VANILLA BONDS
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.
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.
Lower face value to enable more retail investors bond with the best corporates
The Securities and Exchange Board of India (Sebi) last week decided to lower the face value of listed bonds to ₹10,000, from ₹1 lakh. The regulator had in 2022 reduced the face value of such securities to ₹1 lakh from ₹10 lakh.
India-Mauritius special bonds: 14 India-assisted projects to be inaugurated at President Murmu’s visit this week
India and Mauritius have close relations anchored in shared history, culture, and strategic partnership. The special ties are strengthened through high-level political engagement, cooperation in various sectors, and people-to-people exchanges. The two countries collaborate on development projects, trade, and capacity-building initiatives.
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Will both India EPS and PE have tailwinds from here? Maneesh Dangi answers
“Tactically, bond makes the most sense. In India, I have been of the view that credit carry is most attractively valued. But if you are a sort of vanilla equity investor, there is nothing that you cannot cheer about right now from a macro point of view. Tactically within equity, tech would perhaps purely for rate reasons would do the best in the next six months.”
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Sebi plans to introduce 'fast track' concept for public issuance of debt securities
To further enhance the participation of the non-institutional investors in the corporate bond market, Sebi has "proposed to permit issuers to launch NCDs (non-convertible debentures) or NCRPS (non-convertible redeemable preference shares) with the face value of Rs 10,000".
NABARD raises Rs 1,000 crore in country's first social impact bond
NABARD accepted bids worth 10.40 billion rupees ($124.9 million), the bankers said, declining to be identified as they are not authorised to speak to the media. NABARD had planned to raise at least 10 billion rupees via this issue, with a greenshoe option to retain an additional 20 billion rupees. The state-run company has set a coupon of 7.63% on this issue.
EM funding gets creative as dollar bonds dry up
The sale of dollar bonds from developing countries sunk to the lowest since 2021 in August as global yields spiked to multi-year highs and 15 emerging nations traded at distressed levels. Only $1.4 billion has been raised in emerging debt this month, compared with $4.5 billion in August 2022 and average monthly sales of $15.4 billion this year.
NaBFID's different with dual role of financing and development: Rajkiran Rai
We saw a phase after that when new infra projects came up and banks financed those despite not having long-tenure liabilities to match these assets. As a result, we saw NPA issues in the banking system because of delays in infrastructure projects.
HNIs seek SAFE passage to startup valley
SAFE, standing for 'simple agreement for future equity', is a quasi-debt and a promise to let the investor hold stocks or preference shares some years later on the startup achieving certain milestones. Thus, unlike plain vanilla convertibles, a SAFE note is not necessarily converted into equity, and may well remain as a debt in the books of a startup.
Sebi caps international securities identification numbers to boost liquidity in bond market
The capping of ISINs is expected to reduce fragmentation in the primary market and enhance liquidity in the secondary market.Of the 14 ISINs, a maximum of nine ISINs maturing per financial year will be allowed for plain vanilla debt securities. Within this limit of nine ISINs, the issuer can issue both secured and unsecured debt securities.
How to select the right target maturity mutual fund scheme
Investors must identify the right maturity buckets and align the time horizon of their goals with the fund tenure.
Jugalbandi of form and content: Arc-52
A gravity-defying whisky contained in a gravity-defying vessel.
RBI growth forecast for India too conservative: Neelkanth Mishra
“The growth numbers that the RBI has put out are perhaps too conservative. I believe that the consensus growth forecast which is somewhat closer to the RBI’s forecast, is also very conservative. The growth momentum in the Indian economy is quite strong and those numbers can be beaten quite handsomely.”
ETMarkets Smart Talk: Plain vanilla ETFs that offer exposure to US indices attractive for investors: Asheesh Chanda
"Thematic Kristals are available across a variety of themes. There are Kristals that focus on style such as value, core, and growth, Kristals that offer exposure to specific areas of the market such as software, semiconductor, electric vehicles and batteries, water resources, energy, and Kristals that are alternative investment strategies such as global macro hedge funds, long/short strategies, and finally multi-asset Kristals that are developed in-house using our proprietary algorithm."
JM Financial launches Bondskart.com, a retail bond platform
Bondskart.com features diverse fixed income investment options across rating categories, yields and instrument types such as plain vanilla bonds, sub-debt/ Tier II & perpetual bonds aided by in-house analytics and data driven technology platform.
Seeking upside but worried about the downside? Here's a way out
Investors, who believe the risk-reward to go all out into equities is not favourable after the recent run-up could consider hybrid mutual funds. Financial planners are suggesting Equity Savings Funds and Balanced Advantage Funds to investors wanting to participate in the equity rally but looking to reduce risks at the same time.
JSW Steel obtains five-times higher bids for $1 bn offshore bond sales
JSW Steel obtained subscription bids worth $5.5 billion. The issue was not yet closed until the press time.
JSW Steel plans to raise $1 billion via overseas bonds
While the company aims to launch bonds compliant with sustainable development or ESG (environmental, social and governance), a portion of the targeted sum could well be vanilla dollar-denominated debt papers. An ESG tag helps cut borrowing costs as proceeds are used for a dedicated cause.
AT1 Bond Sale: HDFC Bank ropes in I-Banks
“The bank held a group call Tuesday with all such investment bankers announcing their appointment,” one of the persons cited above told ET. It is likely to raise anything between $500 million and $1 billion depending on demand and pricing.
Covered bonds help sub-AAA issuers raise cheaper funds
Risk aversion due to Covid driving issues; investors protected against default and get attractive yields, while borrowers pay 50-125 bps lower. About a dozen non-banking companies raised covered bonds, through two routes: non-convertible debentures and market-linked debentures. About three-fourths of them are rated in the single-A category and have sold the securities in the primary market with mutual funds, insurers and pension funds investing in them.
Covered bonds see surge in India with lower-rated cos lining up
Investors in covered bonds have the right over a pool of assets held by the issuers, primarily non-bank lenders, in case of a default.
Indian companies raise record $3 bn via ESG overseas bonds
In the first quarter of this year, six local companies sold a record $3 billion worth of global ESG bonds, compared with $1.27 billion in the whole of last year, show data from Bloomberg.
Why is RBI finding it hard to get orders for the good stuff it sells
There’s no dearth of liquidity, but the bartender — the central bank — is having a tough time getting orders for the good stuff even by cajoling and threatening customers.
Jan-Feb overseas bond sales by cos highest since ’95
At nearly $9 billion, the funds garnered dwarfed overseas fundraising efforts in the same period since 1995, show data from Dealogic, an analytics firm based out of Hong Kong.
Indian companies make a killing in overseas bond market, and how!
The quantum of bond sales, coinciding with a global effort to clamber out of the Covid sinkhole, underscores the undiminished allure of overseas markets for fundraising despite record low interest rates at home.
Bharti Airtel raises $1.25 b via overseas bonds at lower-than-expected pricing
Perpetual securities with no fixed maturities were initially anticipated to offer 4.375% with a five-year call option. Other bonds were set to be priced after adding 230 basis points over the benchmark US treasury with over 10-year maturity.
View: Does RBI policy signal a move towards a new equilibrium for yields?
In our view, an accommodative stance does not imply the same level of systemic liquidity surplus and bond yields going forward.
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