On August 24 when Asian markets were being blighted by Russia’s debt default, the Indian government was busy closing a $4.23 billion deal that made investment bankers salivate. Over 74,000 expatriate Indians in over 30 countries bought up five-year Resurgent India Bonds (RIBs) denominated in dollars, sterling and Deutschmarks in what was the single largest debt offer out of India. The dollar bonds carried a coupon of 7.75%, a spread of 225 basis points over US treasuries.
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