The important thing was to isolate the merits of the underlying assets from the prevailing macro environment due to Brexit, said, managing director — DCM, Deutsche Bank , that priced HTC Global high yield bonds when Brexit referendum shook the confidence of investors. Investors who have traditionally bought high-yield bonds from China are now looking closely at India, he told, in an interview. Edited excerpts:For Indian borrowers, the international bond market has represented a potential opportunity in the past two-three months. Investors are clearly showing interest in Indian bond sellers tapping markets to mop up funds. In a world awash with liquidity, India clearly presents a big opportunity for many investors. We had a fair bit of hiatus, but now it is showing clear signs of pick-up.The first part of the year was driven by risk aversion and hence, few issues. At one stage, issuance volumes were lower by around half. This is where we advised well-rated clients to take advantage of the short supply of quality paper and drive tightly priced deals.We have priced the most successful bond issues of the year on the week when Brexit was happening. There are generally two or three big factors that generated interest among global investors, who are now keen to bet on Indian dollar bonds. Globally, investors are in a ‘risk-on” mode. There is abundant liquidity that exists. There is clear promise of a lot more liquidity coming up, as the central banks try to ease the impact of events like Brexit. Investors who have traditionally bought high yield bonds from China are now looking closely at India. And the India story is looking very good for long-term institutional investors.We were in London the day of the voting. The immediate reaction was that of a “risk-off” mode following the outcome of the Brexit referendum. But as the dust settled, investors got attracted back to promising stories and investment opportunities, and India has been a big beneficiary. Specifically, within the emerging market (EM) portfolios, India stands out on the basis of stronger macro fundamentals. There is a clear renewed sense of positivity in India, and it’s a bit different than it was a couple of years ago. The sentiment is not euphoric, but textured with practical experience in the past two years since the new government came to power, and therefore, stronger.It was an interesting time. The success of the book building exercise was exceptional, and that is a testament to the quality of the issuer. The important thing was to isolate the merits of the underlying from the prevailing uncertainty in the macro environment. We managed to separate these factors. Getting investors familiar with the quality of the underlying assets was the key. We were also able to get investors to focus on the fact that the underlying business was majority USD-denominated, and on the tight covenant structure.The Brexit referendum has happened, and it certainly was an event of exceptional uncertainties. And what was fascinating was that investors found different ways to play the outcome of the Brexit referendum. The message for our issuance was to focus on the quality of the underlying issuer and the structure, and we were successful in delivering that.The first quarter of the calendar year was quiet while the second quarter was fairly active. My expectation is that the issuance levels in the second half of our calendar year will be three times those from the first half and so, the short answer is a resounding yes.They are global institutional investors from all over the world. The investor base has also expanded to include family offices, private wealth and sovereign funds. I expect large global corporations to also become bond investors for Indian issuers.A stable rupee has taken out the fear of uncertainty from investors. It is a key trigger that has made masala bonds attractive. One has to optimise across three factors: outlook on the underlying, international sentiment and liquidity, and global foreign exchange. The current season clearly presents a sweet spot. Given that most investment grade bonds are yielding near zero, it has become very important for funds to diversify while maintaining a risk discipline, and this has helped India and Indian issuers a lot.We have a credit hungry market while investors are looking at higher yields. With a stable currency, Indian companies stand to gain from masala bonds.