May 18, 2018 / 8:49 AM / in 3 months

India has no plans to cancel bond auctions despite spike in yields -finmin source

NEW DELHI, May 18 (Reuters) - India’s government is unlikely to cancel a bond auction despite a spike in bond yields as it does not want to trigger panic in financial markets, a senior finance ministry official said on Friday.

The official said the Reserve Bank of India will engage with primary dealers and tweak the bond issuance basket to ensure auctions go smoothly.

Earlier this week, Indian bonds had weakened to multi-year lows, as global crude oil prices surged and the local inflation print came in higher than expected. (Reporting by Neha Dasgupta; Editing by Sam Holmes)

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