Foreigners buy $10 billion of index-bound Indian bonds since JPM inclusion announcement
MUMBAI - Foreign investors have bought more than $10 billion of Indian government bonds that will be included in a widely-followed JPMorgan debt index on June 28, taking their ownership of such papers to a record high.
Foreigners' ownership of these Indian bonds has risen to an all-time high of 4.45% of total from 2.77% before the inclusion announcement. Western Asset Management, which manages around $250 million of debt under its Asian opportunities Fund, is overweight on longer duration Indian government bonds, Wontae Kim, a research analyst said last month.
India's strong macroeconomic fundamentals and stable currency outlook have encouraged investors to buy bonds without hedging their forex exposure.
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