Indian bonds hit in secondary after downgrade

By Morgan Davis
02 Jun 2020

Moody’s Investors Service downgraded the government of India to Baa3 from Baa2 on Monday, triggering bonds from the country to widen in the secondary market.

The downgrade, which comes with a negative outlook, caused the country’s dollar bonds to trade 20bp-30bp wider in the secondary market on Tuesday. Most of the widening came from public sector credits, said one syndicate head.

But he added that despite the widening, most people were not ...

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