MUMBAI: India’s ‘concentrated’ yield management is having an unusual effect on sovereign bonds. While traders want the papers for short-term gains, long-term buyers including insurers are staying away, potentially triggering market volatility in a year that would witness record borrowing. “We have shied away from the benchmark paper for the past three months,” said Arun Srinivasan – Head Fixed Income – ICICI Prudential Life Insurance Company.