Commercial Paper Market – Analysis

In our earlier article we had discussed the commercial paper product covering features, eligible issuer, investors, benefits and so on. The same can be accessed here. In this article we analyze the commercial paper market in India. Volumes : The monthly average issuance volume for the market over the past two years has been approximately INR 2 lakh crores. The commercial paper market touched a high of INR ~ 3 lakh crore issuances in August 2018 (just a month before […]

List of NCD Issuance’ till mid-May – its same old story!

The thirty day window for the fourth and last tranche of TLTRO-1 will close in another one week and its already been more than twenty days since bidding for TLTRO-2 took place, however the NCD issuance data till date (15th May) shows that there hasn’t been any trickle down of capital to lower rated entities yet. Almost rupees thirty thousand crore worth of NCDs have been raised during the first half of May – this excludes the publicly placed NCDs […]

India needs PCG 2.0 and not TLTRO 2.0!

Over the past few days, RBI Governor has been actively engaging with the various industry bodies of the financial sector – NBFCs, MFIs, HFCs, Mutual Fund, IBA ( PSU and Private Banks) to gauge the needs of the stakeholders and also to specifically understand the rationale for lower subscription of TLTRO 2.0. In the below article, we discuss ‘ Why the economy needs Partial Credit Guarantee Scheme (2.0) and not the much publicised TLTRO 2.0 ? ‘ : A. The […]

List of NCD Issuances for April

With the deployment of funds raised by banks under the TLTRO window taking place – April has been an unusually busy month for the Indian Corporate Bond Market witnessing a long list of NCD issuances getting placed. Approximately rupees eighty five thousand crore capital has been raised by thirty six companies across sectors from the market . This excludes the market linked debenture issuance, State Government’ Guaranteed bonds, unrated privately placed NCDs issued by few real estate/infra companies etc.

Is TLTRO 2.0 just another tongue twister for NBFCs ?

TLTRO 1.0 did little to reduce the concerns of the NBFC segment which has been reeling under huge ALM stress. More than 80% of the one lakh crore capital raised by banks under the scheme went to either quasi government entities or to large AAA private corporates. Remaining was absorbed by large manufacturing corporates or large AA rating category NBFCs. Virtually nothing trickled down to smaller financial institutions who have been hit hard by the Covid-19 crisis. TLTRO 2.0 announced […]

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