Dollar borrowing costs for Indian companies fell to a six-month low, bucking an emerging-market rout, as investors rewarded policy makers for efforts to revive economic growth while curbing inflation.
Average yields on Indian dollar-denominated bonds slid to 4.5 percent on Jan. 30, the least since July, Bank of America Merrill Lynch indexes show. That compares with 5.9 percent and 5.6 percent for China and Brazil, where borrowing costs have been rising. Bank of Baroda and Bharti Airtel Ltd. (BHARTI) raised $1.1 billion in dollar- and euro-denominated notes last month. ONGC Videsh Ltd. leads an offshore loan pipeline of at least $5 billion this quarter.
Average yields on Indian dollar-denominated bonds slid to 4.5 percent on Jan. 30, the least since July, Bank of America Merrill Lynch indexes show. That compares with 5.9 percent and 5.6 percent for China and Brazil, where borrowing costs have been rising. Bank of Baroda and Bharti Airtel Ltd. (BHARTI) raised $1.1 billion in dollar- and euro-denominated notes last month. ONGC Videsh Ltd. leads an offshore loan pipeline of at least $5 billion this quarter.