<ul data-eligibleForWebStory="false"><li>India's GIFT City has allowed global banks like HSBC and Standard Chartered to offer total return swaps for corporate bonds, in addition to government bonds.</li><li>The credit market in India is growing with record local currency bond issuances and an expanding high-yield private credit market.</li><li>Total return swaps enable foreign investors to access India's markets without opening domestic accounts, contributing to significant inflows into the nation's sovereign debt.</li><li>While the swaps' approvals are currently for onshore rupee debt, there is a demand to extend these derivatives to dollar bonds from companies in GIFT City.</li></ul>

India widens global funds’ access to $639 billion credit market

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