 "Bond")
Has an invisible hand stepped in to support the Indian sovereign bond market? Traders are abuzz with speculation over the identity of the buyer or buyers behind the $862 million of purchases on Friday.
Investors in a category labeled ‘others’ bought a net Rs 57-billion of debt, the most for that group since at least 2006, according to data compiled by Bloomberg. These buyers could comprise the Reserve Bank of India (RBI), insurance companies and pension funds.
The purchase couldn’t have come at a better time, with high oil prices and unexpectedly hawkish RBI minutes combining to spur a 29-basis point jump
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