The World Bank's lending arm and other global institutions have issued $1.4 billion worth of offshore rupee-denominated bonds so far this year to meet strong demand spurred by India's inclusion in JP Morgan's widely tracked emerging market debt index, two banking sources said. The bond issuance since January is almost halfthe $3.3 billion issued in all of 2023, said the sources, who actively trade these supranational bonds and who based their tally on data from several financial institutions. Most of last year's issuance was in the fourth quarter when foreign investors piled into rupee debt after JP Morgan said India will be part of the Emerging Market Bond Index (EMBI) from June 2024 REUTERS
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