Indian non-banking financial companies (NBFC) have doubled their fundraising via bond issues to around INR 100bn ($1.21bn) in the past five days, as interest rates in the debt market remain low, according to five bankers. The interest rate advantage is likely to push demand up as lending rates fall, with more bond issues expected. The widening gap between the central bank’s lending rate and bond yields has reportedly led to a significant rate arbitrage, which will benefit NBFCs, while liquidity levels are also rising thanks to a withdrawal of INR 2,000 currency notes by the Reserve Bank of India.
Indian Non-banking financial companies’ fundraising through bonds doubles in just five days as the gap widens with bank rates
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