance ministry will offer 150 billion rupees ($2.8 billion) of notes due 2020, 2026, 2032 and 2042 on April 5, according to a central bank statement yesterday. The auction will be part of a 6.29 trillion rupee borrowing program for this fiscal year that began April 1. The government last sold debt on Feb. 15.

“The supply pressure is huge,” said Debendra Kumar Dash, a fixed-income trader at Development Credit Bank Ltd. in Mumbai. “So there’s little demand for bonds.”

The yield on the 8.15 percent notes due June 2022 rose four basis points, or 0.04 percentage point, to 7.99 percent in Mumbai, according to the central bank’s trading system. That matches the level touched on March 26, the highest since Jan. 2.

The one-year interest-rate swap, a derivative contract used to guard against fluctuations in funding costs, fell one basis point to 7.46 percent, according to data compiled by Bloomberg.

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