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Clearstream ou le «dirty takeover»
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Clearstream and the dirty takeover
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Mumbai: Debt investors are dumping India amid rising fears that growth could be tepid and interest rates could spike due to high government borrowing.
Foreign portfolio investors (FPIs) have sold a net of `16,787 crore worth of debt securities since January 1, show data compiled by ETIG Database. In contrast, they purchased a net ₹38,442 crore of equities, betting on the country’s growth prospects.
“India’s macro deceleration will likely hit companies’ creditworthiness and their ability to service their debt obligations,” said Hemant Mishr, founder of SCUBE Capital, a Singapore-based fund.
“A rotation is happening away from onshore Indian bonds on the back of risk aversion, triggered by the second (Covid-19) wave,” he said. “This in turn will likely put the rupee under pressure amid growth concerns if the situation is not quickly brought under control.”