外资持续从印度债券市场流出，可纳入指数的债券敞口降至四个多月来的最低水平，高原油价格、美国国债收益率以及对国内利率前景的不确定性削弱了需求。
Foreign money continues to flow out from the Indian bond market, with exposure to index-eligible notes falling to a more than four-month low, as high crude prices, US Treasury yields and uncertainty over the domestic rate outlook dent demand.
结算所数据显示，10月份，海外投资者通过所谓的完全可进入途径净卖出520亿卢比的债券，该途径允许资金无限制进出；此前9月份净卖出1060亿卢比。
In October, overseas investors have sold a net 52 billion rupees of bonds under the so-called fully accessible route, which allows unfettered entry and exit, after selling 106 billion rupees in September, clearing house data showed.
此类可纳入三个全球新兴市场债券指数的证券，外资持有量已降至3.57万亿卢比，为6月17日以来的最低水平。
Foreign holdings in such securities, which are eligible for inclusion in three global emerging-market bond indexes, have fallen to 3.57 trillion rupees, the lowest since June 17.”
“我们在近期仍保持总体中立和谨慎，”英格威斯科亚太地区固定收益投资组合主管诺伯特·林表示。
We remain broadly neutral and cautious in the near term,” said Norbert Ling, head of fixed-income portfolio management for Asia-Pacific at Invesco.”
“鉴于油价高企、发达市场收益率的外溢、外资流向不确定、印度储备银行可能吸收流动性，以及政府债券供应增加，近期保持谨慎是合理的。”
Near-term caution is warranted given elevated oil prices, spillovers from developed-market yields, uncertain foreign flows, potential RBI liquidity absorption, and additional government-bond supply.”
布伦特原油本月已上涨近12%，接近每桶115美元，此前9月份曾飙升逾14%。过去两个月，10年期美国国债收益率已上升逾25个基点。
Brent crude has risen nearly 12% this month to near $115 per barrel, after jumping more than 14% in September. The 10-year US Treasury yield has risen more than 25 basis points over the past two months.
印度储备银行本月早些时候上调了政策利率，这是其近四年来的首次此类举措，同时也暗示未来将进一步加息。
The Reserve Bank of India raised its policy rate earlier this month in its first such move in almost four years, and also hinted at more hikes in future.
卢比一直走弱，10年期债券收益率10月份已飙升近30个基点。6月份，外资曾大幅涌入，当时海外投资者在当局宣布减税并放宽投资灵活性后，购买了创纪录数量的债务。“税制改革后，流入的结构性前景有所改善，改革提高了国际固定收益投资者可获得的实际利差，”PIMCO董事总经理兼亚洲投资组合经理斯蒂芬·张表示。
The rupee has been weak and the 10-year bond yield has jumped almost 30 bps in October. Foreign investments had surged in June, when overseas investors bought a record amount of debt after authorities announced tax relief and eased investment flexibility.”The structural outlook for inflows improved following tax reforms, which increased the realised rate differential available to international fixed-income investors,” said Stephen Chang, managing director and Asia portfolio manager at PIMCO.”
“然而，这种乐观情绪很大程度上已体现在估值中。”鉴于印度经济增长强劲且市场准入改善，投资者仍对印度债券的长期前景持建设性态度。“我们倾向于在外部因素导致的疲弱期间增加久期，”英格斯科的凌表示。
However, much of that optimism is already reflected in valuations.”Investors are still constructive on Indian debt over the long term, given robust economic growth and improved market access. ”We would prefer to add duration during periods of externally driven weakness,” Invesco’s Ling said.