Short-Tenor India Bonds in Hot Demand as RBI Easing Bets Recede [Bloomberg Business News]
Nomura Holdings Inc ADR American Depositary Shares (NMR)
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Source: Bloomberg Business News
Demand for India’s shorter-maturity bonds is rising as traders bet the central bank is almost finished cutting interest rates. Sovereign securities due in less than a decade are being snapped up as the Reserve Bank of India is seen lowering benchmark borrowing costs just once more at best, according to a Bloomberg survey of 20 fixed-income money managers and dealers. Nomura Holdings Inc. prefers bonds maturing in three-to-seven years, while Standard Chartered Plc is recommending a long position in six-year notes. “We expect the mid-end -- the belly of the curve -- to do well relatively,” said Lakshmi Iyer, Mumbai-based chief investment officer for debt at Kotak Mahindra Asset Management Co. “This is a sweet spot, with lower rates and comfortable liquidity.” Shorter-duration bonds are outperforming since the RBI’s rate-deciding panel reduced its key repurchase rate to 6 percent last week, and maintained a neutral policy stance while saying it will watch i
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