BOND DEAL
New system to ease FPI access to Gsecs awaits RBI nod
Foreign investors seek improved access to Indian bonds through global platforms, awaiting RBI approval. The new model aims for efficient trading with straight-through processing on the NDS-OM platform.
Coal India, South Indian Bank among 17 deep value stock ideas from ICICI Securities
Domestic brokerage firm ICICI Securities has listed 17 stock ideas, categorizing them as deep value stocks, stating that the proportion of ‘investable value stocks within large-caps remained steady while the same has been diminishing to historical lows within mid and small-caps.
Bank of Maharashtra to issue tier-II bonds, bankers say
The bonds have a call option at the end of five years. Here is the list of deals reported so far:
India inclusion in JP Morgan Bond index from today, $25-30 bn flow expected. What it means
India, which has been on index watch since October 21, upon its inclusion will have the single highest duration across the index at 7.03 years, with an above average yield-to-maturity at 7.09%, a JP Morgan note said.
India Cements in talks with BofA, Nomura to raise Rs 500 crore
India Cements had mandated ICICI Bank and EY to arrange for the debt from lenders including private credit funds, as reported earlier and they have been in talks with lenders including private credit funds.
India a very attractive destination for fixed income investors: Vikas Goel
So, obviously, we are still underrepresented. So, compared to, say, a similar economy like Indonesia, etc., we will go from 2.5% to about 4% I think after the inclusion which is fairly-fairly insignificant even if we compare it to our equity markets where foreign investment is much-much higher as a proportion of total investment.
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Gilts to shine brighter from tomorrow
JP Morgan will include 27 fully accessible Indian government bonds in its GBI-EM global index suite starting June 28, allowing global investors to deploy funds in these bonds.
FPIs infuse Rs 12,170 crore in equities in Jun on hopes of policy reform continuation, eco growth
Staging a strong comeback after general election results, foreign investors pumped Rs 12,170 crore in Indian equities so far in June, mainly driven by expectations of continued policy reforms and sustained economic growth.
Hinduja Group starts bond sale process to fund Reliance Capital buy
Barclays Plc and 360 ONE have been appointed as arrangers and underwriters for the issuance, according to sources who requested anonymity due to the private nature of the discussions. The arrangers began the syndication process last week to attract investors, and the deal is expected to be finalised within a month.
Rate cut hopes, inclusion in JPM index fuel ‘FOMO’ trades in GSecs
Indian sovereign debt players bond with bonds following Mint Road's move to decelerate rate-increase drive and JPMorgan's recognition. CCIL data shows a 40% increase in monthly trades, reaching ₹8.6 lakh crore in 2023.
Why the stock market has risen even with no Fed rate cuts
Even without any interest rate cuts so far in 2024 and with the likelihood of just one meager rate reduction by the end of the year -- the stock market has been purring along. That's quite an achievement, given the expectation in January that the Fed would trim rates six or seven times in 2024 -- and that interest rates throughout the economy would be much lower by now.
Continuum Green Energy revives green bond offering post election pause
Continuum Green Energy is set to proceed with its $660 million secured green bond offering, initially paused due to political uncertainties after Prime Minister Narendra Modi’s third-term win with fewer seats than expected.
Rupee rises 5 paise to 83.54 against US dollar in early trade
Rupee appreciated 5 paise to 83.54 against the US dollar, driven by positive sentiments in the domestic equity market.
Euro zone bond yields rise as ECB offers fuzzy outlook
"The Governing Council will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of restriction," the ECB said in a statement.
Continuum energy to raise $650 m via bonds
Continuum Green Energy, a renewable energy generator, plans to raise $650 million in bonds to refinance existing debt, with Deutsche Bank, HSBC, JPMorgan, and Standard Chartered Bank as arrangers.
RBI to face problem of plenty: Prepare for bond sales
The RBI's challenge for the year may not be inflation but liquidity. Government spending resumption and overseas fund flows complicate monetary policy effectiveness.
Wall Street ends lower amid rate concerns, higher bond yields
Stocks declined following the Beige Book release, showing U.S. economic expansion and reduced rate cut expectations, per CME FedWatch Tool.
Dow slips nearly 1%, Nasdaq below 17,000 as rate worries push bond yields higher
Megacaps Microsoft, Alphabet and Meta dipped between 0.3% and 0.6% as U.S. bond yields across the board rose to near four-week highs after Tuesday's unexpectedly strong consumer confidence data. The Dow led declines, falling to its lowest in nearly one month, and all major S&P 500 subsectors were in the red in early trading.
FII action, rupee movement among 11 factors to set D-Street mood this week
Nifty closed the week with a 2.2% increase despite notable ups and downs, as seen in the India VIX reaching a 52-week peak with almost a 10% rise over four sessions. As trading resumes next Monday, numerous significant local and international events scheduled throughout the week are anticipated to influence market dynamics.
"Intellectual property of the bank": SBI once again refuses to disclose SOPs on sale, redemption of electoral bonds
In response to a Right to Information Act appeal, State Bank of India (SBI) has again refused to disclose the standard operating procedures (SOPs) for the sale and redemption of electoral bonds. SBI justified the denial by stating that the information is held in "commercial confidence," constitutes the bank's "intellectual property," and is intended solely for internal staff use.
Global bond play: With depth will come volatility, too
Vikas Jain, head of India trading, fixed-income, currencies and commodities at Bank of America, said as foreign investment in Indian bonds heads toward the 10% weight on the JP Morgan bond index next year, the process of discretionary weighting changes would start to play out, creating a more complex trading environment.
SP Group arm Goswami Infra sweetens bond deal
Shapoorji Pallonji Group offers ₹400 crore more to Goswami Infratech bondholders to extend deadline for meeting covenants on ₹14,300 crore borrowings. The company seeks a 4-month window to sell assets, ensure payment of ₹1,400 crore interest at 18.75% by September 30, 2024.
Big Funds bet the ‘anything but bonds’ trade is poised to end
US bond investors increase positions in long-dated high-grade corporate bonds, expecting gains from future interest rate cuts. Market attention is on upcoming bond sales and key economic data releases globally. The “anything but bonds trade” may now have run its course and long-duration debt is set for a comeback in the second half.
Amid multi-layered investment process, BlackRock’s India bond ETF to be “one-stop” shop
BlackRock is positioning its recently launched Indian government bond ETF as a “one-stop shop” for foreigners to deploy money in local sovereign debt amid several operational layers that overseas players would otherwise have to go through to trade here, Hui Sien Koay, lead index, fixed income strategist for APAC at BlackRock
Chabahar Port deal with Iran sparks sanctions warning for India from its 'good friend' US
India and Iran signed a 10-year agreement to manage the Chabahar Port, enhancing regional connectivity and providing an alternative to China's Belt and Road Initiative. The US warned of potential sanctions for dealing with Tehran, but stated it would let India address its foreign policy objectives. The deal strengthens bilateral relations and facilitates trade with Afghanistan and Central Asia, with plans to integrate the port into the International North South Transport Corridor. India's investment in Chabahar's infrastructure aims to improve trade routes and access to Central Asian markets.
Goswami Infra seeks change in debt pact to avert higher interest
The move aims to save high interest outgo on RS 14,300 crore bond due in April 2026, refinance its debt. In mid-2023, Goswami Infratech raised Rs14,300 crore zero coupon bonds maturing in April 2026, offering 18.75% as a redemption premium. These bonds also have a so-called most favoured nation (MFN) clause, which says that if any Shapoorji Pallonji (SP) group affiliate borrows at a higher rate after May 26, 2024, Goswami Infratech will have to offer the same return to its bondholders.
Piramal Alternatives buys 9.85% stake in Annapurna Finance for Rs 300 cr
Piramal Alternatives, the investment arm of the Piramal Group, has picked a 9.85% stake in Odisha-headquartered micro lender Annapurna Finance through secondary equity deals.
Mother's Day 2024: Free offers, deals from restaurants, outlets. Check full list
Mother's Day 2024 deals and freebies have been announced by a number of food outlets and restaurants across the US.
Asian junk bond sales are hottest in five years on India boom
Regional sales of such corporate notes, outside of Japan, touched $5.9 billion so far this year, already surpassing $4.4 billion in all of 2023, according to Bloomberg-compiled data. Indian borrowers have topped the share of sales so far this year, with nearly 44% share.
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