Indian dollar bond rush seen unabated even as returns drop

Indian dollar bond rush seen unabated even as returns drop

Livemint

Indian issuers look set to keep tapping the dollar bond market in the fourth quarter even after record issuance so far this year, as US currency borrowing costs remain attractive and strains persist in rupee debt markets.

Investors have lapped up debt sales in 2019 from Indian issuers, which still account for less than 7% of offerings in the Asia ex-Japan market and offer diversification from Chinese deals. After significant tightening in India dollar spreads in 2019, however, investors in the fourth quarter can probably expect returns mainly from holding the notes and earning interest, according to Bharat Shettigar, head of Asia ex-China corporate credit research at Standard Chartered Bank.

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