POLL: liberalisation of India’s corporate bond market

Author: Brian Yap | Published: 23 Feb 2017

The opening of the country’s corporate debt market has attracted investor interest. But attitudes are different when it comes to offshore and onshore issuances

How has India’s corporate bond market reform affected banks and corporates’ appetite for onshore and offshore debt issuances?

India introduced a sweeping corporate bond market reform in August 2016, authorising domestic banks to tap both the onshore bond, and the offshore dollar and rupee-debt markets for the first time. It also gave foreign portfolio investors direct access to the onshore corporate bond trading platform. The lifting of the ban by the Reserve Bank of India (RBI) is intended to help onshore lenders raise additional capital to meet Basel III ratio requirements. But the concurrent opening of the market to foreign investors may also serve as an incentive for Indian banks to issue onshore.

With this in mind, IFLR asked its readers about the effect...



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