India's planned maiden $10 bn foreign debt sale mired in confusion

According to reports, the PMO is opposed to selling debt in foreign currencies

India’s plan for its maiden overseas bond offering is becoming mired in confusion.

The office of Prime Minister Narendra Modi is opposed to selling debt in foreign currencies, ET Now television channel reported Thursday, citing Cogencis news agency. The top finance ministry official overseeing the $10 billion debt sale was transferred to another department.

Yields on India’s benchmark 10-year debt jumped 12 basis points, the most since January, to 6.55% , on concern that the plan will be scrapped, with the government then moving to sell more bonds locally.

“The market was expecting a sizable dollar issuance to replace domestic