India's bond market is so hot even Yoga guru Ramdev is selling debt

Borrowing costs on bonds have plunged after policy makers unveiled record stimulus to help combat the financial fallout of the pandemic

First-time bond issuers are rushing into India’s debt market as unprecedented stimulus steps reduce borrowing costs to the cheapest since 2005.

Yoga guru Baba Ramdev’s Patanjali Ayurved Ltd. and Wipro Enterprises Pvt., part of Indian software tycoon Azim Premji’s empire, are among 91 maiden rupee-note sellers so far this year. That’s a rebound from 2019, when investors’ risk aversion amid a credit crunch led to only 61 firms making their bond-market debut in the same period.

The increase in debut bond sales will help add depth to the debt market, providing more choices for investors while also giving rise to