Govt to raise a major chunk of foreign borrowing via 30-year bonds

The Indian government plans to issue a significant portion of its proposed sovereign overseas borrowing via 30-year paper, a senior government official who did not wish to be identified said on Thursday.

The government has met several foreign bankers over last two weeks and sees appetite for long-term sovereign bonds, the official said adding the bonds will likely be issued in tenors of 10 years and above.

Finance Minister Nirmala Sitharaman announced that India was looking to raise around $10 billion via overseas foreign currency sovereign bonds in the current fiscal year, in a first-ever such issuance.