Commercials back rupee-denominated borrowing: HSBC India's Amitabh Malhotra

"Given cross-currency hedging rates, the borrowing cost in dollar terms would be significantly more for companies that do not have a natural hedge"

High bond yields in the US have weighed on foreign currency borrowings this year. As interest rates in India have gone up by a lesser extent, the scenario is in favour of rupee-denominated borrowings, says Amitabh Malhotra, head-global banking, HSBC India. In an email interview with Samie Modak, Malhotra says among the key risks next year are dollar bonds worth $17 billion that are coming up for maturity. Edited excerpts:

We are nearing the end of 2023. How would you sum up the year when it comes to deal-making on the debt capital market (DCM) front?

The DCM has had