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JPMorgan will add India to its benchmark emerging-market bond indices, a move that investors expect will attract billions of dollars of inflows to the country’s government debt market.
摩根大通(JPMorgan)將把印度納入其新興市場債券基準指數，投資者預計此舉將吸引數以十億美元計的資金流入印度政府債券市場。
The inclusion to JPMorgan’s influential indices concludes years of negotiation between banks, investors and India’s government.
摩根大通將印度納入其有影響力的指數，結束了銀行、投資者和印度政府之間多年的談判。
It will give investors greater exposure to the world’s fifth-largest economy as providers work to diversify their indices after Russia was removed over its invasion of Ukraine and growth slows in China.
這將加大投資者對全球第五大經濟體的敞口。在俄羅斯因入侵烏克蘭而被除名、中國經濟成長放緩後，指數提供商正努力使其指數多樣化。
The US bank will include 23 Indian government bonds worth $330bn into its Government Bond Index-Emerging Markets benchmarks from June 2024. The country would have a maximum weight of 10 per cent on the index, said JPMorgan on Thursday.
從 2024 年 6 月起，這家美國銀行將把價值 3,300 億美元的 23 種印度政府債券納入其政府債券指數--新興市場基準。摩根大通週四表示，印度在該指數中的權重最高爲10%。
The resulting inflows into India’s government bond market could reach $25bn-$26bn as investors who track the index rebalance their portfolios, said Madhavi Arora, lead economist of Mumbai-based financial group Emkay Global. Goldman Sachs has previously pegged the figure at $30bn.
總部位於孟買的金融集團Emkay Global首席經濟學家馬達維•阿羅拉(Madhavi Arora)表示，隨著追蹤該指數的投資者重新平衡其投資組合，流入印度政府債券市場的資金可能達到250億至260億美元。高盛(Goldman Sachs)先前將這一數字預計爲300億美元。
India bonds and the rupee advanced at the open. The 10-year yield fell six basis points to 7.13 per cent, and the currency rose 0.2 per cent to 82.8 against the dollar.
印度債券和盧比開盤走高。10年期國債收益率下跌6個基點，至7.13%；印度盧比兌美元匯率上漲0.2%，至1美元兌82.8元盧比。
In the “last two years there has been a lot of demand to the index provider from the investors” for India’s bond inclusion, said Jayesh Mehta, India country treasurer at Bank of America. “With China slowing down and Russia being out, the emerging market tracking investors do need something.”
美國銀行印度國家財務主管 Jayesh Mehta 說，「過去兩年，投資者向指數提供商提出了大量要求」，希望將印度債券納入指數。「隨著中國經濟放緩和俄羅斯的退出，追蹤新興市場的投資者確實需要一些東西」。
In 2020, India’s central bank introduced rupee-denominated bonds that had no restrictions on foreign ownership, paving the way for JPMorgan to add India to its index. It said in its announcement late on Thursday that its indices would include only “fully accessible route” bonds.
2020年，印度央行推出了不限制外資持有的盧比計價債券，爲摩根大通將印度納入其指數鋪平了道路。摩根大通在週四晚些時候發佈的公告中表示，其指數將只包括「完全可進入路線」的債券。
JPMorgan is the first major emerging market benchmark provider to add India. Bloomberg and FTSE have not included the country. India’s economy has outperformed many of its emerging market peers, with the south Asian nation’s Nifty 50 benchmark hitting all-time highs this year.
摩根大通是第一個將印度納入其指數的主要新興市場基準供應商。彭博(Bloomberg)和富時(FTSE)尚未將印度納入其指數。印度的經濟表現優於許多新興市場國家，這個南亞國家的Nifty50基準指數今年創下了歷史新高。
Tapping global markets should help New Delhi reduce its cost of borrowing. Yet the downside could be the arrival of active investors who may sell faster than passive tracker funds in a downturn. “That could be painful,” said Mehta.
利用全球市場應有助於新德里降低借貸成本。但不利的一面可能是，在經濟低迷時，主動型投資者的拋售速度可能快於被動型跟蹤基金。"梅塔說：「這可能會帶來痛苦。
Some bankers hope JPMorgan’s move will encourage rating agencies to lift their assessment on India — S&P, Fitch and Moody’s all give India their lowest investment-grade rating.
一些銀行家希望，摩根大通此舉將鼓勵評級機構提高對印度的評級——標準普爾(S&P)、惠譽(Fitch)和穆迪(Moody』s)均給予印度最低的投資級評級。
“Hopefully rating agencies will respect investors’ viewpoint,” said Nilesh Shah, managing director at mutual fund Kotak Mahindra AMC.
「希望評級機構會尊重投資者的觀點，」共同基金Kotak Mahindra AMC董事總經理尼爾什•沙阿(Nilesh Shah)表示。