New Indian regulatory guidelines on the utilisation of corporate bond limits for foreign investors will completely halt Masala bond issuances in the near term and hurt renewable energy financings, market sources said. The Securities and Exchange Board of India last week said foreign investors have to bid in an auction for the remaining quotas once overall investment reaches 95% of the combined corporate debt limit. The market regulator also said the issuance of rupee-denominated bonds, which come under the corporate bond limit, would temporarily cease until the limit utilisation fell back to below 92%.
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