The new bond adds to the 30-year and 40-year tenor debt sold, extending the nation’s yield curve, according to a borrowing plan released by the Reserve Bank of India on Tuesday. The nation’s burgeoning life insurance and pension fund industries, driven by an expanding middle class, are changing the landscape for India’s $1 trillion sovereign debt market. The sale reflects their growing heft and helps Prime Minister Narendra Modi’s government reduce its reliance on purchases by banks to fund record borrowings. Read More