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Indian Bonds Drop After Yield at This Month’s Low Deters Buyers

India’s 10-year sovereign bonds fell on speculation a drop in the yield yesterday to the lowest level this month deterred buyers.

The yield on the 8.4 percent notes due July 2024 rose three basis points, or 0.03 percentage point, to 8.51 percent in Mumbai, according to the central bank’s trading system. The rate dropped five basis points, or 0.05 percentage point, yesterday to the lowest level since July 28.

JPMorgan Chase & Co. bought about $2.4 billion of Indian government bonds yesterday, leading record purchases by foreign banks, according to three fixed-income dealers in Mumbai. Federal Reserve officials raised the possibility they might increase U.S. interest rates sooner than anticipated, according to minutes of their July meeting released yesterday.

“We are seeing some consolidation after a good rally,” said Vijay Sharma, executive vice president for fixed income at PNB Gilts Ltd. in New Delhi. “I wouldn’t attribute much of today’s move to the Fed as nobody expects the U.S. to not raise interest rates and markets have more or less discounted that.”

India plans to sell 120 billion rupees of bonds maturing between 2020 and 2042 at a weekly auction tomorrow. The nation will also offer 32.08 billion rupees of debt limits to foreign institutional investors tomorrow to enable them to buy government bonds.

One-year interest-rate swaps, derivative contracts used to guard against swings in funding costs, fell one basis point to 8.47 percent, data compiled by Bloomberg show.

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