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Alternative Market Briefing

The Big Picture: India's fixed income market growing rapidly through reforms

Friday, October 13, 2017

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Varkki Chacko
Benedicte Gravrand, Opalesque Geneva:

Varkki Chacko manages the Ashburton India Fixed Income Opportunities Fund, which was launched in April 2014. Together with Richard J. Roy, principal at Credit Capital Investments, LLC, sub-advisor to the Fund, he talks to Opalesque about the developments in the fixed income market in India.

Varkki Chacko: The fixed income market in India is changing for the better. There is quite a bit of activity in the market, and with that, we are witnessing increased visibility.

If I was to talk to the advantages of the Indian fixed income market, I would point out a few things.

Number one, the market is somewhere north of $1.5 trillion in terms of total size. That makes it one of the larger fixed income markets in the world.

The second is, it is growing rapidly, as companies that traditionally used to rely on bank loans for their credit funding are utilizing the bond market to access credit. That is a phenomenon that Europe experienced; when the Euro came out in late 1999, the bond market in Europe was also developing. And similarly, companies that typically used to rely on bank loans started to access the bond market, primarily investment grade and some non-investment grade. That improved the abi......................

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