DELHI: Dollar bond issuance from Indian companies looks set to accelerate in the New Year off a 2017 record as issuers cash in on bullish investor sentiment and the lowest borrowing costs in a decade. Dollar-denominated bond sales from India soared almost 90 percent to an all-time high of $15.2 billion in 2017, Bloomberg-compiled data show. Since then, order books for Indian dollar notes have swelled, and the rupee’s march toward its first annual gain in seven years against the greenback is further bolstering confidence among companies tapping the dollar bond market, Bhatia said. Spreads over Treasuries for Indian dollar bonds fell to 169 basis points last week, the lowest since 2007, according to ICE BofAML index data. “Based on the pipeline of new ratings and market news, it seems USD bond issuance from India is going to remain buoyant,” he said.

Source: New Strait Times December 26, 2017 23:48 UTC