India’s feeble coalition government is taking bold steps to reform its debt market. Just four months after opening up domestic corporate debt to foreign investors, it has let them into the government bond market.
The mood is upbeat among investment banks and fixed-income analysts looking to India as their next destination. “The first preference of any foreign investor is the local risk-free paper,” says Stephen Van Wilberding, chief operating officer at investment bank DSP Merrill Lynch.
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