An asset manager’s decision to load up on long India sovereign bonds, when the government’s record debt sales was scaring others, is turning prescient.
DSP Investment Managers Pvt., which manages about 776 billion rupees ($10.8 billion), had been betting since August that longer yields would decline. That strategy paid off when the Reserve Bank of India surprised investors last month by embracing a Federal Reserve-style Operation Twist, where it buys long-end debt while selling short-end bonds.
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