India optimistic about global bond index inclusion by October

But it would likely take another year for it to start raising funds

Offshore UK property owners to be listed by 2021

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Having worked towards participating in the global bond index since 2019, India is confident that it will be included in the next six months, according to a Reuters report citing two senior sources aware of the discussions.

The move would help the country bring down borrowing costs, which have risen in recent weeks due to a lack of appetite amid high supply, one of the sources said.

“The indices will be review in September,” one source said. “We have dealt with most of [one index provider’s] concerns, we should be able to resolve the other issues too.”

The Indian government plans to issue bonds worth $165bn (£118.6bn, €138.3bn) to fund its spending programme.

Despite its anticipated inclusion, the actual listing could take a further 12 months – meaning the money will likely not be raised before October 2022.

According to Reuters, long-held restrictions on foreign buying of Indian bonds have kept it out of the top benchmarks used by global money managers and an inclusion could be a landmark change.

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