Bonds
Monetary policy: Bond yields soften after RBI hits pause on rate hike
The 10 year g-sec yield is expected to be at 7.0 per cent as against 7.21 per cent currently by end March 2024
 "Monetary policy: Bond yields soften after RBI hits pause on rate hike")
Rupee, bonds gain ahead of RBI's monetary policy review decision
The currency opened at 82.08 a dollar as against Monday's close of 82.33 due to weaker job data in the US and went on to touch 81.92 levels on corporate inflows
 "Rupee, bonds gain ahead of RBI's monetary policy review decision")
RBI to issue new 5-year bond on April 6, seeks to raise Rs 8,000 cr
The Central government has indicated that it wants to mobilise up to Rs 33,000 cr through auction of three securities maturing in 2028, 2033 and 2052
 "RBI to issue new 5-year bond on April 6, seeks to raise Rs 8,000 cr")
REC opens bids for dollar-denominated bonds with initial price guidance
The book-building process would go through the day, when the final coupon rate and quantum would be closed, merchant bankers said
 "REC opens bids for dollar-denominated bonds with initial price guidance")
Bond yields seen rising tracking oil prices; H1 borrowing plan weighs
The yield fell 14 basis points in March, its first monthly fall since November, but rose 48 bps in fiscal 2023, and recorded its third consecutive rise
 "Bond yields seen rising tracking oil prices; H1 borrowing plan weighs")
Banks tier II bond issuance surges 3.5 times in FY23, shows data
The issuance of tier II as well as Tier I bonds was marked by increase in the coupon on instruments reflecting hardening of interest rates and tight liquidity
 "Banks tier II bond issuance surges 3.5 times in FY23, shows data")
Spread between state, Centre bond yields to widen in FY24: Analysts
Citi expects states to borrow around 8.7 trillion rupees, and the crowding out is likely to prompt investors to demand higher returns for state bonds
 "Spread between state, Centre bond yields to widen in FY24: Analysts")
Benchmark G-sec yields close lower at FY23 end vis-a-vis Dec 2022
Shields banks from adverse impact from bond portfolio
 "Benchmark G-sec yields close lower at FY23 end vis-a-vis Dec 2022")
Centre clears 26th tranche of electoral bonds; sale from Monday
Karnataka will for polls on May 10. Votes, as per the Election Commission schedule, will be counted on May 13
 "Centre clears 26th tranche of electoral bonds; sale from Monday")
Punjab National Bank board nod to raise Rs 12,000 cr in capital in FY24
It would raise capital by issuing AT-1 bonds upto Rs 7,000 crore and tier- II Bonds up to Rs 5,000 crore, in one or more tranches
 "Punjab National Bank board nod to raise Rs 12,000 cr in capital in FY24")
Trickle of foreign inflows to bonds may not speed up in next FY: Analysts
Foreign investors have bought government bonds worth Rs 152.50 billion ($1.85 billion) on a net basis since November.
ReNew repays more than $1 billion to offshore bondholders in FY23
The company in a public statement said that over the past financial year, it had refinanced $525 million in the domestic markets ahead of the March 2024 maturity
 "ReNew repays more than $1 billion to offshore bondholders in FY23")
Building urban India
Municipal bonds can play an enabling role
What are municipal bonds, and why do investors prefer them over corp bonds?
Municipal bonds are primarily issued to raise money for financing infrastructure projects like building parks, libraries, schools, police departments and community centres
 "What are municipal bonds, and why do investors prefer them over corp bonds?")
G20 push: Over 30 big cities on list to tap municipal bond market
Surat, Vizag may issue bonds soon as Centre renews urban infra focus
Why debt funds may still score over bank FDs and bonds despite tax parity
Experts feel debt MFs will be more relevant in a falling interest scenario and work well for those who aren't sure about their investment horizon
 "Why debt funds may still score over bank FDs and bonds despite tax parity")
Power Grid Corporation board okays raising Rs 600 crore via bonds
State-owned Power Grid Corporation's board has approved rasing up to Rs 600 crore through bonds to be issued on private placement basis. "Committee of directors for bonds, in their meeting held today i.e. on 24th March, 2023, have approved the raising of unsecured, non-convertible, non-cumulative, redeemable, taxable POWERGRID Bonds-LXXII (72nd) issue 2022-23 on private placement up to Rs 600 crore by securitisation of cash flows of 10 years i.e. till FY 2032-33 of its operational SPV (special purpose vehicle) viz. 'POWERGRID NM Transmission Ltd' (PNMTL)," a BSE filing stated. It showed that the total issue size is Rs 600 crore, which includes base issue size of Rs 100 crore and green shoe option of Rs 500 crore. The bonds will be listed at BSE and/or NSE. Bonds are redeemable at par in 40 equal instalments and interest payment on quarterly basis, it stated.
 "Power Grid Corporation board okays raising Rs 600 crore via bonds")
Finance ministry asks public sector banks to share bond portfolio data
About 60 per cent of banks' investment book is in the HTM portfolio, analysts at Macquarie Research wrote
 "Finance ministry asks public sector banks to share bond portfolio data")
UBS buys back $3-billion bonds in bid to boost investor confidence
UBS is buying the bonds at the price at which they were sold rather than at market prices, which compensates investors after the sell-off earlier this week
 "UBS buys back $3-billion bonds in bid to boost investor confidence")
What are AT1 bonds, and why are Credit Suisse's worth $17 bn now wiped out?
The wipeout of $17 billion worth of AT1 bonds in the UBS-Credit Suisse deal has spooked investors as they now assess if this can happen to their AT1 holdings in other banks as well
 "What are AT1 bonds, and why are Credit Suisse's worth $17 bn now wiped out?")
