“As far as the inclusion goes, the bonds under FAR will be a part of the index as there are no restrictions in that segment,” Ashish Agarwal, Asia head of foreign exchange and emerging market macro strategy research at Barclays, said.
Nearly half of the purchases have been in the five-year 7.38% 2027 and the former benchmark 6.10% 2031 bonds, which have seen inflows of 16 billion rupees and 15 billion rupees, respectively, during this period. Barclays also expects another $8 billion to $20 billion from a possible inclusion in the Bloomberg Global Aggregate bond index.
“From the reallocation point of view, there may be some adverse impact on other markets and Indonesia is one of them.”
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