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Daily Newsletter - 27th June 2024

Team Harmoney

The State Bank of India has successfully raised ₹ 100 billion through 15-year infrastructure bonds. The bond's coupon rate is 7.36%. The current issue was significantly oversubscribed, with demand exceeding four times the base issue size of ₹50 billion. These funds will be utilized to support various projects in sectors such as power, roads, and more. It is anticipated that other banks will also follow suit with ICICI Bank expected to issue infrastructure bonds next week.

Top 3 Leads Today

  • Bharti Airtel acquires 97 MHz of spectrum worth ₹68.57 billion for 20 years.
  • Adani Ports gets an outlook upgrade from S&P on a better scale, diversification.
  • Quant MF sees ₹13.95 billion redemptions after SEBI's front-running charges.

Indian Markets

  • Money Markets Minute: The call money rate concluded above the RBI's repo rate of 6.50% due to strong demand for funds from banks, as the liquidity in the banking system remained in deficit. The one-day call money rate settled at 6.55%, compared to 6.70% on Tuesday.
  • Government Bond Brief: Government bond yields rose as primary dealerships reduced their bond holdings in anticipation of the ₹310 billion bond auction on Friday. The government will auction ₹200 billion of the 7.10% 2034 bond and ₹110 billion of the 7.34% 2064 bond on Friday.
  • Corporate Bond Beat: Yields on corporate bonds remained flat in the secondary market as market participants refrained from placing large bets due to a lack of significant domestic and global cues. Instead, investors turned to the primary market for the upcoming State Bank of India's infrastructure bond issuance.
  • Forex Flash: The rupee settled lower against the dollar as banks bought the greenback on behalf of importers and oil marketing companies to meet their month-end payment obligations. After declining by 0.2% against the dollar, the rupee closed at 83.5700 per dollar. The Indian unit fluctuated within a range of 19 paise.
  • Stocks Spotlight: Benchmark equity gauges hit new all-time intraday and closing highs, driven by gains in Reliance Industries, Bharti Airtel, and ICICI Bank. Losses in the metal sector, declining for the third session, limited the rise. The Nifty 50 closed at a record 23,868.80 points, up 0.6%. The Sensex closed 0.8% higher at 78,674.25 points.

International Markets

  • US Stocks: On Wednesday, the major US stock indices closed with modest gains following a turbulent trading session. Investors were cautious in anticipation of a presidential debate and an inflation report that would be closely monitored by Federal Reserve policymakers. The Dow Jones index closed higher at 0.04%, while S&P was up 0.16%, and Nasdaq gained 0.49%.
  • Treasuries: Yields on the benchmark treasury rose by 9 basis points on Wednesday after the latest data on US new home sales fell short of expectations. Investors feared that the recent inflation spike in Canada and Australia may have an impact on the US inflation numbers to be announced on Friday and could influence the US Federal Reserve’s decision on interest rate cuts.
  • Currency:  The dollar index strengthened to a two-month high against the six major currencies on Wednesday.  The yen fell to its lowest against the US dollar in almost 38 years as large interest rate differentials in favour of the greenback kept traders on alert for any sign of Japanese central bank intervention. The surprise spike in Australian and Canadian inflation numbers reinforced the US dollar as well.

Traded volume(in Cr) in corporate bonds by sector and maturity:

Macro Sectors 0-1y 1-3y 3-5y 5-10y >10y
NBFC 490 1564 173 262 210
Private Sector Bank 880 545 - 479 -
Financial Institution 50 410 570 333 -
Public Sector Bank 150 - - - -
Housing Finance Company 156 54 43 12 -
Investment Company 181 20 1 1 -

Secondary trade details for recently issued primary corporate bonds:

Security Name

LTY (%)
8.35 AXISFIN 23JUN34 24-Jun-24 130.00 8.36 8.38
8.07 NIIF 23AUG29 21-Jun-24 430.00 8.07 8.07
10.25 AYEFINANCE 20MAR26 20-Jun-24 169.84 11.41 12.10
9.10 SHRIRAMFIN 20JUN34 20-Jun-24 129.00 9.09 9.09
9.25 SKFL - C 19SEP27 M 19-Jun-24 100.00 9.75 9.75
10.20 KRAZYBEESERVICES 19DEC25 19-Jun-24 86.50 11.22 13.00
8.05 TATA CAPITAL HFL 18JUN29 18-Jun-24 285.00 8.05 8.04
7.9265 LICHSGFIN 14JUL27 14-Jun-24 1060.00 7.93 7.93
7.44 IRFC 13JUN34 13-Jun-24 1530.00 7.45 7.40
8.55 HDB PERP - C 13-Jun-24 259.00 8.54 8.54
11.40 KEERTANA 13JUN27 13-Jun-24 58.11 12.95 14.26
9.95 ADANIAIRPORT 12JUN28 12-Jun-24 79.98 9.94 9.80
9.16 360ONEPRIME 12JUN27 12-Jun-24 75.00 9.67 9.90

‌Source: Harmoney data analytics

Events This Week

June 27, Thursday:

  • US 3rd estimate GDP for Q1.
  • US Revised Corporate Profits for Q1.      
  • US Unemployment Insurance Weekly Claims Report for Jun 22 week.

June 28, Friday:

  • India Government finances for May, by CGA
  • India Core sector output for May, by Commerce Ministry
  • US State Quarterly Personal Income for Q1
  • US GDP by State for Q1

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