Bond Sale Rescued by India Dealers as Rout Sweeps Across Globe
- 10-year bonds poised for biggest monthly drop since April 2018
- Primary dealers saved auction multiple times in recent months
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Primary dealers stepped in to rescue an Indian bond auction as a spike in global yields dented demand for sovereign debt.
Underwriters bought about 20% of the 240 billion rupees ($3.3 billion) of bonds on offer at a weekly sale, the Reserve Bank of India said in a statement Friday. They bought 26.5 billion rupees of 2023 bonds and 21.3 billion rupees of 2035 notes. The RBI sold 25 billion rupees of 2050 debt, half of what it had planned to auction.