Citi Abandons Day-Old Buy Call in ‘Perfect Storm’ for India Debt
- Yield on 10-year note rises to most in over two years
- Focus now shifts to central bank’s policy review Feb. 9
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Indian bonds are set for a torrid year, with supply rising to record levels while demand wanes.
Citigroup Inc. offered a glimpse of the conditions facing the nation’s debt when it withdrew a buy call within a day of recommending purchases. Yields surged the most in almost two years Tuesday after Finance Minister Nirmala Sitharaman unveiled a bigger-than-anticipated borrowing plan without signaling who could buy the paper.