印度受创的政府债券收益率可能正接近更多投资者视为“买入”的水平，基准10年期国债收益率逼近7.50%，为四年来未见。
Yields on India's battered government bonds may be approaching territory that more investors consider a "buy", with that on the benchmark 10-year approaching 7.50%, a level not seen in four years.
10年期收益率已连续11周上涨，周二触及7.498%。持续高企的油价加剧了通胀担忧，并助长了市场对印度储备银行12月再次加息的押注，加息幅度可能达50个基点。
The 10-year yield has risen for 11 consecutive weeks, hitting 7.498% on Tuesday. Persistently high oil prices are stoking inflation concerns and fuelling bets on another Reserve Bank of India rate hike in December, potentially by 50 basis points.
卢比的困境进一步强化了这些预期，投资者正在权衡印度储备银行行长桑杰·马尔霍特拉的表态，他将物价稳定与金融稳定联系起来，并承认货币政策无法与金融稳定完全分开。
The rupee's struggles are adding to those expectations, with investors weighing RBI chief Sanjay Malhotra's remarks linking price stability with financial stability and acknowledging that monetary policy cannot be entirely separated from the latter.
对能源进口国印度而言，布伦特原油接近每桶115美元以及卢比疲软仍是主要风险，但一些印度固定收益投资者认为，债券抛售已到了该资产类别提供更佳风险回报权衡的阶段。
For energy importer India, Brent crude oil near $115 a barrel and a struggling rupee remain key risks, but some Indian fixed-income investors reckon the bond selloff has reached a stage where the asset class offers a better risk-reward trade-off.
“我们认为7.50%的水平是中期内有吸引力的入场点，”Axis Max Life Insurance首席投资官萨钦·巴贾杰表示。
"We think the 7.50% level is an attractive entry point for the medium term," said Sachin Bajaj, chief investment officer at Axis Max Life Insurance.
他承认，在当前周期内收益率可能升至7.50%以上，并将其近期交易区间定在7.25%-7.75%。
He acknowledged that the yield could rise above 7.50% in the current cycle, putting its near-term trading range at 7.25%-7.75%.
印度10年期国债收益率上一次超过7.50%是在2022年，当时印度储备银行刚刚启动了激进的加息周期。
The last time India's 10-year bond yielded more than 7.50% was in 2022 in the wake of an aggressive rate hiking cycle from the RBI.
Karur Vysya Bank司库主管VRC·雷迪表示，一旦收益率突破7.50%，该行将考虑建立头寸，若收益率升向7.60%，可能进一步买入。
VRC Reddy, treasury head at Karur Vysya Bank, said the bank would look to build positions once yields cross 7.50%, with further buying likely if they rise towards 7.60%.
Bharti AXA Life Insurance首席投资官拉胡尔·布胡斯库特持相同观点，称7.50%及以上的收益率具有吸引力，该保险公司将寻找机会分批建仓。
Rahul Bhuskute, chief investment officer at Bharti AXA Life Insurance, echoed that view, saying yields of 7.50% and above were attractive and the insurer would look to build positions opportunistically in tranches.
布胡斯库特表示，尽管通胀风险在未来一年可能持续存在，但其中很大一部分已反映在价格中。
While inflation risks are likely to persist over the next year, a large part of that is already reflected in prices, Bhuskute said.
印度掉期市场目前预计未来12个月政策利率将上调125个基点，一些投资者认为这一预期过高。
India's swaps market is factoring in 125 basis points of policy rate hikes over the next 12 months, which some investors consider excessive.
印度储备银行的政策回购利率在本月早些时候上调25个基点后，目前为5.50%。布胡斯库特预计最终回购利率将在6.00%至6.25%之间，低于掉期市场目前的定价。
The RBI's policy repo rate is at 5.50%, following a 25-basis-point hike earlier this month. Bhuskute expects a terminal repo rate of 6.00%-6.25%, below what the swap market is pricing in.
布胡斯库特补充说：“我们预计未来6至12个月，10年期债券收益率的合理价值区间为7.15%至7.45%。”
"We see fair value for the 10-year bond yield in the 7.15%-7.45% range over the next 6-12 months," Bhuskute added.