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Hedge Funds Bullish as Banks’ Premium Double Peers: India Credit

Bloomberg – Indian bank debt offering almost double the yield premium of global lenders is attracting hedge funds impressed by Prime Minister Manmohan Singh’s reaction to the threat of a junk credit rating.

Finisterre Capital LLP is betting on a decline in bond risk for State Bank of India (SBIN) Ltd. and Bank of India Ltd., while Observatory Capital Management LLP bought dollar-denominated notes of ICICI Bank Ltd. (ICICIBC) The nation’s corporate debt yields 353 basis points more than Treasuries, according to a JPMorgan Chase & Co. index of 55 issuers, including 39 lenders. The spread on global banks is 181, a Bank of America Corp. index shows.

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