India bonds rise as investors see value after 10-year yield nears 7.40%
The Indian bond market experienced a surge as value investors jumped in, increasing demand significantly. After hitting a three-year peak, the benchmark 6.94% 2036 bond yield took a slight dip. Anticipation is mounting among investors for substantial debt issuance from the Reserve Bank of India and various states later this week.
In a significant financial shift, India's government bond yields have hit a three-and-a-half-year high of 7.39%, primarily due to the central bank's strategy to minimize liquidity. Over the past month, the yield on the 10-year benchmark has surged by 38 basis points. The Reserve Bank of India plans a bond sale of ₹25,000 crore this Tuesday while also raising the cash reserve ratio to 99%, effective from mid-October.
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