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Record Turnover in India Government Debt

Record Turnover in India Government Debt

Gold Silver Reports — Record turnover in India’s government debt is adding to the signs that investors just can’t get enough of Asia’s highest-yielding bonds . 

Record Turnover in India Government Debt

The daily turnover for the notes on the Reserve Bank of India’s dealing platform reached an unprecedented 1.43 trillion rupees ($21.4 billion) on Thursday, data compiled by Bloomberg show. At 921 billion rupees, the daily average value of securities traded for the month of July was also an all-time high, and more than double the amount for the first six months of 2016, as benchmark 10-year bonds capped their best month since May 2013 .

BlackRock Inc., the world’s largest money manager, and HSBC Global Asset Management are among investors bullish on sovereign securities that have delivered Asia’s best returns over the past year after Indonesia. Foreign holdings of the notes jumped by about 77 billion rupees last month, as concern abated that Brexit will have a lasting impact on Asia’s third-largest economy. Improving liquidity and mounting speculation of a dovish new RBI governor has spurred appetite for the debt locally .

“Expectations of the Federal Reserve backing off from raising interest rates and stimulus measures from other global central banks economies” have swelled interest in the debt market, said Harihar Krishnamoorthy, Mumbai-based treasurer at the local unit of South African lender FirstRand Ltd. “We have seen the local market liquidity turning into a surplus. That’s created decent demand for bonds . ” — Neal Bhai Reports

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