Mumbai: Reliance Industries Ltd (RIL<\/a>) is in talks with banks to raise as much as ₹10,000 crore in a bond sale<\/a> this week, equivalent to about a tenth of the special funding facility provided by the regulator, underscoring the possibility of top-rated and state-run companies picking up most of the amount. 中型企业和非银行金融公司(nbfc)担心,很大一部分要去大公司和国有企业。与风险规避的鼎盛时期,银行继续回避小借款人和倾向于aaa级企业。 孟买:信实工业有限公司(瑞来斯)正与银行筹集₹10000卢比债券发行本周,相当于十分之一的特殊监管机构提供的融资机制,凸显出顶级的可能性和国有企业大部分的金额。
Others accessing the window include Housing Development Finance Corp (HDFC<\/a>), Power Grid Corp of India, National Housing Bank (NHB) and Housing and Urban Development Corp (Hudco).
The Reserve Bank of India (RBI) is lending as much as ₹1 lakh crore under Targeted Long Term Repo Operations (TLTRO) to lower yields in the secondary market<\/a> and invest in primary issues. The move was announced on March 27 along with a cut in the policy rate to a record low as part of initiatives to help borrowers<\/a> cope with the economic damage inflicted by the Covid-19 pandemic.
![\"\"](\"\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
Banks lean toward triple-A-rated cos
<\/strong>
The RBI exempted banks from mark-to-market provisions, making the scheme more attractive.
RIL<\/a> is finalising details of the plan with Axis Bank, HDFC<\/a> Bank, ICICI Bank and State Bank of India that could potentially feature the lowest cost of borrowing in years, said people familiar with the discussions. The proposed bonds<\/a> will likely offer 7-7.2% percent with a three-year maturity, they said, adding that SBI Caps is also involved in negotiations. To be sure, the banks’ total subscription to the RIL bond sale<\/a> need not necessarily be entirely from the TLTRO funds. RIL, ICICI Bank, HDFC Bank, SBI and SBI Caps did not reply to ET’s mailed queries. Axis Bank declined to comment.
Mid-sized corporates and nonbanking finance companies (NBFCs) fear that a substantial chunk will go to big companies and state-backed firms. With risk aversion at its peak, banks continue to shun small borrowers<\/a> and lean toward triple-A-rated companies.
“Banks have a clear arbitrage here as they could park the money at least 260 basis points higher rate,” said Ajay Manglunia, managing director and head of fixed income at JM Financial. \"While the absence of mark-to-market obligation makes it more attractive for banks, corporates too avail cheaper money.”
HDFC Ltd recently raised Rs 2,500 crore at 7.20%. Governmentowned Indian Oil Corp. (IOC), Hindustan Petroleum Corp. Ltd (HPCL), Bharat Petroleum Corp. Ltd (BPCL) and NHB raised about 20,000 crore through short-term commercial papers recently.
The spread or differential between the benchmark bond and toprated corporate papers narrowed to 80-90 basis points immediately after the March 27 emergency rate cut from 150-200 basis points. A basis point is 0.01 percentage point.
The domination of big firms and state-run companies may crowd out smaller borrowers.
“There is little chance of me getting funds from banks through this TLTRO,” said the chief executive of an NBFC. “If a PFC (Power Finance Corp) and I go for funds to a bank, it is obvious who the banker would prefer.”
The Reserve Bank of India conducted a third TLTRO on Thursday, when another Rs 25,000 crore entered the system. Lenders could raise money at just 4.40%. Banks are mandated to invest half of the sum from TLTRO in primary investment grade corporate bond sales.
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瑞来斯计划通过债券募集10000卢比
他人访问窗口包括住房开发金融公司(HDFC),印度的电网公司,国家住房银行(花)和住房和城市发展集团(Hudco)。
印度储备银行(RBI)贷款高达₹1十万的卢比的目标下长期回购业务(TLTRO)较低的收益率在二级市场和投资的主要问题。此举是在3月27日宣布与降低政策利率至纪录低点的行动来帮助借款人应对造成的经济损失Covid-19大流行。
银行倾向于aaa级cos
印度储备银行免除银行按市值计价规定,使计划更有吸引力。
瑞来斯与Axis银行敲定计划的细节,HDFC印度银行ICICI银行和国有银行,可能特性最低的借贷成本,知情人士说。被提议的债券可能会提供7 - 7.2%,三年成熟,他们补充说,印度国家银行股也参与谈判。可以肯定的是,银行的总订阅瑞来斯债券发行不一定需要完全从TLTRO基金。瑞来斯,ICICI银行HDFC银行,印度国家银行,印度国家银行帽没有回复等邮寄查询。Axis银行拒绝置评。
中型企业和非银行金融公司(nbfc)担心,很大一部分要去大公司和国有企业。与风险规避的鼎盛时期,银行继续避开小借款人和倾向于aaa级企业。
“银行有一个明显的套利,公园的钱至少高260个基点,“Ajay Manglunia说,总经理和JM固定收益主管财务。“虽然没有按市值计价的义务使它更有吸引力对银行来说,企业也利用更便宜的钱。”
HDFC有限公司近期上调了2500卢比在7.20%。Governmentowned印度石油公司(IOC),印度石油公司有限公司(HPCL),巴拉特石油公司有限公司(BPCL)和花了大约20000卢比的最近通过短期商业票据。
基准债券之间的传播或微分和toprated公司论文80 - 90个基点收窄至3月27日紧急降息后立即从150 - 200个基点。一个基点是0.01%。
大企业和国有企业的主导地位可能会挤出较小的借款人。
“几乎是不可能的我从银行获得资金通过这个TLTRO,“NBFC的首席执行官说。“如果一个PFC(电力财务公司)和对资金的银行,很明显那些银行家希望。”
印度央行(Reserve Bank of India)进行了第三次TLTRO周四,当另一个25000卢比进入系统。贷款人可以筹集资金仅为4.40%。银行授权投资总和的一半从TLTRO主要投资级企业债券销售。
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Mumbai: Reliance Industries Ltd (RIL<\/a>) is in talks with banks to raise as much as ₹10,000 crore in a bond sale<\/a> this week, equivalent to about a tenth of the special funding facility provided by the regulator, underscoring the possibility of top-rated and state-run companies picking up most of the amount.
Others accessing the window include Housing Development Finance Corp (HDFC<\/a>), Power Grid Corp of India, National Housing Bank (NHB) and Housing and Urban Development Corp (Hudco).
The Reserve Bank of India (RBI) is lending as much as ₹1 lakh crore under Targeted Long Term Repo Operations (TLTRO) to lower yields in the secondary market<\/a> and invest in primary issues. The move was announced on March 27 along with a cut in the policy rate to a record low as part of initiatives to help borrowers<\/a> cope with the economic damage inflicted by the Covid-19 pandemic.
Banks lean toward triple-A-rated cos
<\/strong>
The RBI exempted banks from mark-to-market provisions, making the scheme more attractive.
RIL<\/a> is finalising details of the plan with Axis Bank, HDFC<\/a> Bank, ICICI Bank and State Bank of India that could potentially feature the lowest cost of borrowing in years, said people familiar with the discussions. The proposed bonds<\/a> will likely offer 7-7.2% percent with a three-year maturity, they said, adding that SBI Caps is also involved in negotiations. To be sure, the banks’ total subscription to the RIL bond sale<\/a> need not necessarily be entirely from the TLTRO funds. RIL, ICICI Bank, HDFC Bank, SBI and SBI Caps did not reply to ET’s mailed queries. Axis Bank declined to comment.
Mid-sized corporates and nonbanking finance companies (NBFCs) fear that a substantial chunk will go to big companies and state-backed firms. With risk aversion at its peak, banks continue to shun small borrowers<\/a> and lean toward triple-A-rated companies.
“Banks have a clear arbitrage here as they could park the money at least 260 basis points higher rate,” said Ajay Manglunia, managing director and head of fixed income at JM Financial. \"While the absence of mark-to-market obligation makes it more attractive for banks, corporates too avail cheaper money.”
HDFC Ltd recently raised Rs 2,500 crore at 7.20%. Governmentowned Indian Oil Corp. (IOC), Hindustan Petroleum Corp. Ltd (HPCL), Bharat Petroleum Corp. Ltd (BPCL) and NHB raised about 20,000 crore through short-term commercial papers recently.
The spread or differential between the benchmark bond and toprated corporate papers narrowed to 80-90 basis points immediately after the March 27 emergency rate cut from 150-200 basis points. A basis point is 0.01 percentage point.
The domination of big firms and state-run companies may crowd out smaller borrowers.
“There is little chance of me getting funds from banks through this TLTRO,” said the chief executive of an NBFC. “If a PFC (Power Finance Corp) and I go for funds to a bank, it is obvious who the banker would prefer.”
The Reserve Bank of India conducted a third TLTRO on Thursday, when another Rs 25,000 crore entered the system. Lenders could raise money at just 4.40%. Banks are mandated to invest half of the sum from TLTRO in primary investment grade corporate bond sales.
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