India Says It Could Raise $10 Billion in First Foreign Bond Sale
- Foreign currency debt to be issued in second half of the year
- Former central bankers have raised concerns about the plan
Nirmala Sitharaman, and Anurag Thakur present the budget, July 5.
Photographer: T. Narayan/BloombergThis article is for subscribers only.
India plans to raise as much as $10 billion from its first overseas sovereign bond because there’s huge appetite for its debt in the foreign market, according to a top finance ministry official.
"It’s a cautious beginning, which we need to make," Economic Affairs Secretary Subhash Garg said in an interview on Saturday. "In terms of risk management I don’t see it exceeding 10-15% of the total borrowing, which makes it roughly about $10 billion."