Page 6 - Bond Market

SBI raises Rs 10,000 cr via 15-year infrastructure bonds at 7.36% coupon

The coupon of 7.36 per cent represents a spread of 21 basis points (bps) over the corresponding government bond curve

SBI raises Rs 10,000 cr via infrastructure bond issuance to fund 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. The issue attracted overwhelming response from investors with bids in excess of Rs 19,884 crore and was oversubscribed by around four times against the base issue size of Rs 5,000 crore, SBI said in a regulatory filing. The total number of bids received was 143, indicating wider participation with heterogeneity of bids, it said. The investors were across provident funds, pension funds, insurance companies, mutual funds, corporates etc, it said. The proceeds of bonds will be utilized in enhancing long-term resources for funding infrastructure and affordable housing segments, it said. "Based on the response, the bank has decided to accept Rs 10,000 crore at a coupon rate of 7.36 per cent payable annually. This represents a spread of 21 bps over the corresponding FBIL G-Sec par curve," it said.

India bond yields remain steady ahead of JPMorgan's index inclusion

The benchmark 10-year yield ended at 6.9858 per cent, following its previous close of 6.9741 per cent

BII vows $75 mn to Symbiotics' 2nd green basket bond for emerging markets

British International Investment, the UK's development finance institution, on Tuesday said it has committed USD 75 million (about Rs 625 crore) to the second green basket bond arranged by emerging markets access platform and financial lender Symbiotics Investments. The green lending programme will increase financing to small-scale green projects across Africa, South and South-East Asia through MSME lenders, with 50 per cent of the financing earmarked for India, British International Investment (BII) said in a statement. It will focus on supporting new MSME lenders not included in the first green basket bond. The first green basket bond supported 11 MSME lenders in India, Vietnam, Cambodia, Tunisia, Botswana, Kenya, Bangladesh and Nepal, it added. "Partnering with Symbiotics on a second green basket bond signifies a continued commitment to empowering smaller financial institutions and supporting sustainable development in climate-vulnerable regions," BII Managing Director and Head o

'Tata Power Renewable Energy accepts bids for multiple-tenor bonds'

The issuer will pay a coupon of 7.93 per cent on both the bond issues and had invited bids for the same earlier in the day

Govt bonds flattish as investors await inflows in index inclusion week

Indian bonds will be included in JPMorgan's widely-tracked emerging market debt index on June 28

Bank of Japan's bond holdings effective in lowering yields, paper shows

The findings come ahead of the BOJ's scheduled announcement next month of a detailed plan on how to trim its massive bond purchases and reduce its nearly $5 trillion balance sheet

Vedanta mulls first dollar bond sale of $500 mn in debut overseas issuance

The company is also exploring other avenues of fundraising, including equity sales and local currency loans from domestic banks, the people said

Govt bond yields flat as traders monitor debt sale, RBI policy minutes

Reserve Bank of India (RBI) will release the minutes of its June policy meeting after market hours on Friday

Foreign banks bought Indian govt bonds worth Rs 8,038 cr on Jun 13: Data

These banks stepped up purchases after a softer-than-expected US inflation print ramped up rate cut bets, with India's inclusion in JPMorgan's emerging market debt index also a factor, traders said

Sebi bats for tax benefits in 'zero coupon zero principal bond' investments

To encourage social sector spending, markets regulator Sebi has suggested that the government should allow tax benefits to companies investing in zero coupon zero principal bonds issued by not-for-profit organisations listed at the social stock exchange. Talking to reporters here on Friday, Sebi's Whole Time Member Kamlesh Chandra Varshney said the regulator has already sent a proposal to the finance ministry and is hopeful of getting the approval. "We have given the proposal to the government that corporate entities who invest in ZCZPs should get the benefits of CSR (Corporate Social Responsibility). We are hopeful that the government will soon approve the proposal," Varshney said at an event organised by NSE on SSE here. Moreover, the CBDT has already clarified that investors or donors buying such bonds will get the tax benefits under section 8OG of Income Tax rules, he added. These measures will be pertinent towards inclusive growth of the social sector and will help build trust

Govt bond yields little changed ahead of US inflation data, Fed meet

India consumer inflation likely snapped a four-month downward trend in May due to rapidly rising food costs

Rupee, bond slump as ruling BJP fails to secure majority on its own

Market expected strong opening by the ruling alliance, say one bond dealer

Benchmark bond yield sees biggest daily rise in 8 months on poll results

India's benchmark 10-year yield ended at 7.0382%, following its previous close at 6.9438%. The yield also witnessed its biggest single-session climb since Oct. 6

Indian govt bond yields likely to inch further up mirroring US peers

India's benchmark 10-year yield is likely to move in a 7.00 per cent -7.04 per cent range, following its previous close of 7.0129 per cent, a trader with a state-run bank said

Indian benchmark bond yields marginally higher mirroring US peers

U.S. yields rose, with the 10-year yield rising above 4.55%, as uncertainty over the timing and magnitude of rate cuts by the Federal Reserve in 2024 persisted

Indian govt bond yields seen steady as traders await fresh triggers

Bond yields have eased over the last few sessions, after the Reserve Bank of India's board last week approved the transfer of a record 2.11 trillion rupees as surplus to the government

Govt will buy back sovereign bonds worth Rs 40,000 crore, says RBI

The securities offered for buyback are four government bonds with maturity dates in the second half of 2024, the Reserve Bank of India (RBI) said in a statement

Indian bonds best bet in Asia for JPMorgan asset before inclusion

JPMorgan Asset joins a slew of global investors, including Abrdn Plc and Zurich-based Vontobel Asset Management, in turning to Indian bonds ahead of their inclusion

India's inclusion in global bond index not enough to lift rating: Moody's

De Guzman's comments mirror global investors' generally bullish outlook on the country that's been layered with notes of caution about macroeconomic challenges