Investors step back from Indian dollar bonds

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By Morgan Davis
01 Apr 2020

Indian debt issuers are starting to feel the impact of the Covid-19 pandemic, which has forced a country-wide lockdown for three weeks. With dollar bonds slumping in the secondary market and downgrades coming fast, the outlook for borrowers is bleak.

India’s offshore bond market has been silent since March 4, when Lodha Developers International sold a $225m 14% 2023 note. The Caa1 rated deal was initially marketed at the 13% area, but the issuer was forced to shell out more than it had planned to entice investors.

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