Good demand
“The bond market had virtually shut. Yields had hardened sharply and there was absolutely no appetite. On very low volumes, yields were moving 10 bps at a time, so no issuer could really access the market,” a senior treasury official at a private bank said. “After the RBI’s FCNR (foreign currency non-resident) and ECB-related measures, it became clear there would be demand for assets, especially from foreign banks. As soon as the issuers returned, demand was extremely good.”
