First Timers Boost Indian Foreign-Currency Bond Issuance

Companies in India are selling more debt in U.S. dollars, with foreign currency sales on track for the highest amount in four years. Sales have more than tripled to $6.2 billion so far this year, helped by debut offerings by HPCL-Mittal Energy Ltd. and Neerg Energy Ltd.

Overseas funds are flowing into the India’s corporate bonds, buoyed by optimism around the government’s fiscal reforms, said AS Thiyaga Rajan, a senior managing director at Aquarius Investment Advisors, who forecasts up to $12 billion of issuance by year-end.