Indian bonds declined after the Reserve Bank of India announced plans to sell sovereign notes to drain 1 trillion rupees ($10.5 billion) from lenders, adding to debt supply amid record government borrowing. Yields rose, with the 6.94% 2036 bond up 7 basis points to 7.09% and the 6.36% 2031 note climbing 16 basis points to 6.78%. The rupee weakened, prompting central bank intervention, while high oil prices and inflation nearing the RBI’s upper target range increase expectations of a rate hike next month. Citi predicts a 50‑75 basis‑point tightening starting in September, with the RBI’s bond sales conducted in three tranches beginning on Sept. 17. The move reflects the most stringent action by the RBI to date, potentially flattening the yield curve and pressuring the five‑year segment, according to VRC Reddy of Karur Vysya Bank.

Moody’s Corp. has agreed to acquire a minority stake in Manila‑based Philippine Rating Services Corp., aiming to tap the growth of debt markets in the Philippines and Southeast Asia. The transaction terms were undisclosed, but Moody’s highlighted the region’s domestic corporate bond market, which is more than double the size of cross‑border holdings, and noted over $100 billion of planned infrastructure investment in the Philippines over the next three years. Moody’s will be the first global credit rating agency to invest in a domestic Philippine ratings firm, which will continue to operate independently.

Tata Sons’ listed shareholders rallied after the Reserve Bank of India rejected the conglomerate’s request to waive a rule requiring a public listing. Gains included Tata Chemicals (+20%), Tata Investment Corp. (+15%), and Tata Motors Passenger Vehicle (+6%). The RBI’s decision forces Tata Sons to comply with upper‑layer non‑bank lender rules, including an IPO, potentially unlocking value for the SP Group and other investors. Deven Choksey estimates Tata Sons could be valued at about 12.5 trillion rupees ($131 billion), with listed Tata entities holding roughly 11.94% of that stake.