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India's state borrowing costs spike to over six-year high as demand fades
MUMBAI: Borrowing costs for the most liquid part of India’s state government bond curve breached the 8% handle for the first time in over six years on Tuesday, according to traders, tracking a sharp spike in central government yields and weakening investor appetite. Indian states raised over 300 billion rupees ($3.15 billion) through a sale of bonds, of which 9- to 10-year state bonds were sold in the 8.03%-8.10% range. This is the first time since April 2020 that yields on state government bonds with a 10-year maturity have broken 8%. Yields on other ultra-long papers were between 8.14% and 8...
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