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India Bond Traders Seek Buybacks as Yields Climb Despite Switch

Indian bond traders are pressing the government for buybacks as 10‑year yields climb despite a recent debt‑switch operation. The benchmark 10‑year yield rose to 6.6878%, up about five basis points after the Treasury swapped ₹755 billion of FY27 bonds for longer‑term notes. Weak investor demand and a heavy supply of new issuance have kept yields elevated, limiting the impact of the central bank’s record purchases. Market participants forecast the 10‑year yield could reach 6.80% by March if supply pressures persist.