Sebi debt auction generates good demand
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The Securities and Exchange Board of India's (Sebi) auction of quotas allowing foreign investors to buy bonds attracted solid demand, reflecting expectations that the Reserve Bank of India will cut interest rates and that the government will come out with a fiscally disciplined budget.
The auction attracted Rs 78,177 crore worth of orders for its debt auction limits, which gives foreign investors the right to invest in debt up to the limit bought.
The amount of orders received was above the Rs 66,600 crore on offer for different categories of government and corporate debt.
The strong demand signals foreign investors anticipate a rally in debt this year, which could prove a boon for India given its need for capital inflows to narrow a current account deficit that hit a record high in the July-September quarter.
The auction is the last before the Budget 2013-14 to be unveiled on February 28 as well as an RBI policy review in mid-March, and comes after India recently raised the amount of corporate and government debt that foreign investors can buy.
Sebi conducts auctions of debt limits to overseas investors on 20th of every month. Net foreign inflows reached $6.6 billion in 2012 and $706.50 million so far this year.
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