Corporate bonds are priced as a spread over the risk-free rate. In India, the reference risk-free rate is unreliable as large institutions are mandated to buy and hold government bonds.
For every upgrade of rupee debt of Indian firms since 1 April there have been about 11 downgrades, leaving this quarter set to be worst on record if sustained.
India’s situation is contrary to global markets where junk bond sales are thriving after monetary authorities said they would buy such securities directly.
Nick Jonas is not trying to modernise the mangalsutra, but his gesture shows that choices can be equal. If commitment must be flaunted, it need not be gendered.
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