FPIs' sales of India corp bonds in six-yr streak lowest in 2023

SICAL Logistics

01/01/2024 07:28

* Foreign investors emerged as net sellers of Indian
corporate
bonds for sixth straight year, but quantum falls to lowest
    * FPIs net sold bonds worth only 44.7 bln rupees ($537.4
mln) in
2023, less than half of 112.9 bln rupees in 2022 -NSDL data
    * "There has been some improvement in sentiment for such
papers
towards the end of 2023, resulting in some buying," trader with
a primary dealership says
    * Majority selling was seen in Jan-Mar 2023, while Oct-Dec
saw net
purchase, which was highest since Jan-Mar 2019
    * "Some private credit deals during the middle of the year
really
helped the overall picture, and we could see such one-off deals
even in 2024," another trader adds
    * In June, BBB- rated Goswami Infratech raised 143 billion
rupees,
with heavy interest from global private credit funds, traders
had said

    
($1 = 83.1825 Indian rupees)

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Foreigners sell India corp bonds for sixth straight year in 2023
   https://tmsnrt.rs/4aIoSEY
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Reporting by Dharamraj Dhutia)
 ((dharamraj.dhutia@tr.com))