The fund will offer investors a basket of bonds issued by 15 companies. Photo: MintNew Delhi: In November, an exchange-traded fund (ETF) of India’s state-owned companies got a record Rs32,000 crore ($5 billion) of bids. Prime Minister Narendra Modi’s administration wants to replicate the success it’s had in equities by selling an ETF comprising debt of public sector firms. “The Indian debt market is dominated by institutions and though the issuer could be ready, you need investors to buy.”Bond offerings by state companies made up about 34% of the market, Gupta said. The government is in the process of appointing consultants for the ETF, Gupta said.

Source: Mint February 06, 2018 07:07 UTC