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India's $10 Billion Foreign Debt Sale: Investors Debate Options

  • Rupee notes and higher cap in debt for foreigners are options
  • Bonds see worst weekly drop since April 2018 amid sale doubts
Indonesian Rupiah, Indian Rupee And Filippino Peso As Gloom Lifting From Asia's Emerging Currencies After Rate Hikes
Photographer: Brent Lewin/Bloomberg
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With India’s plans for its inaugural overseas bond sale shrouded in confusion, investors are assessing the government’s options for the $10 billion offering.

The departure of the official handling the sale and reports of opposition from the prime minister’s office have left investors wondering if India will press ahead with a foreign-currency debt sale, opt for the issuance of rupee-denominated notes known as Masala bonds, or ease foreign ownership limits on local markets instead.