ANZ Grindlays pins hopes on maiden bond fund

The bulls are returning to the Indian bond market, but a potential rate hike could stunt its growth.

ANZ Grindlays, India's oldest foreign bank, will close the IPO of its first domestic bond fund on 7 July after receiving good response from the market, the bank's chief tells FinanceAsia.com.

The fund will begin trading as an open-ended fund in August, targeting institutional and retail investors who are eager to capitalize on the bond market's resurgence in India. The Indian government is planning to raise more than Rs1 trillion through market before 31 March 2001....

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