Policy makers have long sought to deepen the local corporate bond market, as one of the world’s worst bad debt piles makes banks reluctant to lend and institutions avoid all but the highest-rated notes. But public debt offerings that individuals can take part in only totalled Rs 7,100 crore last year. The pickings for retail investors also tend to be riskier: While about 66 per cent of local-currency notes privately placed to professional investors so far in 2021 carry top rankings, only one of the nine issues being marketed or in the pipeline has a AAA rating.
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