BONDS IN NEWS
Muthoot re-taps May bond to raise $100 million
Muthoot Finance raised $100 million from its May bond due 2028, priced at 6.73%, via Deutsche Bank and Standard Chartered. The initial $650 million showed high global interest. Bonds have a 6.73% coupon, now trading at 6.7%. Proceeds for on-lending under RBI guidelines. Post-Fed’s hiking cycle, Indian issuers are exploring overseas markets.
Asian stocks edge higher before Powell’s testimony: Markets wrap
Asian markets rise ahead of Powell's testimony and US earnings season. Investors eye Fed's rate cut outlook and China's policy meetings. Bond markets react to PBOC actions. S&P 500 hits new high. Earnings season expectations increase. Oil stable amid Hurricane Beryl. Gold rebounds from previous losses.
Future group's FMCG arm FCL defaults on payments of Rs 449.04 crore till June-end
Future Consumer Ltd (FCL), the FMCG arm of debt-laden Future Group, disclosed on Saturday that it defaulted on payments totaling Rs 449.04 crore as of June 2024. This includes Rs 284.81 crore towards bank loans and revolving facilities, and Rs 164.23 crore on borrowings through unlisted debt securities (NCDs and NCRPs). FCL also reported outstanding debt securities amounting to Rs 222.06 crore, with defaults of Rs 164.23 crore owed to non-convertible debenture holders since May 2022.
Biocon Biologics mulls raising up to Rs 4,500 crore in bonds
The company is in discussions with banks for the issuance, the people said, asking not to be named because the details are private. Funds from the bond sale will be used to refinance debt raised earlier to pay for an acquisition, with the terms yet to be finalized, they said.
Sebi plans to cut red tape for global funds buying its bonds
Sebi is keen to eliminate many of its information requirements — such as disclosure of investor group and beneficial ownership — as these serve to regulate equity and corporate debt investors. Information required by the RBI and revenue departments would remain unchanged.
Best corporate bond mutual funds to invest in June 2024
There are no changes in the recommendation list this month. If you are investing in these schemes, you can relax and continue with your investments. Follow our monthly updates regularly.
SBI approves raising up to Rs 20,000 crore through bonds in FY25
"The Central Board at its meeting held today accorded approval for raising long term bonds up to an amount of Rs. 20,000 crore through a public issue or private placement, during FY25," SBI said in a filing.
Gold inches lower as firmer bond yields dent appeal
Gold prices fell due to higher U.S. Treasury yields as investors awaited economic data to predict Federal Reserve's interest rate cuts.
Gold rises as US bonds rally on inflation data and safe haven buying
Investors are concerned that a political crisis is brewing in France in the wake of French President Macron's call for a snap parliamentary vote after his party got trounced by the far-right Marine Le Pen's National rally in the recently concluded European elections.
Bond market splits from Fed again by betting on 2024 rate cuts
Bond traders increased bets on interest-rate cuts despite Federal Reserve pushback. Inflation cooling signaled potential rate cuts. Powell emphasized no rush to shift policy, waiting for more evidence against inflation.
Plan to tweak capital gains tax regime for debt mutual funds
The government is considering changes to the capital gains tax regime for debt mutual funds to provide relief for the Bharat Bond Exchange Traded Fund, amid concerns over the current taxation structure.
World stocks at record high after cautious ECB rate cut
It was enough to snip the pan-European STOXX 600's gains back to 0.6%, while the euro inched up to almost $1.0890 against the dollar and government bond yields - which reflect borrowing costs and move inversely to price - ticked up too.
Bond vigilantes worry as weak Modi government win fans fiscal populism fear
Prime Minister Narendra Modi's smaller-than-expected poll victory is causing concerns among bond investors about increased populism. The election results shocked traders, leading to a selloff in Indian assets.
RBI to conduct buyback auction of government bonds worth Rs 30,000 crore
The RBI, which is the Centre’s debt manager, will carry out the auction in which banks and other bond market participants can buy back five government securities, the central bank said on Monday. One of the securities matures this month while another one matures in July. Three of the securities will mature in November.
Investors bought Rs 27,000 cr of sovereign gold bonds in FY24: RBI report
Sovereign gold bonds have caught the fancy of investors who bought Rs 27,031 crore worth of the bonds last fiscal, an amount more than four times invested in 2022-23 on the prospects of higher returns and tax benefits.
TRUST Mutual Fund appoints Jalpan Shah as head of fixed income
Prior to joining TRUST Mutual Fund, Shah served as Senior Vice President at HSBC Mutual Fund. He was a key member of the organisation and is credited for managing substantial AUM in the fixed income space.
Best dynamic bond funds to invest in May 2024
If you are confused about all the talk about interest rate pauses and likely cuts, you should consider investing in dynamic bond funds. Dynamic bond funds have the freedom to invest across securities and maturities depending on the outlook of the fund manager.
Bond yields climb, stocks under pressure as Fed cut doubts resurface
U.S. Treasury yields rose, impacting global markets. Crude oil climbed ahead of the OPEC+ meeting. Improved U.S. consumer confidence added uncertainty to Fed rate cut expectations.
China's Alibaba to raise $4.5 billion through convertible bonds, repurchase shares
Alibaba Group Holding Ltd plans to raise $4.5 billion through convertible bonds, with options for additional purchases, to repurchase American Depositary Shares. The bond sale caused a drop in Hong Kong-listed shares, while U.S.-listed shares remained stable.
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