Krishna Merchant is Asia credit correspondent at IFR. She covers credit, mainly corporate bonds in India, Indonesia and the Philippines, and also the offshore rupee market, or Masala, bonds for India. She has been with IFR since May 2016.
Massive supply of state-backed bonds supporting off-balance-sheet government expenditure ahead of India’s elections is threatening to crowd out private-sector borrowers, counterbalancing a recent cut in official interest rates.
The Reserve Bank of India will conduct a US$5bn long-term forex swap this month, adding a liquidity tool in a bid to bring down hedging costs and bolster foreign inflows.
Bond bankers are scrambling to pitch a rare international hybrid issue to Bharti Airtel after India’s biggest mobile operator said it was considering a US$1bn perpetual bond offering as part of its massive capital-raising exercise.