Showing strong interest in the Indian debt
market, foreign investors have put in bids worth over Rs 10,000 crore to
buy government bonds, bidding nearly twice the amount of the securities
in a Sebi-conducted auction. The one-day auction was held on the
National Stock Exchange platform yesterday for grant of investment
limits to FIIs, for government debt securities worth Rs 5,533 crore, but
the bids received by FIIs (foreign institutional investors) totalled as
much as Rs 10,146 crore. A total of 68 FIIs had participated in the
auction, although the number of successful bid stood at 26. The robust
interest in government bonds comes even after Standard & Poor's
(S&P) had warned last week that it may downgrade India's sovereign
rating to junk grade if the government fails to pursue reforms and check
deterioration in fiscal and current account deficit in next 12-month.
The FIIs need to bid for investment limits in an auction conducted
periodically by Sebi as per the available limits, pursuant to which they
can invest in the bond market.
Sebi auction debt limits for FIIs is conducted on the 20th of every month.
Also, the government had relaxed ownership limits in Indian debt for
FIIs in April. Last month, Sebi had conducted an auction for grant of
permission to FIIs for investments worth up to Rs 29,108 crore in
government bonds. Indian markets witnessed robust interest from FIIs
last year and the momentum has continued so far. FIIs have pumped in Rs
28,148 crore since the beginning of 2013, after putting in Rs 34,988
crore in the debt securities last year.
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