India’s credit markets were jolted late last week when a major money manager halted withdrawals from mutual funds, adding to a worrying string of superlatives that have been piling up since well before the coronavirus pandemic.
India’s credit markets were jolted late last week when a major money manager halted withdrawals from mutual funds, adding to a worrying string of superlatives that have been piling up since well before the coronavirus pandemic.
Franklin Templeton’s decision to wind up $4.1 billion of Indian debt funds was the biggest-ever forced closure of funds in the country.
It immediately sent corporate borrowing costs soaring, with the spread on one benchmark index rising to a seven-year high. Fresh on its heels, the local