Indian states to sell bonds to foreign investors
Competition for funds in sale of up to US$7.6b in debt could force spendthrift provinces to clean up their books and tighten spending controls
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Mumbai
INDIA'S states are gearing up to sell up to US$7.6 billion in debt to foreign investors for the first time, stepping up competition for funds that could force the country's spendthrift provinces to clean up their books and tighten spending controls.
India's states pay the second-highest government yields in Asian emerging markets after Indonesia: around 8.16 per cent for a 10-year bond - much higher than Indian federal debt and nearly two and three times the yield on Philippines and Thai paper.
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