The cost of funds: Where slippage is more than welcome

Mumbai: North Block has a fervent prayer on its lips: That its merchant banker wouldn’t yield on yields.Bonds and their pricing have suddenly become rather important for the only sector of the economy that can risk expanding its balance sheet in a deep economic crisis – the government. And North Block isn’t alone. The seats of power in various states of the Indian Union are also seeking to raise money through bonds as revenue is rather hard to