Page 15 - Debt

German yields cross zero threshold as bond selloff intensifies

The rate on 10-year bunds rose as much as four basis points to 0.02%, crossing into positive territory for the first time since May 2019.

Sri Lanka's economy on the edge as debt burden mounts due to Covid

Sri Lanka has piled up $11.8 billion worth of debt through sovereign bonds (ISB) which makes up the largest part - or 36.4% - of its external debt

Cutting corporate debt

Banks will struggle to grow in the coming quarters

Biden signs legislation raising US debt limit, averts potential default

US President Joe Biden has signed into law a legislation that provides for the authority to increase the federal government's debt limit by $2.5 trillion, averting a looming debt default.

Air India board to meet on Monday to finalise prepayment of Rs 12k-cr debt

Loans were raised by the airline as NCDs at 9.05-10.05% interest rate, will be prepaid as part of govt's sale of airline to Tatas

Debt-laden IL&FS says it has completed stake sale in Prime Terminals FZC

Debt-laden Infrastructure Leasing and Financial Services (IL&FS) on Wednesday said it has completed the sale of its 71.84 per cent stake in IL&FS Prime Terminals FZC to VTTI Terminal I BV. The transaction has resolved the group's outstanding debt to the tune of Rs 757.79 crore, a release said. IL&FS' stake in IL&FS Prime Terminals FZC (IPTF), a state-of-the art energy storage terminal situated in the UAE's Fujairah, was held through IL&FS Maritime Infrastructure Company (IMICL). VTTI has acquired the stake from IMICL and other shareholders, the release said. VTTI will now own 90 per cent of the terminal, while the other 10 per cent will remain with the Fujairah government, the group said. The sale has also enabled release of a corporate guarantee of USD 110 million issued by IMICL for IPTF, it said. Recently, the IL&FS board had announced that the group has resolved over Rs 52,000 crore debt while maintaining its overall debt resolution estimate at Rs 61,000 ...

IL&FS group expects to resolve extra Rs 4,800 crore debt by March 22

If this happens, it would have resolved amounts close to Rs 57,000 by then; lenders' write-off pegged 38-39%

UV Asset Reconstruction Company submits bid to buy IFIN's bad loans

Sale to help IL&FS clean its financial services arm book

Poor countries' debt rose 12% to record $860 bn in 2020: World Bank

The World Bank has called for urgent efforts to reduce debt levels

Tata Sons wins bid: Air India may see turnaround as debt eases by 75%

Air India reported an operating profit of Rs 1,787 crore in FY20 on a consolidated basis but reported a net loss of Rs 7427 crore due to interest and depreciation costs

White House warns of a global financial crisis on debt default: Report

The potential for global recession could be worse than the 2008 GFC : Report

Easing burden: Amount borrowed by non-financial firms fell 5.6% in FY21

The numbers also suggest a big jump in India Inc's cash pile or cash reserves

J&K Bank gets shareholders' nod to raise up to Rs 2,000 cr via equity, debt

Jammu and Kashmir Bank on Friday said it has received shareholders' nod to raise up to Rs 2,000 crore through equity and debt to fund its business. The shareholders at the annual general meeting on Friday approved the plan to raise equity and debt capital of up to Rs 1,000 crore each. They approved raising of equity capital of up to Rs 1,000 crore in one or more tranches by way of rights issue/preferential allotment/private placement or qualified institutional placement (QIP) or any other approved mode, the bank said in a regulatory filing. Also, shareholders approved raising up to Rs 1,000 crore by issuing Basel III compliant tier-II bonds in the nature of non-convertible debentures on a private placement basis. Shareholders also cleared the appointment of Nitishwar Kumar and Mohmad Ishaq Wani as directors.

India's external debt at $571.3 bn at June-end, up $1.6 bn from March: RBI

India's external debt stood at $571.3 billion at end-June, recording an increase of $1.6 billion over its level at the end of March 2021, the RBI said on Thursday

State Bank of India explores ways to debt finance start ups

State Bank of India on Wednesday said it is trying to work out a way to debt finance start ups as current rules allow banks to fund only profitable companies. Start ups raise equity fund to run their business and promoters are forced to dilute stake as debt funding is not available for the sector because they are loss making in the initial years, a senior official of the bank said. We are struggling to debt fund start ups. Bank norms and rules allow debt funding to profitable ones. As initially startups are loss making, they are to be funded based on the viability of the idea only. We are trying a way out, SBI Managing Director - International Banking, Technology & Subsidiaries, Ashwini Kumar Tewari said at the annual general meeting of The Bengal Chamber. He said the bank was doing equity funding through a subsidiary SBI Ventures and recognized that the country needs to support the start up culture. The number of government recognized start ups under the 'Startup India' ...

Crisil upgrades Bharti Airtel debt programme rating to AA+, stable outlook

Crisil Rating on Tuesday said it has upgraded the long term rating on the bank facilities and debt programme of Bharti Airtel to AA+ with a stable outlook

Households in southern states more indebted than rest of India: Report

Among the major states, the lowest proportion of indebted households in rural areas were in Uttarakhand, and in urban areas in Chhattisgarh

HDFC sells part of invoked shares of Ansal Housing to recover dues

Housing Development Finance Corporation Ltd (HDFC) on Saturday said it has sold a part of the shares, invoked by it of Ansal Housing, to recover its dues. In August, HDFC had invoked 46,20,000 shares of Ansal Housing Limited (Ansal) aggregating 7.78 per cent of the paid-up share capital, for recovery of part outstanding dues against loans availed by pledgers/borrowers. "In this connection, we wish to inform you that out of this, the Corporation has in aggregate sold 12,67,504 shares, representing 2.13 per cent of the paid-up share capital of Ansal, including 1,57,939 shares representing 0.27 per cent of the paid-up share capital of Ansal which were sold on September 24, 2021," HDFC said in a regulatory filing.

China's debt-ridden Evergrande Group says it will make bond payment

The Chinese government, meanwhile, kept investors guessing about whether it might intervene.

China's realty giant warns of defaulting on $305-billion debt

The government is assembling accounting and legal experts to assess the finances of Evergrande, a potential precursor to a restructuring of the world's most indebted developer