India's new 10-year benchmark bonds gain after auction

MUMBAI: India's new 10-year 2023 bond yield fell to as low as 8.77 percent from its cut-off yield of 8.83 percent at the weekly auction, reflecting strong demand for the new issuance.

The new 10-year bond yield was last trading at 8.79 percent. It will replace the existing 10-year as India's benchmark bond after a few more issuances.

Indian raised 150 billion rupees ($2.38 billion) through a bond auction on Friday, including 70 billion rupees of the new 10-year benchmark bond.