Global Banks Are the Biggest Bulls in India’s Bond Market
- Foreign banks have bought net $6 billion since start of June
- India’s macro fundamentals remain strong, says ANZ Group
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Foreign banks have emerged as the largest investors in India’s trillion dollar sovereign bond market in recent weeks, attracted by the nation’s economic prospects and a stable currency.
They’ve bought more than 500 billion rupees ($6 billion) of debt since June 1, according to data from the Clearing Corp. of India. That far exceeds about 200 billion rupees of net inflows into index-eligible bonds in the period, and suggests global banks that typically buy as clients’ custodians have also been snapping them up for their own accounts.