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In addition to those two dollar notes maturing in 2024,
Energy’s forex bonds fell the most since March, while GMR Hyderabad 2026 debt also declined, Bloomberg-compiled data shows.
The fall coincides with the rupee touching its all-time low against the dollar, posing the challenge of already high interest rates for Indian companies to pay off existing foreign debt or sell new bonds in another currency. Used to be.
agencies
Higher US borrowing costs are weighing down credit markets across the region, with the Bloomberg index of investment-grade dollar bonds for Asia excluding Japan down more than 10% so far this year.
“India’s bonds are falling in line with other Asian markets as market sentiment in general remains weak,” said Eric Liu, credit desk analyst in Hong Kong at Nomura Holdings Inc. A weak rupee is also one of the factors driving the fall. Country’s credit.”
Offshore lending is restricted in India due to central bank regulations designed to limit hot money flows. The country’s issuers accounted for very little in dollar bond deals in Asia this year.
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