India's Government Sells Successfully, Insurers Show Interest in 50-Year Bond

India's government successfully sells its first 50-year bond, indicating strong demand from insurance and pension funds. The bond was sold at a cutoff yield of 7.46%, lower than the forecasted rate. The sale of long-term bonds is expected to help the government elongate the tenure of debt sold and keep interest costs under control. Traders in India are closely monitoring the market for strong cues and the Reserve Bank of India's upcoming meeting. Insurers in India are lining up to buy the country's debut 50-year bond, seeking higher yields to cover long-term commitments.