Monthly Archives: March 2014

Moody’s Teleconference Invitation: Sovereign Strengths Offset External Shocks, 2 April 2014, 830am IST

Moody’s Teleconference

Sovereign Strengths Offset External Shocks China, India, Korea, Indonesia, Thailand, Philippines, Malaysia Wednesday, 2 April 201411:00 Hong Kong / 12:00 Tokyo / 14:00 Sydney

Discussion Items

Strong external payments positions provide a cushion to abrupt changes in capital flows, Low government and foreign-currency debt reduces exposure to market volatility,     Sovereigns with moderately high foreign-currency debt have managed well their exposures and All economies are vulnerable to slower growth in China, tepid recovery in the US and EU

Speakers Tim Osborne, Head of Asia Pacific Communications Tom Byrne, Senior Vice President/Manager, Sovereign Risk Group Christian de Guzman, VP – Senior Analyst The entire session — with prepared remarks and the Q&A — will last about one hour.If you wish to participate, please RSVP early. Dial-in numbers will be provided.

REGISTER HERE  Registration is required.

Replay information will be provided after the teleconference. Submit Questions in Advance

Participants are encouraged to submit questions in advance of the teleconference by clicking here. 

Related Research and Methodologies

Press Release: Moody’s: Recent emerging market volatility is a reminder of Asia’s external exposures, 26 March 2014

Special Comment: External Vulnerabilities, Exposures, Mitigants and Credit Supports25 March 2014  A complete list of Moody’s methodologies may be found here.

Moody’s Teleconference Invitation: Debt Burdens of China’s Provinces Differ Significantly, 3 April 2014, 730AM IST

Moody’s Teleconference Debt Burdens of China’s Provinces Differ Significantly Greater Transparency Indicates Variations in Credit Implications  Thursday, 3 April 2014 10:00 Hong Kong / 11:00 Tokyo / 13:00 Sydney
Discussion Items·

Wide-range of debt burdens among provinces indicates varying credit risk·

Structure of debt sometimes more important than amount·

Provinces adept at responding to central government constraints·

Need for more transparent government bond market accentuated

Speakers : Tim Osborne, Head of Asia Pacific Communications, Debra Roane, Vice President – Senior Credit Officer, Sub Sovereign Group Ivan Chung, Vice President – Senior Credit Officer, Project & Infrastructure Finance Group. The entire session — with prepared remarks and the Q&A — will last about one hour.If you wish to participate, please RSVP early. Dial-in numbers will be provided.  

REGISTER HERE  Registration Is Required.

Replay information will be provided after the teleconference. Submit Questions in AdvanceParticipants are encouraged to submit questions in advance of the teleconference by clickinghere. 

Press Release: Moody’s: New data shows China’s provinces debt burdens vary widely, 25 March 2014 ·

Special Comment: Debt Burdens of Chinese Provinces Reveal Wide-ranging Credit Risk, 25 March 2014  A complete list of Moody’s methodologies may be found here.

S&P – A Waning Economic Tide May Expose Hazards For Weaker Asia-Pacific Banks In 2014

If a rising tide lifts all boats, it remains to be seen how a falling tide might affect Asia-Pacific’s banking sector. Standard & Poor’s Ratings Services believes financial institutions in the Asia-Pacific region may face more hurdles in 2014 after relatively resilient years because softer economic growth and wary financial markets will likely weigh on their asset quality. Although we see GDP growth in Asia-Pacific improving slightly to 5.4% from 5.3% in 2013, slower growth and tightening monetary conditions in China could have spillover effects on markets including Indonesia, Australia, Taiwan, Korea, and Hong Kong. In addition, the Federal Reserve–the monetary authority in the U.S.–will likely continue tapering its quantitative easing program, and this could lead to more volatile foreign exchange and interest rates.

Read more at https://ratings.standardandpoors.com/financial-institutions/2014-Asia-Pacific-Bank-Outlook.html?sp_mid=30050&sp_rid=22560

Asia Bond Monitor – March 2014: Percentage of Outstanding Corporate Bonds

In 2013, the region sold a record $141.5 billion of bonds denominated in US dollars, yen, and euros, of which $128.4 billion were issued by the region’s companies. Depreciation in home currencies would mean higher debt servicing costs at a time when the domestic economy is also likely to be weaker.

Read more at http://www.adb.org/features/asia-bond-monitor-march-2014-percentage-outstanding-corporate-bonds

RBI Seeks Feedback on Concept Paper on Trade Receivables and Credit Exchange for Financing MSMEs

The Reserve Bank of India has today sought feedback on the Concept Paper on Trade Receivables and Credit Exchange for Financing Micro, Small and Medium Enterprises (MSMEs). Comments may be emailed or sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001 on or before April 20, 2014. The concept paper is available on RBI website (www.rbi.org.in).

Background:

Given the potential of MSMEs in unlocking growth, employment and inclusion in the economy and society, there is a pressing need to address concerns related to financing of this segment.

Despite efforts on multiple fronts as well as enabling legal and regulatory provisions, the MSME segment continues to be belabored with the problem of delayed payments and dependency on their corporate buyer/s.

The matter has been addressed in the reports of the Committee on Financial Sector Reforms (2008) as well as the Working Group on Securitisation of Trade Receivables (2009). The reports had recommended having an institutional infrastructure for creating necessary liquidity for trade receivables through a mechanism of efficient and cost effective factoring / reverse factoring process. The statement made by the Governor on September 04, 2013 regarding facilitation of Electronic Bill Factoring Exchanges in the country, has drawn the attention of many stakeholders in the country in offering their expertise and experience in this area to facilitate building of suitable infrastructure for MSME financing.

This concept paper has been prepared taking into account the interest expressed by few entities and in consultation with a few stakeholders. The model outlined in the paper envisages both, primary market segment (in which invoices first undergo a reverse factoring process to enable the first level of financing to the MSMEs) as well as a secondary market segment (where the financiers of the primary segment get an opportunity to trade these invoices).

It is also imperative to understand and address the many issues and challenges outlined through wider consultation process.  To this end, the Reserve Bank has sought views on the concept paper on Trade Receivables and Credit Exchange in the country. Specific and actionable feedback would be highly valued.

Alpana Killawala
Principal Chief  General Manager

Press Release : 2013-2014/1844

Moody’s Teleconference : Covered Bonds: An Asia Pacific Market Update, March 26, 1130am IST

Moody’s Teleconference
Covered Bonds: An Asia Pacific Market Update
Wednesday, 26 March 2014
14:00 Hong Kong / 15:00 Tokyo / 17:00 Sydney
Discussion Items
  • Asia: Market developments and regulatory environment
  • Australia & New Zealand: Performance & outlook
  • New global methodology: Impact globally & in the region
Speakers
Kei Kitayama, Managing Director, Head of Asia Pacific Structured Finance Ratings
Jane Soldera, Vice President – Senior Credit Officer
Jennifer Wu, Vice President – Senior Credit Officer
Joe Wong, Assistant Vice President – Analyst

The entire session — with prepared remarks and the Q&A — will last about one hour.
If you wish to participate, please RSVP early. Dial-in numbers will be provided.

 

REGISTER HERE

 

Registration Is Required.

Replay information will be provided after the teleconference.
 
 
Submit Questions in Advance
Participants are encouraged to submit questions in advance of the teleconference by
clicking here.
 
 
Related Research and Methodologies
 
·         Press Release: Moody’s updates methodology approach for rating covered bonds, 12 March 2014
 
·         Rating Methodology: Moody’s Approach to Rating Covered Bonds, 12 March 2014
A complete list of Moody’s methodologies may be found here.

S&P – EBITDA: It’s All In The Definition

Earnings before interest, taxes, depreciation, and amortization (EBITDA) is a common measure used in financial analysis and many companies report it when presenting financial information. However, neither U.S. generally accepted accounting principles (GAAP) nor International Financial Reporting Standards (IFRS) define how companies should calculate EBITDA, which makes it a non-GAAP measure. This lack of standards leads to incomparability among peer companies, which presents challenges to users of financial information. Additionally, EBITDA may exclude a number of costs and cash flows and, therefore, can sometimes paint an overly rosy picture of a company’s performance. Despite the potential variability, the SEC allows companies to report non-GAAP measures but places restrictions on their use and presentation. To protect investors, the SEC requires companies to provide reconciliations of their non-GAAP measures to the nearest GAAP measure. The risks and limitations contribute to how we calculate and use this popular, yet enigmatic, measure.

Read full article at https://www.globalcreditportal.com/ratingsdirect/renderArticle.do?articleId=1260262&SctArtId=215666&from=CM&nsl_code=LIME

 

Reimagining India: A conversation with Yasheng Huang

MIT Sloan School of Management professor Yasheng Huang warns of the dangers of India’s reliance on the IT sector for economic growth, calling for regulatory reforms and greater investment in basic services

See entire conversation at http://www.mckinsey.com/Insights/Asia-Pacific/Reimagining_India_A_conversation_with_Yasheng_Huang?cid=reimagining_india-eml-alt-mip-mck-oth-1311

Asian Development Outlook Forecast Skill

The Asian Development Outlook (ADO) provides growth and inflation forecasts for more than 40 economies in the region. This paper assesses the accuracy of those forecasts against actual outcomes for the years from 2008 to 2011. The World Economic Outlook (WEO) forecasts by the International Monetary Fund are used as a benchmark against which to derive a comparative measure of the accuracy of ADO forecasts, or skill.

ADO is found to be ‘more skillful’ than WEO in estimating both current-year gross domestic product (GDP) growth and consumer price index (CPI) inflation of Asian economies. WEO may have an edge over ADO when it comes to year-ahead GDP forecasts, while ADO’s inflation forecasts tend to be more accurate. By and large, and notwithstanding much heterogeneity across economies and years, both sets of forecasts display a high degree of inaccuracy during the crisis years.

Download the full book at http://www.adb.org/sites/default/files/pub/2014/ewp-386.pdf

Credit Portfolio Modeling Handbook

Credit risk has been in the headlines for the last few years. The volatility in the credit
market a few years ago and the turmoil surrounding the major defaults of Enron,
WorldCom and Marconi have forced credit investors to pay close attention to risk and
reward. But despite these, the appetite for credit risk has not diminished, and historically
low interest rates have made investors turn to credit to provide extra return. Every year
the credit derivatives and structured credit markets have grown at a great pace.
According to the British Bankersí Association survey published at the end of September
2004, total outstanding notionals of credit derivatives have jumped during the first half of
2004 from $3.55 trillion at the end of 2003 to $5.02 trillion, and are predicted to surpass
the $8.2 trillion mark by 2006.
The volatility in the investment grade market in 2002 also forced dealers and end-users
to develop analytics to support their investment decisions, as it was found that the
traditional rating and fundamental research proved insufficient to evaluate credit risk.
This has resulted in an increased interest in credit risk modeling in the academic world,
and only recently these techniques are being implemented in real-world applications.

Download on https://www.credit-suisse.com/investment_banking/platforms_applications/doc/credit_portfolio_modeling.pdf

World Bank : International Debt Statistics 2013

International Debt Statistics (IDS) presents data and analysis information on the external debt of developing countries for 2011, based on actual flows and debt related transactions reported to the World Bank Debtor Reporting System (DRS) by 128 developing countries. It replaces Global Development Finance, which has been discontinued, and provides users with comprehensive stock and flow data on the external debt of individual developing countries and or regional and analytical groupings. As a service to users international debt statistics also set debt flows within the broader framework of aggregate net capital flows (debt and equity) to developing countries and includes a summary analysis of trends in 2011. The remainder of the overview is organized as follows. Section one analyze the key factors driving the evolution of developing countries’ debt stocks and flows in 2011. Section two describes recent trends in external debt flows to developing countries, including the financing pattern of different categories of creditors and the concentration of flows in specific countries and country groups. Section three examines the remarkable growth of private nonguaranteed debt over the course of the decade and the parallel diversification of borrowing instruments available to developing countries’ private sector borrowers. Section four assesses the level of developing countries’ external debt, measured in relation to key macroeconomic variables, notably Gross National Income (GNI) and export earnings. Section five summarizes trends in aggregate net capital flows, debt and equity, to developing countries in 2011. Section six distills the main messages for 2011 and the first half of 2012 from the information reported to Quarterly External Debt Statistics (QEDS) and Public Sector Debt (PSD) databases for developing and high income countries. Annex A provides users with a short overview of the coverage and content of the QEDS and PSD databases and annex B summarizes trends in lending by the World Bank (IBRD and IDA) in 2011.

Download full report at  https://openknowledge.worldbank.org/bitstream/handle/10986/12226/NonAsciiFileName0.pdf?sequence=1

https://openknowledge.worldbank.org/handle/10986/12226

Examining Emerging Market FX Contagion: It was all about Relative Risk-adjusted Performance

A large number of emerging markets currencies declined en masse during the period from 30 April 2013 through 31 January 2014, with many observers applying the moniker of contagion.  Over the whole period many emerging market currencies were clustered in the range of losing between 9% and 22% of their value against the US dollar, with a few remaining stable, and some losing much more.

– See more at: http://www.indexologyblog.com/2014/03/05/examining-emerging-market-fx-contagion-it-was-all-about-relative-risk-adjusted-performance

 

SEBI : Data for Public issues of Non-convertible Debenture since 2008

SEBI has issued the data for NCD issued in last five years. See the increase in size of the market over last few years from 1500 crores to over 34000 crores in this year. This is just retail bonds issued and doesn’t include corporate debt in the market. Also see the ultimate size of the issues is usually more vs. base size indicating the growing investor appetite for the bonds and hence the need for credit skilled professionals to analyze the same and advise the clients

http://www.sebi.gov.in/cms/sebi_data/attachdocs/1389245896704.html

Public issues of Non-convertible Debenture
2008-09
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 Tata Capital Limited 2-Feb-09 24-Feb-09 500.00 1500.00
Total 1500.00
2009-10
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 Shriram Transport Finance Company Limited 27-Jul-09 14-Aug-09 500.00 1000.00
2 L&T Finance Limited 18-Aug-09 4-Sep-09 500.00 1000.00
3 L&T Finance Limited 9-Feb-10 22-Feb-10 250.00 500.00
Total 2500.00
2010-11
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 Shriram Transport Finance Company Limited 17-May-10 22-May-10 250.00 500.00
2 Infrastructure Development Finance Company Limited (Tranche 1) 30-Sep-10 22-Oct-10 3400.00 484.31
3 L&T Infrastructure Finance Company Limited 15-Oct-10 15-Nov-10 200.00 260.75
4 State Bank of India 18-Oct-10 25-Oct-10 500.00 1000.00
5 Infrastructure Development Finance Company Limited (Tranche 2) 17-Jan-11 4-Feb-11 2928.96 757.29
6 India Infrastructure Finance Company Limited (Tranche-1) 4-Feb-11 16-Mar-11 1200.00 93.04
7 L&T Infrastructure Finance Company Limited 7-Feb-11 4-Mar-11 100.00 400.00
8 State Bank of India (Tranche-1) 21-Feb-11 28-Feb-11 1000.00 5496.99
9 Power Finance Corporation Limited – Tranche 1 24-Feb-11 22-Mar-11 5300.00 235.36
10 Infrastructure Development Finance Company Limited (Tranche 3) 28-Feb-11 21-Mar-11 2171.67 223.43
Total 9451.17
2011-12
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 Shriram Transport Finance Company Limited 27-Jun-11 29-Jun-11 500.00 999.99
2 India Infoline Investment Services Limited 4-Aug-11 8-Aug-11 375.00 750.00
3 Shriram City Union Finance Limited 11-Aug-11 13-Aug-11 375.00 750.00
4 Muthoot Finance Limited 23-Aug-11 5-Sep-11 500.00 693.28
5 Mannapuram Finance 18-Aug-11 5-Sep-11 400.00 441.61
6 Religare Finvest Limited 9-Sep-11 13-Sep-11 400.00 753.80
7 Power Finance Corporation Limited – Tranche 1 29-Sep-11 4-Nov-11 200.00 95.64
8 Infrastructure Development Finance Company Limited (Tranche 1) 21-Nov-11 16-Dec-11 5000.00 532.62
9 L&T Infrastructure Finance Company Limited – Tranche 1 25-Nov-11 24-Dec-11 1100.00 529.41
10 Muthoot Finance Limited- Tranche 1 22-Dec-11 7-Jan-12 600.00 459.32
11 National Highway Authority of India 28-Dec-11 11-Jan-12 5000.00 10000.00
12 Srei Infrastructure Finance Limited 31-Dec-11 6-Mar-12 500.00 24.88
13 Power Finance Corporation Limited – Tranche 1 30-Dec-11 16-Jan-12 1000.00 4033.13
14 Infrastructure Development Finance Company Limited (Tranche 2) 11-Jan-12 5-Mar-12 4400.00 675.67
15 L&T Infrastructure Finance Company Limited (Tranche -2) 10-Jan-12 12-Mar-12 300.00 478.84
16 Indian Railways Finance Corporation Limited 27-Jan-12 3-Feb-12 3000.00 6268.89
17 Housing and Urban Development Corporation Limited 27-Jan-12 10-Feb-12 2000.00 4684.72
18 Muthoot Finance Limited 2-Mar-12 9-Apr-12 250.00 259.75
19 Rural Electrification Corporation Limited 6-Mar-12 12-Mar-12 1500.00 3000.00
20 Infrastructure Development Finance Company Limited (Tranche -3) 19-Mar-12 30-Mar-12 3700.00 179.16
Total 35610.71
2012-13
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 Shriram Transport Finance Company Limited 26-Jul-12 31-Jul-12 300.00 600.00
2 India Infoline Finance Limited 5-Sep-12 7-Sep-12 250.00 500.00
3 Shriram City Union finance Limited 12-Sep-12 26-Sep-12 250.00 433.60
4 Religare Finvest Limited 14-Sep-12 27-Sep-12 250.00 332.05
5 Muthoot Finance Limited 17-Sep-12 22-Oct-12 250.00 274.94
6 Srei Infrastructure Finance Limited 20-Sep-12 25-Oct-12 75.00 76.79
7 Rural Electrification Corporation Limited 3-Dec-12 10-Dec-12 1000.00 2017.35
8 Power Finance Corporation Limited 14-Dec-12 27-Dec-12 1000.00 699.75
9 India Infrastructure Finance Company Limited 26-Dec-12 11-Jan-13 1500.00 2883.87
10 Housing and Urban Development Corporation Limited 9-Jan-13 7-Feb-13 750.00 2194.34
11 Indian Railways Finance Corporation Limited 21-Jan-13 8-Feb-13 1000.00 5373.39
12 Indian Railways Finance Corporation Limited – Tranche 2 25-Feb-13 15-Mar-13 1000.00 429.05
13 National Housing Bank 11-Mar-13 18-Mar-13 3750.00 196.23
14 Housing and Urban Development Corporation Limited – Tranche 2 21-Feb-13 18-Mar-13 500.00 207.01
15 Rural Electrification Corporation Limited- Tranche 2 25-Feb-13 18-Mar-13 100.00 131.06
16 India Infrastructure Finance Company Limited – Tranche 2 25-Feb-13 18-Mar-13 200.00 272.44
17 Ennore Port Limited 28-Feb-13 19-Mar-13 500.00 94.64
18 Jawaharlal Nehru Port Trust 11-Mar-13 19-Mar-13 500.00 41.31
19 Dredging Corporation of India Limited 7-Mar-13 19-Mar-13 500.00 58.87
20 Power Finance Corporation Limited – Tranche 2 18-Feb-13 19-Mar-13 100.00 165.36
Total 16982.05
2013-14
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 SREI Infrastructure Finance Limited 4-Apr-13 25-Apr-13 75.00 133.70
2 Shriram Transport Finance Company Limited 16-Jul-13 24-Jul-13 375.00 735.89
3 SREI Infrastructure Finance Limited 26-Aug-13 17-Sep-13 100.00 102.64
4 Rural Electrification Corporation Limited 30-Aug-13 16-Sep-13 1000.00 3440.60
5 Muthoot Finance Limited 2-Sep-13 16-Sep-13 150.00 300.00
6 India Infoline Finance Limited 17-Sep-13 23-Sep-13 525.00 1050.00
7 Housing and Urban Development Corporation Limited 17-Sep-13 14-Oct-13 750.00 2370.00
8 India Infrastructure Finance Company Limited 3-Oct-13 31-Oct-13 500.00 1213.00
9 Shriram Transport Finance Company Limited 7-Oct-13 14-Oct-13 250.00 500.00
10 Power Finance Corporation Limited 14-Oct-13 5-Nov-13 750.00 3875.90
11 NHPC Limited 18-Oct-13 23-Oct-13 500.00 1000.00
12 Muthoot Finance Limited 18-Nov-13 25-Nov-13 150.00 300.00
13 Shriram City Union  Finance  Limited 25-Nov-13 24-Dec-13 100.00 153.61
14 Housing and Urban Development Corporation Limited 2-Dec-13 3-Jan-14 500.00 2153.39
15 NTPC Limited 3-Dec-13 16-Dec-13 1000.00 1750.00
16 India Infrastructure Finance Company Limited 9-Dec-13 10-Jan-14 1000.00 3000.00
17 India Infoline Housing Finance Limited 12-Dec-13 18-Dec-13 250.00 500.00
18 Muthoot Finance Limited 27-Dec-13 27-Jan-14 250.00 500.00
19 National Housing Bank 30-Dec-13 1-Jan-14 1000.00 2100.00
20 Manappuram Finance Limited 30-Dec-13 17-Jan-14 100.00 200.00
21 SREI Infrastructure Finance Limited 30-Dec-13 31-Jan-14 100.00 100.00
22 National Highways Authority of India 15-Jan-14 27-Jan-14 1000.00 3698.40
23 ECL Finance Limited 16-Jan-14 20-Jan-14 250.00 500.00
24 Indian Railways Finance Corporation Limited 6-Jan-14 7-Feb-14 1500.00 4164.94#
Total 33842.07#
* – Final Issue Size includes Base issue plus Oversubscriptions (if any) as per the prospectus
#-As per Initial Post Issue Report
Public issues of Non-convertible Debenture
2008-09
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 Tata Capital Limited 2-Feb-09 24-Feb-09 500.00 1500.00
Total 1500.00
2009-10
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 Shriram Transport Finance Company Limited 27-Jul-09 14-Aug-09 500.00 1000.00
2 L&T Finance Limited 18-Aug-09 4-Sep-09 500.00 1000.00
3 L&T Finance Limited 9-Feb-10 22-Feb-10 250.00 500.00
Total 2500.00
2010-11
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 Shriram Transport Finance Company Limited 17-May-10 22-May-10 250.00 500.00
2 Infrastructure Development Finance Company Limited (Tranche 1) 30-Sep-10 22-Oct-10 3400.00 484.31
3 L&T Infrastructure Finance Company Limited 15-Oct-10 15-Nov-10 200.00 260.75
4 State Bank of India 18-Oct-10 25-Oct-10 500.00 1000.00
5 Infrastructure Development Finance Company Limited (Tranche 2) 17-Jan-11 4-Feb-11 2928.96 757.29
6 India Infrastructure Finance Company Limited (Tranche-1) 4-Feb-11 16-Mar-11 1200.00 93.04
7 L&T Infrastructure Finance Company Limited 7-Feb-11 4-Mar-11 100.00 400.00
8 State Bank of India (Tranche-1) 21-Feb-11 28-Feb-11 1000.00 5496.99
9 Power Finance Corporation Limited – Tranche 1 24-Feb-11 22-Mar-11 5300.00 235.36
10 Infrastructure Development Finance Company Limited (Tranche 3) 28-Feb-11 21-Mar-11 2171.67 223.43
Total 9451.17
2011-12
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 Shriram Transport Finance Company Limited 27-Jun-11 29-Jun-11 500.00 999.99
2 India Infoline Investment Services Limited 4-Aug-11 8-Aug-11 375.00 750.00
3 Shriram City Union Finance Limited 11-Aug-11 13-Aug-11 375.00 750.00
4 Muthoot Finance Limited 23-Aug-11 5-Sep-11 500.00 693.28
5 Mannapuram Finance 18-Aug-11 5-Sep-11 400.00 441.61
6 Religare Finvest Limited 9-Sep-11 13-Sep-11 400.00 753.80
7 Power Finance Corporation Limited – Tranche 1 29-Sep-11 4-Nov-11 200.00 95.64
8 Infrastructure Development Finance Company Limited (Tranche 1) 21-Nov-11 16-Dec-11 5000.00 532.62
9 L&T Infrastructure Finance Company Limited – Tranche 1 25-Nov-11 24-Dec-11 1100.00 529.41
10 Muthoot Finance Limited- Tranche 1 22-Dec-11 7-Jan-12 600.00 459.32
11 National Highway Authority of India 28-Dec-11 11-Jan-12 5000.00 10000.00
12 Srei Infrastructure Finance Limited 31-Dec-11 6-Mar-12 500.00 24.88
13 Power Finance Corporation Limited – Tranche 1 30-Dec-11 16-Jan-12 1000.00 4033.13
14 Infrastructure Development Finance Company Limited (Tranche 2) 11-Jan-12 5-Mar-12 4400.00 675.67
15 L&T Infrastructure Finance Company Limited (Tranche -2) 10-Jan-12 12-Mar-12 300.00 478.84
16 Indian Railways Finance Corporation Limited 27-Jan-12 3-Feb-12 3000.00 6268.89
17 Housing and Urban Development Corporation Limited 27-Jan-12 10-Feb-12 2000.00 4684.72
18 Muthoot Finance Limited 2-Mar-12 9-Apr-12 250.00 259.75
19 Rural Electrification Corporation Limited 6-Mar-12 12-Mar-12 1500.00 3000.00
20 Infrastructure Development Finance Company Limited (Tranche -3) 19-Mar-12 30-Mar-12 3700.00 179.16
Total 35610.71
2012-13
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 Shriram Transport Finance Company Limited 26-Jul-12 31-Jul-12 300.00 600.00
2 India Infoline Finance Limited 5-Sep-12 7-Sep-12 250.00 500.00
3 Shriram City Union finance Limited 12-Sep-12 26-Sep-12 250.00 433.60
4 Religare Finvest Limited 14-Sep-12 27-Sep-12 250.00 332.05
5 Muthoot Finance Limited 17-Sep-12 22-Oct-12 250.00 274.94
6 Srei Infrastructure Finance Limited 20-Sep-12 25-Oct-12 75.00 76.79
7 Rural Electrification Corporation Limited 3-Dec-12 10-Dec-12 1000.00 2017.35
8 Power Finance Corporation Limited 14-Dec-12 27-Dec-12 1000.00 699.75
9 India Infrastructure Finance Company Limited 26-Dec-12 11-Jan-13 1500.00 2883.87
10 Housing and Urban Development Corporation Limited 9-Jan-13 7-Feb-13 750.00 2194.34
11 Indian Railways Finance Corporation Limited 21-Jan-13 8-Feb-13 1000.00 5373.39
12 Indian Railways Finance Corporation Limited – Tranche 2 25-Feb-13 15-Mar-13 1000.00 429.05
13 National Housing Bank 11-Mar-13 18-Mar-13 3750.00 196.23
14 Housing and Urban Development Corporation Limited – Tranche 2 21-Feb-13 18-Mar-13 500.00 207.01
15 Rural Electrification Corporation Limited- Tranche 2 25-Feb-13 18-Mar-13 100.00 131.06
16 India Infrastructure Finance Company Limited – Tranche 2 25-Feb-13 18-Mar-13 200.00 272.44
17 Ennore Port Limited 28-Feb-13 19-Mar-13 500.00 94.64
18 Jawaharlal Nehru Port Trust 11-Mar-13 19-Mar-13 500.00 41.31
19 Dredging Corporation of India Limited 7-Mar-13 19-Mar-13 500.00 58.87
20 Power Finance Corporation Limited – Tranche 2 18-Feb-13 19-Mar-13 100.00 165.36
Total 16982.05
2013-14
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 SREI Infrastructure Finance Limited 4-Apr-13 25-Apr-13 75.00 133.70
2 Shriram Transport Finance Company Limited 16-Jul-13 24-Jul-13 375.00 735.89
3 SREI Infrastructure Finance Limited 26-Aug-13 17-Sep-13 100.00 102.64
4 Rural Electrification Corporation Limited 30-Aug-13 16-Sep-13 1000.00 3440.60
5 Muthoot Finance Limited 2-Sep-13 16-Sep-13 150.00 300.00
6 India Infoline Finance Limited 17-Sep-13 23-Sep-13 525.00 1050.00
7 Housing and Urban Development Corporation Limited 17-Sep-13 14-Oct-13 750.00 2370.00
8 India Infrastructure Finance Company Limited 3-Oct-13 31-Oct-13 500.00 1213.00
9 Shriram Transport Finance Company Limited 7-Oct-13 14-Oct-13 250.00 500.00
10 Power Finance Corporation Limited 14-Oct-13 5-Nov-13 750.00 3875.90
11 NHPC Limited 18-Oct-13 23-Oct-13 500.00 1000.00
12 Muthoot Finance Limited 18-Nov-13 25-Nov-13 150.00 300.00
13 Shriram City Union  Finance  Limited 25-Nov-13 24-Dec-13 100.00 153.61
14 Housing and Urban Development Corporation Limited 2-Dec-13 3-Jan-14 500.00 2153.39
15 NTPC Limited 3-Dec-13 16-Dec-13 1000.00 1750.00
16 India Infrastructure Finance Company Limited 9-Dec-13 10-Jan-14 1000.00 3000.00
17 India Infoline Housing Finance Limited 12-Dec-13 18-Dec-13 250.00 500.00
18 Muthoot Finance Limited 27-Dec-13 27-Jan-14 250.00 500.00
19 National Housing Bank 30-Dec-13 1-Jan-14 1000.00 2100.00
20 Manappuram Finance Limited 30-Dec-13 17-Jan-14 100.00 200.00
21 SREI Infrastructure Finance Limited 30-Dec-13 31-Jan-14 100.00 100.00
22 National Highways Authority of India 15-Jan-14 27-Jan-14 1000.00 3698.40
23 ECL Finance Limited 16-Jan-14 20-Jan-14 250.00 500.00
24 Indian Railways Finance Corporation Limited 6-Jan-14 7-Feb-14 1500.00 4083.12
Total 33760.25
* – Final Issue Size includes Base issue plus Oversubscriptions (if any) as per the prospectus
#-As per Initial Post Issue Report
Public issues of Non-convertible Debenture
2008-09
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 Tata Capital Limited 2-Feb-09 24-Feb-09 500.00 1500.00
Total 1500.00
2009-10
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 Shriram Transport Finance Company Limited 27-Jul-09 14-Aug-09 500.00 1000.00
2 L&T Finance Limited 18-Aug-09 4-Sep-09 500.00 1000.00
3 L&T Finance Limited 9-Feb-10 22-Feb-10 250.00 500.00
Total 2500.00
2010-11
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 Shriram Transport Finance Company Limited 17-May-10 22-May-10 250.00 500.00
2 Infrastructure Development Finance Company Limited (Tranche 1) 30-Sep-10 22-Oct-10 3400.00 484.31
3 L&T Infrastructure Finance Company Limited 15-Oct-10 15-Nov-10 200.00 260.75
4 State Bank of India 18-Oct-10 25-Oct-10 500.00 1000.00
5 Infrastructure Development Finance Company Limited (Tranche 2) 17-Jan-11 4-Feb-11 2928.96 757.29
6 India Infrastructure Finance Company Limited (Tranche-1) 4-Feb-11 16-Mar-11 1200.00 93.04
7 L&T Infrastructure Finance Company Limited 7-Feb-11 4-Mar-11 100.00 400.00
8 State Bank of India (Tranche-1) 21-Feb-11 28-Feb-11 1000.00 5496.99
9 Power Finance Corporation Limited – Tranche 1 24-Feb-11 22-Mar-11 5300.00 235.36
10 Infrastructure Development Finance Company Limited (Tranche 3) 28-Feb-11 21-Mar-11 2171.67 223.43
Total 9451.17
2011-12
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 Shriram Transport Finance Company Limited 27-Jun-11 29-Jun-11 500.00 999.99
2 India Infoline Investment Services Limited 4-Aug-11 8-Aug-11 375.00 750.00
3 Shriram City Union Finance Limited 11-Aug-11 13-Aug-11 375.00 750.00
4 Muthoot Finance Limited 23-Aug-11 5-Sep-11 500.00 693.28
5 Mannapuram Finance 18-Aug-11 5-Sep-11 400.00 441.61
6 Religare Finvest Limited 9-Sep-11 13-Sep-11 400.00 753.80
7 Power Finance Corporation Limited – Tranche 1 29-Sep-11 4-Nov-11 200.00 95.64
8 Infrastructure Development Finance Company Limited (Tranche 1) 21-Nov-11 16-Dec-11 5000.00 532.62
9 L&T Infrastructure Finance Company Limited – Tranche 1 25-Nov-11 24-Dec-11 1100.00 529.41
10 Muthoot Finance Limited- Tranche 1 22-Dec-11 7-Jan-12 600.00 459.32
11 National Highway Authority of India 28-Dec-11 11-Jan-12 5000.00 10000.00
12 Srei Infrastructure Finance Limited 31-Dec-11 6-Mar-12 500.00 24.88
13 Power Finance Corporation Limited – Tranche 1 30-Dec-11 16-Jan-12 1000.00 4033.13
14 Infrastructure Development Finance Company Limited (Tranche 2) 11-Jan-12 5-Mar-12 4400.00 675.67
15 L&T Infrastructure Finance Company Limited (Tranche -2) 10-Jan-12 12-Mar-12 300.00 478.84
16 Indian Railways Finance Corporation Limited 27-Jan-12 3-Feb-12 3000.00 6268.89
17 Housing and Urban Development Corporation Limited 27-Jan-12 10-Feb-12 2000.00 4684.72
18 Muthoot Finance Limited 2-Mar-12 9-Apr-12 250.00 259.75
19 Rural Electrification Corporation Limited 6-Mar-12 12-Mar-12 1500.00 3000.00
20 Infrastructure Development Finance Company Limited (Tranche -3) 19-Mar-12 30-Mar-12 3700.00 179.16
Total 35610.71
2012-13
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 Shriram Transport Finance Company Limited 26-Jul-12 31-Jul-12 300.00 600.00
2 India Infoline Finance Limited 5-Sep-12 7-Sep-12 250.00 500.00
3 Shriram City Union finance Limited 12-Sep-12 26-Sep-12 250.00 433.60
4 Religare Finvest Limited 14-Sep-12 27-Sep-12 250.00 332.05
5 Muthoot Finance Limited 17-Sep-12 22-Oct-12 250.00 274.94
6 Srei Infrastructure Finance Limited 20-Sep-12 25-Oct-12 75.00 76.79
7 Rural Electrification Corporation Limited 3-Dec-12 10-Dec-12 1000.00 2017.35
8 Power Finance Corporation Limited 14-Dec-12 27-Dec-12 1000.00 699.75
9 India Infrastructure Finance Company Limited 26-Dec-12 11-Jan-13 1500.00 2883.87
10 Housing and Urban Development Corporation Limited 9-Jan-13 7-Feb-13 750.00 2194.34
11 Indian Railways Finance Corporation Limited 21-Jan-13 8-Feb-13 1000.00 5373.39
12 Indian Railways Finance Corporation Limited – Tranche 2 25-Feb-13 15-Mar-13 1000.00 429.05
13 National Housing Bank 11-Mar-13 18-Mar-13 3750.00 196.23
14 Housing and Urban Development Corporation Limited – Tranche 2 21-Feb-13 18-Mar-13 500.00 207.01
15 Rural Electrification Corporation Limited- Tranche 2 25-Feb-13 18-Mar-13 100.00 131.06
16 India Infrastructure Finance Company Limited – Tranche 2 25-Feb-13 18-Mar-13 200.00 272.44
17 Ennore Port Limited 28-Feb-13 19-Mar-13 500.00 94.64
18 Jawaharlal Nehru Port Trust 11-Mar-13 19-Mar-13 500.00 41.31
19 Dredging Corporation of India Limited 7-Mar-13 19-Mar-13 500.00 58.87
20 Power Finance Corporation Limited – Tranche 2 18-Feb-13 19-Mar-13 100.00 165.36
Total 16982.05
2013-14
Sr. No. Name of company Issue opened on Issue closed on Base issue size Rs Cr Final Issue size Rs Cr*
1 SREI Infrastructure Finance Limited 4-Apr-13 25-Apr-13 75.00 133.70
2 Shriram Transport Finance Company Limited 16-Jul-13 24-Jul-13 375.00 735.89
3 SREI Infrastructure Finance Limited 26-Aug-13 17-Sep-13 100.00 102.64
4 Rural Electrification Corporation Limited 30-Aug-13 16-Sep-13 1000.00 3440.60
5 Muthoot Finance Limited 2-Sep-13 16-Sep-13 150.00 300.00
6 India Infoline Finance Limited 17-Sep-13 23-Sep-13 525.00 1050.00
7 Housing and Urban Development Corporation Limited 17-Sep-13 14-Oct-13 750.00 2370.00
8 India Infrastructure Finance Company Limited 3-Oct-13 31-Oct-13 500.00 1213.00
9 Shriram Transport Finance Company Limited 7-Oct-13 14-Oct-13 250.00 500.00
10 Power Finance Corporation Limited 14-Oct-13 5-Nov-13 750.00 3875.90
11 NHPC Limited 18-Oct-13 23-Oct-13 500.00 1000.00
12 Muthoot Finance Limited 18-Nov-13 25-Nov-13 150.00 300.00
13 Shriram City Union  Finance  Limited 25-Nov-13 24-Dec-13 100.00 153.61
14 Housing and Urban Development Corporation Limited 2-Dec-13 3-Jan-14 500.00 2153.39
15 NTPC Limited 3-Dec-13 16-Dec-13 1000.00 1750.00
16 India Infrastructure Finance Company Limited 9-Dec-13 10-Jan-14 1000.00 3000.00
17 India Infoline Housing Finance Limited 12-Dec-13 18-Dec-13 250.00 500.00
18 Muthoot Finance Limited 27-Dec-13 27-Jan-14 250.00 500.00
19 National Housing Bank 30-Dec-13 1-Jan-14 1000.00 2100.00
20 Manappuram Finance Limited 30-Dec-13 17-Jan-14 100.00 200.00
21 SREI Infrastructure Finance Limited 30-Dec-13 31-Jan-14 100.00 100.00
22 National Highways Authority of India 15-Jan-14 27-Jan-14 1000.00 3698.40
23 ECL Finance Limited 16-Jan-14 20-Jan-14 250.00 500.00
24 Indian Railways Finance Corporation Limited 6-Jan-14 7-Feb-14 1500.00 4083.12
25 Indian Renewable Energy Development Agency Limited 17-Feb-14 4-Mar-14 500.00 736.11#
Total 34496.36#
* – Final Issue Size includes Base issue plus Oversubscriptions (if any) as per the prospectus
#-As per Initial Post Issue Report

S&P Q&A: Global Corporate Issuers Face $8.3 Trillion In Debt Maturities Through Year-End 2017

Standard & Poor’s Global Fixed Income Research recently conducted a study to analyze global corporate refunding needs over the next few years. The following are some of the questions we addressed. (Watch the related CreditMatters TV segment titled, “Global Credit Markets Face $8.3 Trillion In Maturing Rated Corporate Debt Through 2017,” dated June 6, 2013.)

Read more at https://www.globalcreditportal.com/ratingsdirect/renderArticle.do?articleId=1141866&SctArtId=205051&from=CM&nsl_code=CMTSE&sp_mid=26453&sp_rid=22560

DBS SME Webinar on Mar 12, 3pm IST – How to raise Bank Funds

 

 

 

 

 

 

 

‘Knowing is Growing’ is a webinar series by DBS especially aimed at sharing its progressive approach to the latest information around us, and to partner the business leaders in evolving useful perspectives. The webinars are an Indian series and focussed on economic, entrepreneurial, and sectoral issues that impact industry, especially from an SME angle. The objective is to foster an illuminating discussion which is useful to the invitees, who are business decision-makers.

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The login info is attached. Please dial on 022-3940 6000, Pin 2996754#

Google Link to see Webinar : https://plus.google.com/u/0/events/cnccu12lick9tlsmgt7v4051nik