Page 9 - Bond Market

Nirma issues bonds to fund Glenmark Life Sciences acquisition: Bankers

Earlier in the day, the detergent maker had invited bids for bonds maturing in one year and two days, two years, one month and 16 days, and in three year, one month and 16 days

BJP got Rs 1,300 cr via electoral bonds, over 7 times what Cong received

The ruling BJP received nearly Rs 1300 crore through electoral bonds in the 2022-23, which was seven times more than what the Congress got in the same period through the same route. The BJP's total contributions stood at Rs 2120 crore in the 2022-23 fiscal, of which 61 per cent came from electoral bonds, according to the party's annual audited report submitted to the Election Commission. In FY 2021-22, the party's total contributions were to the tune of Rs 1775 crore. The party's total income in 2022-23 stood at Rs 2360.8 crore, up from Rs 1917 crore in FY 2021-22. The Congress, on the other hand, earned Rs 171 crore from electoral bonds which was down from Rs 236 crore in FY 2021-22. The BJP and the Congress are recognised national parties. The Samajwadi Party, a recognised state party, had earned Rs 3.2 crore through electoral bonds in 2021-22. In 2022-23, it received no contributions from these bonds. Another state recognised party, the TDP, earned Rs 34 crore through electo

India to remain on alert for 'hot money' after bond index inclusion

The aim will be to "prevent volatility or volatile inflows" but "never" to restrict outflows, Somanathan said, adding that "all possibilities are open to keep volatility in check.

China tightens some trading restrictions for domestic, offshore investors

Some quantitative hedge funds meanwhile were banned from placing sell orders completely starting Monday, while others were barred from cutting stock positions in their leveraged market-neutral funds

Sales in global ESG bond market reach $150 billion in busiest January ever

Falling borrowing costs and seemingly insatiable investor demand have turbo-charged issuance in bond markets across the globe

10-year govt bond yield could drop to 6.75% later in 2024: ICICI Bank

"We feel that beyond the middle of this calendar year, by the July-September quarter, we could see the benchmark bond yield touching at least 6.75% if not lower," said B. Prasanna

10-year bond yield declines below 4% as investors await US Fed

The Federal Reserve two-day policy meeting will conclude this afternoon. Markets have priced in a near-certainty that the central bank will leave benchmark interest rates in their current range

Steady benchmark bond yields eye Budget, US Fed cues for direction

India's benchmark 10-year yield ended at 7.1735%, on Monday, following its previous close at 7.1760%

Banks urge return to call option valuation for perpetual bonds: Report

They added that the recommendation was currently under review with the NFRA, a regulator that oversees auditing, which will submit its views to a panel of top regulators

Sovereign gold bonds shine in FY24 as high returns attract investors

The reason for the good response in FY21 and FY22 was because of the lockdown and as the jewellery stores were not open while SGB buying was possible through net banking

Hitting the mark: Govt on course to stick to FY24 borrowing target

Next financial year also likely to see similar target

SMFG India Credit raises Rs 600 crore via maiden rupee debt issuance

Japan's Sumitomo Mitsui Banking Corporation has raised Rs 600 crore through its maiden rupee-denominated perpetual debt issuance and the money will be infused into the group entity SMFG India Credit Co. The amount mopped up through the external commercial borrowing route would help to bolster the tier-I capital base of SMFG India Credit Co, formerly known as Fullerton India Credit, according to a statement on Wednesday. Pankaj Malik, the chief financial officer of SMFG India, said with capital infusion, the company's capital adequacy ratio improved 160 bps. Since these bonds are perpetual, the issuance also strengthens asset liability profile. Though perpetual bonds means debt issued with no maturity dates, in practice perpetual debt has a tenor of 100 years, or marginally less. The only other issuer from the lending space that has issued perpetual debt in the country is State Bank of India and among other corporate, it is only Reliance Industries. Sumitomo Mitsui Financial Group

States continue to pay high coupon on debt at over two-year high of 7.72%

The weighted average rates of state debt continued to remain at an over two-year high of 7.72 per cent at the second weekly auction of the quarter on Tuesday, making it the highest so far this fiscal. Accordingly, the spread between 10-year state bonds and benchmark G-sec yield also remained firm at 54 bps, with both inching up by 1 bps from the previous week, according to a note by Icra Ratings' chief economist Aditi Nayar. Nine states raised Rs 19,300 crore from the market selling government securities, which was 34 per cent lower than the amount indicated for this week in the auction calendar. Despite lower supply, the weighted average cut-off inched up to 7.72 per cent, which is the highest so far in FY24 from 7.71 per cent last week. The payout increased in spite of the weighted average tenor remaining unchanged at 11 years. Both this had the spread between the cut-off of the 10-year state bonds and the 10-year benchmark G-sec yield inching up to 54 bps from 53 bps last week,

Indian bonds may be included in Bloomberg EM index from September

The proposal comes just a few months after JPMorgan said it would include India in its widely tracked emerging market debt index from June

Stars align for Indian sovereign bonds after first yearly gain since 2020

The benchmark 10-year sovereign yield fell 15 basis points last year, the most in three years.

Vedanta Resources' bondholders back company's debt restructuring plan

"The overwhelming consent to the revised terms will take immediate pressure (off) Vedanta to repay the debt obligation," Vedanta Resources said

Dollar set for biggest daily jump since October as US bond yields rebound

The dollar index, which measures the U.S. currency against six counterparts, was last up 0.67% at 102.05, on track for its biggest daily percentage gain since October

S&P downgrades Vedanta Resources to 'CC' on potential bond extensions

The ratings remain on CreditWatch with negative implications, where they were first placed on September 29, 2023

Indian govt bond yields steady before key US Nov inflation prints

India's retail inflation likely picked up in November due to higher food prices after declining for three months, bringing it closer to the upper end of the RBI's 2%-6% target range, a poll found

Indian cos' rupee bond issuance at record in 2023 on jumbo debt sales

Indian companies raised around 914 billion rupees ($10.97 billion) through the private placement of bonds in November