The fixed-income head at one of India’s largest insurers prefers long-lasting government bonds, betting that yields are unlikely to rise much, but still considers corporate debts as an attractive option.

That’s according to Arun Srinivasan, head of fixed income at ICICI Prudential Life Insurance Co Ltd, the country’s fourth-largest company by market value, according to data compiled by Bloomberg.

With yields expected to be near their peak, he is betting that the RBI could restart its Operation Twist program in 2019 when it sells short-term bonds while buying long-term bonds to flatten the curve.

“Now is the right time to add longer maturities,” said Srinivasan, who oversees Rs 1.3 trillion ($15.7 billion) in fixed-income debt. “We have been increasing the duration and will continue to target each auction.”

While global bond markets have fallen 20% this year as central banks raise interest rates to rein in inflation, ICICI is one of a growing number of investors increasingly bullish on the asset class.

But ICICI investors are still staying away from corporate bonds because the yield spread (currently around 30 basis points for 10-year bonds) is not attractive enough given the additional risk.