BOND SALES
India bond yields may see further uptick as US peers jump
Indian bond yields expected to increase amidst renewed Treasuries selloff. Benchmark 10-year yield likely to stay within 6.99%-7.03% range. U.S. yields rising, with expectations of a 46 bps rate cut by the Fed in 2024.
States to sell 2.64 lakh crore of bonds in July-Sept
Centre to issue T-bills worth Rs 2.60 lakh crore in Q2. In an indicative calendar released by the RBI on Friday, the central bank announced 13 sets of auctions in July-September through which states plan to sell bonds and raise funds.
Rate sensitivity on the rise in PSB portfolios
"The AFS (available for sale) portfolio's sensitivity (PV01) increased for PSBs (public sector banks) and FBs (foreign banks) since September 2023, while it declined for PVBs (private banks)," the Reserve Bank of India (RBI) said in its June 2024 Financial Stability Report.
ICICI Bank raises Rs 3,000 crore through 10-year infra bonds
Funds raised through infrastructure bonds, which have a minimum maturity of 7 years, are exempted from the maintenance of Statutory Liquidity Ratio and Cash Reserve Ratio.
RBI's new valuation rule may hit banks' trading gains in Q1
Government bond yields have declined in the current quarter due to foreign inflows ahead of inclusion of domestic debt in JPMorgan's emerging market index. Yields on the 10-year benchmark government bond were at 6.99% on Thursday, down from 7.05% at the end of the March quarter.
SBI raises Rs 10,000 cr via bond sales to fund infra projects
Separately, ICICI Bank is likely to carry out a sale of infrastructure bonds on June 28, with the private lender looking to raise up to ₹3,000 crore through 10-year securities, debt capital market sources said. SBI's infrastructure bonds, which mature in 15 years, bear a coupon - or rate of interest to be paid to investors - of 7.36%.
SBI plans to raise Rs 10,000 crore via infrastructure bonds on Wednesday
state Bank of India plans to raise up to Rs 10,000 crore through the issuance of 15-year infrastructure bonds as the country’s largest lender looks to garner long-term capital at a time when demand for loans continues to outstrip growth in deposits.
Vedanta mulls 1st dollar bond sale of $500 million
The bond sale could climb to $1 billion depending on the response from investors, according to one of the people. The company is also exploring other avenues of fundraising, including equity sales and local currency loans from domestic banks, the people said.
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.
SBI plans to raise Rs 20,000 cr via long-term bonds in FY25
SBI to raise ₹20,000 crore long-term bonds this fiscal via public or private placement.
Bank of Maharashtra eyes tier-II bond sale worth Rs 1,000 crore
The state-owned lender looks to garner long-term funds at a time when credit growth is stronger than deposit growth.
Further decline in US bond yields pushes Indian peers lower
Indian government bond yields fell as U.S. Treasury yields dropped on rate cut expectations. India's 10-year yield was at 6.9779% by 10:00 a.m. IST.
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.
RBI, govt accept no bids at first sovereign green bond auction of FY25
With the Centre sitting on a considerable cash surplus at the moment, it had likely opted to cancel the green bond auction than settle for a lack of a premium, or “greenium” at the auction. The government had planned to raise Rs 6,000 crore through 10-year green bonds at Friday’s auction.
Foreigners boost India corporate debt buying before govt bond index inclusion
Foreign investors show increasing interest in Indian rupee-denominated corporate debt ahead of the inclusion of Indian government securities in a global bond index, expecting passive inflows of around $25 billion. Recent data highlights purchases in corporate bonds, interest in launching ETFs, and robust demand for dollar bonds.
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.
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.
Indian bond yields track US yields higher before debt sale
The benchmark 10-year Indian yield was at 7.2203% as of 10:00 a.m. IST, following its previous close at 7.2061%.
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