Pimco overweight on Indian bonds

Mumbai

RUPEE sovereign bonds, Asia's best performers for two years in a row, are still the top pick for some global funds.

Plunging oil prices, a stable currency and limited exposure to China are keeping investors bullish, with Pacific Investment Management Co (Pimco) calling Indian notes the "preferred" local currency securities in the region. The yield on benchmark 10-year debt in Asia's third largest economy will drop for a third straight year, the longest stretch since 2003, a Bloomberg survey of 10 fixed-income dealers and fund managers shows.