JP MORGAN SECURITIES
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.
Sagility India files prospectus
EQT's Sagility India filed a DRHP for an IPO, offering 984 million equity shares. Sagility BV is the promoter. FY24 revenue reached ₹4,753 crore, setting the stage for a significant market debut.
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.
First day JPM flows not a deluge, but bankers confident of steady flow going ahead
From Thursday to Friday, foreign portfolio investors (FPIs) increased their holdings in the index-eligible Fully Accessible Route (FAR) suite of government bonds by Rs 1,545.16 crore, bringing the total to Rs 1.86 lakh crore, according to data from the Clearing Corporation of India Ltd (CCIL) released at 6 pm. This increase left traders somewhat disappointed, as some market segments had anticipated a surge exceeding Rs 10,000 crore on Friday alone.
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.
What JP Morgan bond index inclusion means for India's economic future? Jayesh Mehta answers
This is significant, as you mentioned—it's a notable event. The only caveat is that this recognition of India should have come much earlier, but finally, India has been acknowledged.
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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.
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’ G-Sec purchases cross $10-billion mark
Nine months after JP Morgan announced the inclusion of Indian government debt in its emerging markets index, foreign portfolio investors have increased their ownership of sovereign bonds by over $10 billion. The influx of funds is expected to continue as India's index weightage grows.
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.
Vodafone Idea's Indus stake sale could speed up repayments to towerco, which may issue dividend: JP Morgan
Vodafone Group's potential stake sale in Indus Towers may generate $2.3 billion in cashflows, prompting accelerated repayment to vendors and a special dividend to shareholders. The sale could clear past dues and benefit Vodafone Plc's lenders. An equity infusion might lead to a special dividend in FY25 for Indus Towers.
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.
Forex reserves soar to a new high of $655.8 billion as on June 7
The Reserve Bank of India's foreign exchange reserves reached a record high of $655.8 billion for the second consecutive week, driven by foreign currency assets rising $3.7 billion to $576.3 billion. The increase was likely due to the RBI's dollar purchases after the rupee appreciated. Foreign portfolio investors have deployed $7.11 billion in Indian debt so far this year, ahead of the JP Morgan bond index inclusion.
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.
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.
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.
United Spirits shares rally 3% after Q4 results. Should you buy, sell or hold?
United Spirits (USL) shares experienced a 3% surge on the BSE. This increase came after the company announced a significant rise in consolidated net profit, which doubled to Rs 241 crore for the March quarter.
Sovereign yield falls to near 1-year low post RBI's dividend payout
The yield on the 10-year benchmark government security closed at 6.978%, its lowest level since June 6, 2023, LSEG data showed. The 10-year bond yield had closed at 6.98% on Friday. Bond prices and yields move inversely.
10-year bond yield falls to near-one-year low on RBI’s record surplus dividend transfer to govt
A fall in government bond yields lowers borrowing costs across the economy as sovereign debt yields are the benchmarks for determining price of corporate borrowing.
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.
Narayanan Vaghul, the banking doyen, passes away at 88
Narayanan Vaghul, the banker who built ICICI, passed away at 88. He was the youngest chairman of Bank of India at 44 and quit banking due to bureaucratic interference. Vaghul was awarded Padma Bhushan in 2010 and The Economic Times Lifetime Achievement Award in 2006. He is survived by his wife, daughter, and son.
OYO withdraws DRHP, to refile IPO post refinancing: Sources
OYO IPO: Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to USD 450 million via sale of dollar bonds, sources said.
Need to think about capital markets reforms 2.0 to meet needs of growing economy: CEA
Chief Economic Adviser V Anantha Nageswaran called for capital market reforms 2.0 at the CII Annual Business Summit, emphasizing India's upcoming inclusion in JP Morgan and Bloomberg bond indices and the importance of managing foreign flows.
BlackRock's India bond ETF 'One-Stop-Shop' for foreigners
Pointing out that global bond markets are still largely over-the-counter institutions, Koay said that for foreign investors looking to invest in Indian bonds, there are four layers at present - setting up a specific account to access bonds located here, determining the exchange rate considerations, procuring the bonds and posting margin considerations while looking at tax considerations.
Airtel trades higher amidst high data user addition in Q4
In morning trade, the stock had given up some gains by trading up 0.3% at Rs1289.15, after touching an intraday high of Rs1312.80 on the BSE.
Carlyle hires 5 I-banks for $1 bn Hexaware IPO
Carlyle plans to list Hexaware, aiming to raise $1 billion at a valuation of $5.5-6 billion. The move follows Carlyle's acquisition of Hexaware in 2021 from Baring PE Asia. If successful, it would mark India's largest technology sector IPO.
Are US interest rates high enough to beat inflation? The Fed will take its time to find out
The sharp interest rate hikes of the past two years will likely take longer than previously expected to bring down inflation, several Federal Reserve officials have said in recent comments, suggesting there may be few, if any, rate cuts this year.
Job referral at JP Morgan through Bumble bio? How a woman landed this opportunity
A woman's Bumble profile unexpectedly led to a job opportunity at JP Morgan, highlighting the growing impact of social media in networking. A woman strategically mentioned her preference for connections at JP Morgan or Goldman Sachs in her bio, catching the attention of a friend who referred her for a Financial Controller role. This incident, shared on social media, garnered widespread attention and demonstrated the potential of creative networking strategies in modern job searches.
EQT to list Sagility; $3 billion valuation likely
Sagility India IPO: EQT has hired investment bankers - ICICI Securities, IIFL, JP Morgan and Jefferies. This proposed IPO is likely to value Sagility at about $3 billion (Rs25,000 crore ) and EQT may raise about $400-500 million (Rs4000 cr), said sources.
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