Modi Banks on Households to Rein In a $346 Billion Debt Pile [Yahoo! Finance]
SWISS RE LTD S/ADR (SSREY)
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Source: Yahoo! Finance
A record 29.7 trillion rupees ($346 billion) of sovereign bonds are due over the next five years, a result of pandemic-era borrowing and Modi's infrastructure-spending binge. To tackle the burden, the Reserve Bank of India and the government are swapping maturing debt with longer-dated notes. These refinancing debt auctions are gaining momentum thanks to an increasingly influential player: households. They've been pouring money into insurers, which in turn are buying heaps of long-dated sovereign bonds. The demand is so great that the head of Life Insurance Corp. of India, the nation's largest, even floated the idea of issuing 100-year paper. “Households are looking to deploy their savings pool in instruments that provide a longer-term investment horizon than the conventional banking system,” says Soumyajit Niyogi, director at India Ratings, a unit of Fitch Ratings. This shift is transforming India's government securities market, he said. The finance ministry has set a record t
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