India Sold So Many Bonds That It Had to Retire its Benchmark
- Current note is being retired just two months after issuance
- Government targets a record 12 trillion rupees of debt sales
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India is selling so many bonds that the market can’t keep up.
The government is retiring the current benchmark 10-year debt just two months after it was issued, compared to about 12 months for earlier offerings, to make way for a new issuance. The present bond hasn’t even had a chance to become fully liquid before being shelved.