Saikat Das: The Economic Times Reporter

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Market Watch

Saikat Das

- NBFCs want MSME credit scheme to cover loans to individuals, tooIn a letter dated July 2, the National Credit Guarantee Trustee Company (NCGTC), the nodal body implementing the credit guarantee scheme, had clarified that only those vehicle loans covered under the MUDRA scheme are eligible to avail this benefit.
- RBI checks rupee’s forward marchThe central bank intervention meant it ended a tad weaker at 74.69 to the dollar.
- NBFCs seek emergency credit line for individualsIn the absence of not bringing individuals under the guarantee, the programme could not benefit the intended segment and might be cornered by those bigger ones with better financial strength.
- JPMorgan Chase appoints three new MDsThe bank implemented those promotions effective from July 1.
- Jio inflows help rupee climb new heightsThe RBI has been shoring up forex reserves to help ride out the volatility
- Indiabulls sells Rs 4,000 cr loan portfolio to OaktreeThe deal structure is such that Oaktree will subscribe to NCDs issued by the builders and the money so generated will be used to pre pay loans granted by Indiabulls.
- Government borrowings in comfort zone as T-bill yields dropTo be sure, the banking system has a surplus of Rs 4.36 lakh crore.
- India may ease regulatory pricing cap for ECBsCurrently its capped at 4.5 % over LIBOR; May help borrowers to improve liquidity at the time of Covid pandemic
- Edelweiss’ NBFC arm sells sticky loans worth Rs 4000 crore to global fundsFarallon is a San Francisco-based investment firm with $29 billion in assets under management.
- Adani Ports set to raise $1 billion to repay KPCL debtThe company will soon appoint investment bankers for the proposed bond sale
- ICRA appoints Ramnath Krishnan as President of RatingsKrishnan will be responsible for driving strategy for ICRA, the group’s ratings business, continuing to strengthen ICRA’s analytical capabilities and thought leadership, and managing client relationships, the company said in a release.
- In a rare event, Maharashtra, Tamil Nadu bonds yield less than G-secsInvestors are now rushing to buy state bonds, helping lower borrowing costs for states.
- SBI group to hire about 2,000 peopleWhile people with experience in rural and agriculture will be recruited through newly set up micro finance vertical, appointments will take place in sales and call centres expanding credit card business.
- Bondholders and lenders of GVK Power Goindwal at loggerhead over priority paymentIDBI Trusteeship filed the case on behalf of DB International (Asia), an affiliate of Deutsche Bank.
- Novelis seeks bridge loan extension, refinancingBanks that won’t grant extension will be repaid in full using refinancing money, where a group of three banks would charge about 35-45 basis points higher. The original bridge loan was priced after adding about 90 basis points over London Interbank Offered Rate (LIBOR).
- HDFC Bank may sell perpetual bonds up to Rs 50,000 croreEarlier, speculation was rife that the bank would raise Rs 13,000 crore via share sale.
- What makes latest floating-rate government bonds attractivePeople earning up to 10 lakh annually can earn 6.08-7.15 per cent after tax deductions, shows an estimate by GEPL.
- LIC puts Rs 64,000 crore into markets despite CovidIndia’s largest insurer has likely invested Rs 48,000 crore in sovereign bonds, with more than 80 per cent in central debt.
- Cube Highways likely to raise Rs 3,500 crore from SBICube is backed by Abu Dhabi Investment Authority (ADIA), International Finance Corporation, Mitsubishi Corporation and Japan Expressway International among others.
- States make the most of lower rates, excess liquidity in systemThe CCIL index depicts average yields of more than a dozen state government bonds.
- NBFCs are back to raise funds, double bond sales“The dynamics of NBFC investment have changed,” said Rajeev Radhakrishnan.
- Kirloskar's NBFC arm raises over Rs 100 croreThe debt securities, known non-convertible debentures in market parlance will be up to three-year maturities. These papers will be listed on the BSE.
- Surge in deposits to put pressure on banks’ net interest marginsNIM, or the differential between interest earned and spent, may narrow 10-15 basis points in the April-June quarter, rating agency Icra’s estimates showed. The impact of deposit rate cuts since April is partially offset by higher savings mobilisation and slower credit growth.
- Corporate bonds get a lift with demand revivalFalling bond yields mean higher prices for the papers.
- Government's support comforts banks, boosts lending to virus-hit MSMEsAccording to Finance Ministry, Centre's scheme to lend a hand to struggling businesses have led to an increased flow of credit, with NHB and Sibdi disbursing nearly ₹50,000 crore in the past two months.
- How NBFCs benefit from a dedicated liquidity windowIn May, Finance Minister Nirmala Sitharaman announced PCGS 2.0 worth Rs 45,000 cr for last mile lenders.
- RBI invested $1 billion in US Treasury in April amid swelling forex reservesIndia is ranked 12th in the list of nations holding US bonds, surpassing Singapore.
- EPFO cuts back on debt, equity play as lockdown hurts inflowsThe fund is estimated to have halved its investments to about 5,000 crore since May
- EPFO cuts back on debt, equity play as lockdown hurts inflowsThe fund is estimated to have halved its investments to about 5,000 crore since May
- RIL dollar bonds top PSU papers on returns chart RIL bonds, issued on August 26, 2015, will mature in mid-January 2026.
- IRB Infra raises Rs 6,600 crore loan from SBI and Union Bank of India in the largest debt tie-up for a single projectThe loan would be of a nine-year tenor at 8-8.5%, deemed to be finely priced taking into account the economic uncertainties. Out of the Rs 6,600 crore debt syndication, SBI will likely lend about three-fourths.
- US Fed’s corporate bond buying likely to boost FPI inflowsAsset managers, banks and fund houses mostly hold these corporate bonds.
- Bank of India hits upper circuit on PSB privatisation hopesA select group of top government functionaries has begun discussions on the proposal.
- Banks approach FinMin, RBI to ease ECB rulesA set of 53 bonds now globally yield spreads of more than 450 basis points, the regulatory ceiling, according to data from BondEvalue, a Singapore-based firm.
- Adani Green plans upto $12 bn green bond sales next 4-5 yrsThis will be India’s largest sale of green paper and it is expected to catalyse the country’s lacklustre green bond market in sync with the government’s focus on solar and wind energy. Last year, the sale of global green bonds and loans rose 50% to an estimated $255 billion, making it an attractive option for solar and wind energy companies.
- RBI to conduct Rs 27,000 crore switch auction MondayThe government is bracing up for large repayments falling due next two financial years.
- Forex reserves closing in on $500-billion markCurrent reserves at $493 billion is enough to fund 17 months of imports.
- S&P affirmation to comfort global investors waiting on the sidelinesThe rupee was a tad stronger to close at 75.59 versus 75.61 a dollar a day earlier.
- Volatility in rupee cools as FIIs returnThe volatility gauge is likely to drop further, perhaps below 5 per cent.
- Companies on rights track to raise funds, boost balance sheetThe record before that was FY08 when 29 companies raised Rs 26,229 crore.
- Stung by the ratings they’ve got, rating firms want to change the way they workSeveral of the rating company boards have already given the green light for the plan.
- UPL set to buy back bonds after new moneyUPL and individual banks could not be contacted immediately for comments.
- FPI association urges government to reduce taxes, push reformsIndia is the only major financial market that levies both transactional tax and capital gains tax on profits.
- T-Bill yields spike on cash flow stressThe 14-day maturity T-bills yielded 3.32 per cent on last Friday .
- India remains a top destination for global investors: Deutsche'India would be one of the beneficiaries as companies shift from China amid US restrictions'
- HDFC weighs partial stake sale to raise up to $1 billionHDFC is exploring a partial stake sale to raise at least $1 billion, with the country's biggest mortgage lender looking to beef up its war chest ahead of a possible spurt in demand for loans once the economy reopens fully.
- Corporate bond issues more than double in April- MayAs rates fall to record lows, companies raise Rs 1.63 lakh crore in 2 months, highest in decades.
- Companies with loan recast seek moratorium from banksRBI’s Covid-19 regulatory package was announced to mitigate the debt-servicing burden of stressed borrowers. But the moratorium has also raised default risks, making lenders more risk averse.
- Is it high time to allow locals buy dollar bonds?“The market has shrugged of the downgrade as it was expected,” said Banerjee.
- Overseas borrowings to get more expensive after downgrade: BarclaysIndia has been suffering blow after blow. Corporates are getting squeezed and banks are facing an uncertain future.
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