“Prompt action from the Reserve Bank of India and SEBI (Securities and Exchange Board of India) helped avert a contagion. Yields have since declined sharply on credit issuers (AA, A-rated securities) as risk appetite has returned on the back of improving economic conditions, easy liquidity, stimulus announcements, fall in risk-free rates and falling term and risk premium,” Kumaresh Ramakrishnan, CIO – fixed income at PGIM India Mutual Fund, said.

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