Foreigners put faith in former India benchmark bond, sell other notes
Foreign investors who have largely stayed on the sell side for Indian government bonds, have found solace in the former benchmark bond
They have net bought around 14 bln rupees (~$166 mln) of 7.10% 2034 bond IN071034G=CC so far in Nov, per CCIL data
Overall, though, they have net sold bonds worth 104 billion rupees under Fully Accessible Route in Nov
Majority of bonds under FAR are part of JPMorgan's emerging market debt index
Bulk of the sales in bonds maturing on or after 2033
"Passive investors who have to put in money are preferring the former benchmark, but overall appetite is of caution," trader with a foreign bank says
Foreigners hold 165 bln rupees of this paper, second only to 7.18% 2033 bond
($1 = 84.4000 Indian rupees)
Reporting by Dharamraj Dhutia
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