CORPORATE DEBT MARKET
Sebi reduces face value of debt securities to Rs 10,000 to boost retail participation
This, however, would be subject to certain conditions like the issuer should appoint at least one merchant banker, and non-convertible debentures and non-convertible redeemable preference shares be plain vanilla, interest or dividend-bearing instruments.
FPIs invest Rs 26,565 crore in Indian equities in Jun
After two months of net outflow, foreign investors turned buyers in June, infusing Rs 26,565 crore in Indian equities, driven by political stability and a sharp rebound in markets.
No Friday blockbuster for bonds on JPM index
Indian bonds debuted in JP Morgan's GBI-EM global index suite on Friday, with the country expected to reach a maximum weight of 10% in the GBI-EM Global Diversified Index over a 10-month period. JP Morgan's analysts expect foreign investment worth $20-25 billion to flow to the local bond market from the move.
India set for more global attention as bond inclusion begins
India's government bonds enter JPMorgan's index, attracting billions in inflows, driven by positive economic indicators, high yields, and market performance, positioning India as a top choice for global investors.
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.
World Bank member IFC invests Rs 650 cr in Mindspace REIT’s sustainability-linked bonds
Global development institution International Finance Corporation (IFC), a member of the World Bank Group, has invested over Rs 650 crore in K Raheja Corp-backed Mindspace Business Parks REIT through an issue of sustainability-linked bonds.
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Power Finance Corporation board okays Rs 15,000 crore loan to Shapoorji Pallonji Group companies
The board of Power Finance Corporation (PFC), a state-owned entity, has approved a loan of Rs 15,000 crore to companies within the Shapoorji Pallonji group, according to sources familiar with the matter. This decision represents a significant development for the Mistry family, who hold 18.37% stake in Tata Sons. The loan is intended to assist in settling promoter debts and fulfilling financial obligations owed by their operational firms to creditors. Security for the loan will be provided by the cash flows from SP Group's real estate operations and the Mistry family's shares in Tata Sons.
What does a reduction in ticket size of corporate bonds to Rs 10,000 mean for retail investors
The key amendments introduced by Sebi are designed not only to lower the entry barriers for potential investors but also to enhance the overall efficiency and transparency of the bond market.
ARCL executes first tripartite repo in corporate debt
ARCL Tri-party repo product in corporate debt securities was launched by Finance minister Nirmala Sitharaman in July last year.
Insurers lap up GSec derivatives to manage liabilities
Global funds and insurers are showing strong demand for Indian government bonds, particularly ahead of their inclusion in a JP Morgan index. Insurers are increasingly interested in Bond Forward Rate Agreements (Bond-FRA) to manage long-term liabilities, with significant trading activity reported by Clearing Corporation of India (CCIL).
Bonds, rupee stage strong rebound on poll outlook
Government bond yields closed at their lowest in over two years, and the rupee saw its largest single-day gain since December, driven by exit polls predicting a strong NDA victory in the general elections.
FPI buying of debt via voluntary retention route gathers pace
Foreign holdings in India's debt market have surged, with FPI investment in the voluntary long-term route hitting $508 million in May. Recent deals by companies like Vedanta and Nirma have contributed to the rise, with market players expecting further activity as Indian sovereign debt joins a JP Morgan index.
Investor flows into corporate bonds on longest streak since 2019, says BofA
Global investors poured $3.6 billion into investment grade corporate bond funds in the week to Wednesday, Bank of America said on Friday, in the 31st straight week of inflows, the longest streak since 2019.
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.
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.
India’s index-eligible bonds set for best performance in a year
Indian government bonds set for inclusion in JPMorgan Chase & Co. index demonstrate strong performance with foreign inflows surging post record central bank payout. Analysts view IGBs as attractive despite yield drops, suggesting potential in swaps.
Big funds bet the 'anything but bonds' trade is poised to end
Big US bond investors, including mutual fund managers, are aggressively moving funds into long-dated notes, expecting gains from interest rate cuts. Research by JPMorgan Chase shows the top 20 managers increasing duration by piling into high-grade corporate bonds to avoid negative carry. The allure of long-dated corporate bonds is growing as markets anticipate Federal Reserve rate cuts.
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.
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.
UPL expects to return to growth in FY25, margin normalisation as agchem market sees normalcy
UPL anticipates a return to growth this fiscal year, citing normalizing margins in the agricultural chemicals market. The company prioritizes deleveraging its balance sheet, aiming to achieve it through operational cash flows, rights issue completion, and capital raise efforts. Despite challenges, Q4 showed improved financial results.
Now investors can buy corporate bonds for just Rs 10,000; should you go for it?
While investing in fixed income, investors typically hunt for safety of capital and predictability of return. Most retail investors shy away from debt funds as these are market-linked. While individual bonds may seem appealing, the onus of due diligence falls on the investor.
JPMorgan says India index inclusion on track, most clients ready
“Based on the annual Index Governance Consultation process, market feedback so far has been largely positive, with the majority of our index clients already set up to trade in the IGB market,” managing director Gloria Kim said in an emailed reply to questions.
Muthoot Finance raises $650 million via offshore dollar bonds
The non-banking financial company raised the funds through bonds maturing in three years and nine months at a coupon rate – or rate of interest – of 7.125%. The funds will be used for onward lending and other activities that are allowed under the Reserve Bank of India’s external commercial borrowing guidelines.
Two Bajaj cos raise record Rs 12,000 cr debt on a single day as yields fall
Market sources said that Bajaj Housing Finance has raised Rs 4,500 crore through two issuances of non-convertible debentures – Rs 3,000 crore through a 3-year bond at an interest rate of 8.10% and Rs 1,500 crore through a 5-year bond at 8.05%.
ETP providers seek RBI nod to facilitate smooth g-sec trades for foreign investors
India's sovereign debt is set to be included in a JP Morgan bond index suite from June 28, while Bloomberg has announced the incorporation of domestic bonds in one of its indices from January 2025. Analysts expect the inclusions to lead to foreign investment inflows of $30 billion-45 billion into the local bond market.
Indian government bonds outperform corporates on index boost
Fixed income in the world’s most populous country is in demand ahead of its addition into JPMorgan’s emerging markets debt gauge in late June. The accession is expected to attract tens of billions of dollars of inflows into a market historically shielded from foreigners.
Gilty, My Lord! Pension funds bond more with govt debt
NPS drives record investment in government bonds to 4.4%, totaling ₹4.67 lakh crore. Shift towards debt, influenced by market performance, particularly in fixed-income, reflects security-focused investment decisions amidst changing yield dynamics and retirement strategies.
Exotic corporate debt products lure yield-hungry Indian savers
Private credit firm Vivriti Asset Management Pvt. says sales of securitized debt instruments, or SDIs, are on the rise.
Lenders to chase corporate bonds as new investment rules kick in, treasury officials say
Indian banks will gravitate towards corporate bonds they intend to hold until maturity once new central bank rules kick in next month, as yields are currently elevated and the investments would be spared from market-linked markdowns, treasury officials said.
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