-- Global investors who’ve bought Indian government bonds to piggyback on their inclusion in a flagship debt gauge are likely to remain invested and not take a quick profit, according to Citigroup Inc.’s top local trader.India’s debt yields are higher than China’s or the US, and its economy is the fastest-growing among the Group of 20. There’s little reason for active investors who’ve poured money in to reverse course as the JPMorgan Chase & Co.
Since the change was announced last September, non-residents have already ploughed about $10 billion into the bonds eligible for inclusion in the gauge, Clearing Corporation of India Ltd. data show. But the frenzy may slow, if China’s experience is any guide.While the unexpected election outcome triggered a debt market selloff amid fears officials would boost expenditure to placate voters, bonds have since largely recovered.
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