INDIA BONDS
India bond yields edge lower tracking US peers
Indian government bond yields ended lower on Wednesday amid a pullback in U.S. Treasury yields, while traders still assessed the pace of foreign inflows into debt after domestic securities were included in a global index.
India’s long bonds have become a crowded trade, Edelweiss warns
Edelweiss Government Securities Fund excels in performance, positioning itself as a market leader. Foreign investors' sustained involvement in Indian sovereign bonds is still uncertain, impacting market dynamics.
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.
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.
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.
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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.
007 Effect! JPMorgan bond inclusion can attract $2-3 billion monthly FII inflows into India
Since October 2023, non-residents have invested nearly $15 billion in Indian government bonds, including $5 billion through USD-settled, INR-denominated supranational bonds. Starting from Friday, passive fund inclusion will begin at a rate of 1% per month, leading to total inflows of $25-30 billion by the time full weightage is reached.
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.
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.
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.
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%.
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.
SBI raises Rs 10,000 cr via bonds to fund infra projects
State Bank of India (SBI) on Wednesday raised Rs 10,000 crore through its fifth infrastructure bond issuance. The country's largest lender raised the funds at a coupon rate of 7.36 per cent.
India's JPMorgan bond index entry to suck $11 billion from S.Africa, Poland and Thailand
India's entry into JPMorgan's GBI-EM index is set to reshuffle $11 billion from various markets, impacting South Africa, Poland, Thailand, Czech Republic, Chile, and the EMEA region. With Russia's exit, China, Indonesia, and Mexico maintain stable weights, affecting Latin America and boosting EM Asia.
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.
Investors allocate 3.6% of holdings to India bonds ahead of JPM index inclusion, Morgan Stanley
Investors tracking the JPMorgan Emerging Market debt index are bullish on India and had allocated 3.6% of holdings to the country's bonds as on end-May, ahead of their inclusion on the index this week, Morgan Stanley said.
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.
India bond yields seen little changed amid lack of fresh cues
Indian government bond yields are expected to hold steady on Monday, moving in a 6.95%-6.99% range. Inflows under the FAR, crossing $10 billion, and foreign banks' increased bond purchases ahead of the inclusion affect U.S. Treasury yields.
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.
Derivative products on Indian bonds see strong global demand
Overseas investors are flocking to Indian assets through a derivative product ahead of government bond inclusion in the JPMorgan index, accounting for 30% of $10 billion flows into local debt in nine months.
SBI concludes issuance of $100 million foreign bonds
These mio senior unsecured floating rate notes have a maturity of three years and coupon of SOFR+95 bps, the bank said. The secured overnight financing rate or the SOFR is a benchmark interest rate for dollar denominated loans.
UBS fund manager likes China's junk debt but is skeptical on India
“In India, the market underestimates the risk, while in China high yield, Sri Lanka and certain other corners of EM, the market overestimates the risk,” Khan, who manages combined assets of roughly $1 billion, said in an interview this week.
10-year benchmark sovereign bond yield slips below 7% as inflation cools in India and US
Yield on the 10-year securities retreated to 6.98% Thursday after India's retail inflation eased to a one-year low of 4.75% in May, as against an 11-month low of 4.83% the previous month.
India bond market to wait for fiscal roadmap clarity before next rally, says Citi
Investors are waiting for clarity on India's fiscal consolidation path in the upcoming government budget before driving the next bond market rally, according to a Citi India executive.
India bond yields seen rising tracking US peers
Indian government bond yields are expected to rise due to a spike in U.S. Treasury yields after strong economic data. The benchmark 10-year yield in India is likely to move in a 7.01%-7.06% range on Monday.
Green flavour not enticing enough for bond investors
Green bonds in India face challenges due to the absence of financial institutions focusing on green financing and investors enthusiastic about environment protection. Follow-up issuances have dried up a year after the first government green bond sale.
RBI accepts bids of over Rs 7,200 cr for bond buyback
The RBI accepted bids worth ₹7,287.56 crore in a government bond buyback auction out of ₹30,000 crore offered by the Centre.
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