The Commercial Paper situation is continuously getting better, with over 19,000 cr. issued today. Salient highlights:
- 10,000 cr. went to NBFCs, though REC was a big chunk. Still, fairly good showing for the financial world.
- Shriram Transport able to raise over 1,300 cr. at close to 8%. This is an excellent sign for the company that had to close its NCD issue (at 9%+ yields) early last month because the demand was iffy.
- We saw issues by M&M Financial Services, Aditya Birla Capital, IIFL , Indiabulls Commercial Finance and Piramal too. Yields for longer term CP is still over 8.5% but that would be considered normal today.
- Yield are very low for corporates, with even an SRF paying just 7.6% for 91 day paper.
Here’s the list of trades:
| Mat Date | Issuer Name | Sett Type | Trades | Issue Amt Cr. | Yield Range | Price Range | Price | Yield | Days to Maturity | |
|---|---|---|---|---|---|---|---|---|---|---|
| 26-11-2018 | 15-Feb-19 | RURAL ELECTRIFICATION CORPORATION LIMITED | T+0 | 15 | 3,000.00 | 7.2900 – 7.2900 | 98.4080 – 98.4080 | 98.408 | 7.29 | 81 |
| 26-11-2018 | 08-Feb-19 | BHARTI AIRTEL LIMITED | T+0 | 1 | 2,000.00 | 7.5800 – 7.5800 | 98.4865 – 98.4865 | 98.4865 | 7.58 | 74 |
| 26-11-2018 | 26-Dec-18 | CHENNAI PETROLEUM CORPORATION LTD. | T+0 | 2 | 1,225.00 | 6.7902 – 6.8099 | 99.4434 – 99.4450 | 99.4443 | 6.799 | 30 |
| 26-11-2018 | 22-Feb-19 | SHRIRAM TRANSPORT FINANCE COMPANY LIMITED | T+0 | 1 | 950.00 | 8.2500 – 8.2500 | 98.0498 – 98.0498 | 98.0498 | 8.25 | 88 |
| 26-11-2018 | 22-Feb-19 | RELIANCE RETAIL LIMITED | T+0 | 5 | 900.00 | 7.5000 – 7.5000 | 98.2239 – 98.2239 | 98.2239 | 7.5 | 88 |
| 26-11-2018 | 25-Jan-19 | NABHA POWER LIMITED | T+0 | 3 | 650.00 | 7.4000 – 7.4000 | 98.7982 – 98.7982 | 98.7982 | 7.4 | 60 |
| 26-11-2018 | 31-Dec-18 | CHENNAI PETROLEUM CORPORATION LTD. | T+0 | 1 | 600.00 | 6.8198 – 6.8198 | 99.3503 – 99.3503 | 99.3503 | 6.8198 | 35 |
| 26-11-2018 | 25-Jan-19 | TATA CAPITAL FINANCIAL SERVICES LIMITED | T+0 | 1 | 500 | 7.7200 – 7.7200 | 98.7469 – 98.7469 | 98.7469 | 7.72 | 60 |
| 26-11-2018 | 22-Feb-19 | MAHINDRA AND MAHINDRA FINANCIAL SERVICES LTD | T+0 | 1 | 500 | 7.8700 – 7.8700 | 98.1379 – 98.1379 | 98.1379 | 7.87 | 88 |
| 26-11-2018 | 25-Jan-19 | ADITYA BIRLA FINANCE LIMITED | T+0 | 3 | 500 | 7.7500 – 7.7500 | 98.7421 – 98.7421 | 98.7421 | 7.75 | 60 |
| 26-11-2018 | 31-Jan-19 | SHRIRAM TRANSPORT FINANCE COMPANY LIMITED | T+0 | 1 | 400 | 7.9000 – 7.9000 | 98.5916 – 98.5916 | 98.5916 | 7.9 | 66 |
| 26-11-2018 | 25-Jan-19 | TATA CAPITAL HOUSING FINANCE LIMITED | T+0 | 3 | 400 | 7.4900 – 7.4900 | 98.7837 – 98.7837 | 98.7837 | 7.49 | 60 |
| 26-11-2018 | 22-Feb-19 | TATA MOTORS FINANCE LIMITED | T+0 | 1 | 400 | 7.9501 – 7.9501 | 98.1193 – 98.1193 | 98.1193 | 7.9501 | 88 |
| 26-11-2018 | 22-Feb-19 | TALWANDI SABO POWER LIMITED | T+0 | 1 | 380 | 7.6002 – 7.6002 | 98.2006 – 98.2006 | 98.2006 | 7.6002 | 88 |
| 26-11-2018 | 22-Feb-19 | RASHTRIYA ISPAT NIGAM LIMITED | T+0 | 1 | 350 | 7.6699 – 7.6699 | 98.1844 – 98.1844 | 98.1844 | 7.6699 | 88 |
| 26-11-2018 | 24-Jan-19 | BMW INDIA FINANCIAL SERVICES PRIVATE LIMITED | T+0 | 1 | 350 | 7.7500 – 7.7500 | 98.7628 – 98.7628 | 98.7628 | 7.75 | 59 |
| 26-11-2018 | 25-Jan-19 | ADITYA BIRLA CAPITAL LIMITED | T+0 | 3 | 325 | 7.9500 – 8.0200 | 98.6988 – 98.7100 | 98.704 | 7.9877 | 60 |
| 26-11-2018 | 28-Jan-19 | PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED | T+0 | 1 | 300 | 8.6500 – 8.6500 | 98.5289 – 98.5289 | 98.5289 | 8.65 | 63 |
| 26-11-2018 | 29-Jan-19 | PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED | T+0 | 1 | 300 | 8.6500 – 8.6500 | 98.5059 – 98.5059 | 98.5059 | 8.65 | 64 |
| 26-11-2018 | 14-Mar-19 | PIRAMAL ENTERPRISES LIMITED | T+0 | 1 | 300 | 8.6000 – 8.6000 | 97.5185 – 97.5185 | 97.5185 | 8.6 | 108 |
| 26-11-2018 | 25-Jan-19 | ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED | T+0 | 2 | 300 | 7.4000 – 7.4000 | 98.7982 – 98.7982 | 98.7982 | 7.4 | 60 |
| 26-11-2018 | 24-May-19 | HDB FINANCIAL SERVICES LIMITED | T+0 | 4 | 300 | 9.0300 – 9.0300 | 95.7594 – 95.7594 | 95.7594 | 9.03 | 179 |
| 26-11-2018 | 28-Dec-18 | INDIA INFOLINE FINANCE LIMITED | T+0 | 1 | 300 | 8.6500 – 8.6500 | 99.2474 – 99.2474 | 99.2474 | 8.65 | 32 |
| 26-11-2018 | 07-Feb-19 | HERO FINCORP LIMITED | T+0 | 1 | 300 | 7.8999 – 7.8999 | 98.4446 – 98.4446 | 98.4446 | 7.8999 | 73 |
| 26-11-2018 | 06-Feb-19 | HERO FINCORP LIMITED | T+0 | 1 | 250 | 7.8998 – 7.8998 | 98.4656 – 98.4656 | 98.4656 | 7.8998 | 72 |
| 26-11-2018 | 22-Feb-19 | VEDANTA LIMITED | T+0 | 2 | 225 | 7.5000 – 7.5000 | 98.2239 – 98.2239 | 98.2239 | 7.5 | 88 |
| 26-11-2018 | 22-Feb-19 | ESSEL MINING AND INDUSTRIES LIMITED | T+0 | 1 | 200 | 7.6300 – 7.6300 | 98.1937 – 98.1937 | 98.1937 | 7.63 | 88 |
| 26-11-2018 | 28-Dec-18 | CHAMBAL FERTILISERS AND CHEMICALS LIMITED | T+1 | 1 | 200 | 6.9999 – 6.9999 | 99.4090 – 99.4090 | 99.409 | 6.9999 | 32 |
| 26-11-2018 | 22-Feb-19 | UNITED SPIRITS LIMITED | T+0 | 1 | 200 | 7.6300 – 7.6300 | 98.1937 – 98.1937 | 98.1937 | 7.63 | 88 |
| 26-11-2018 | 20-Feb-19 | RELIANCE RETAIL LIMITED | T+0 | 1 | 200 | 7.4998 – 7.4998 | 98.2636 – 98.2636 | 98.2636 | 7.4998 | 86 |
| 26-11-2018 | 25-Jan-19 | UNITED SPIRITS LIMITED | T+0 | 1 | 165 | 7.5000 – 7.5000 | 98.7821 – 98.7821 | 98.7821 | 7.5 | 60 |
| 26-11-2018 | 25-Feb-19 | TURQUOISE INVESTMENTS AND FINANCE PRIVATE LIMITED | T+0 | 1 | 150 | 8.4000 – 8.4000 | 97.9487 – 97.9487 | 97.9487 | 8.4 | 91 |
| 26-11-2018 | 25-Jan-19 | KOTAK SECURITIES LTD | T+0 | 1 | 150 | 7.9501 – 7.9501 | 98.7100 – 98.7100 | 98.71 | 7.9501 | 60 |
| 26-11-2018 | 26-Jun-19 | FULLERTON INDIA CREDIT COMPANY LTD | T+0 | 1 | 150 | 9.4401 – 9.4401 | 94.8020 – 94.8020 | 94.802 | 9.4401 | 212 |
| 26-11-2018 | 28-Aug-19 | FULLERTON INDIA CREDIT COMPANY LTD | T+0 | 1 | 150 | 9.7000 – 9.7000 | 93.1895 – 93.1895 | 93.1895 | 9.7 | 275 |
| 26-11-2018 | 28-Dec-18 | HT MEDIA LIMITED | T+0 | 1 | 150 | 6.9500 – 6.9500 | 99.3944 – 99.3944 | 99.3944 | 6.95 | 32 |
| 26-11-2018 | 26-Dec-18 | HT MEDIA LIMITED | T+0 | 1 | 150 | 6.9500 – 6.9500 | 99.4320 – 99.4320 | 99.432 | 6.95 | 30 |
| 26-11-2018 | 25-Jan-19 | INDIABULLS CONSUMER FINANCE LIMITED | T+0 | 1 | 125 | 9.3000 – 9.3000 | 98.4943 – 98.4943 | 98.4943 | 9.3 | 60 |
| 26-11-2018 | 25-Jan-19 | THE RAMCO CEMENTS LIMITED | T+0 | 3 | 125 | 7.7000 – 7.7000 | 98.7501 – 98.7501 | 98.7501 | 7.7 | 60 |
| 26-11-2018 | 25-Jan-19 | HINDUJA LEYLAND FINANCE LIMITED | T+0 | 1 | 100 | 8.6000 – 8.6000 | 98.6060 – 98.6060 | 98.606 | 8.6 | 60 |
| 26-11-2018 | 31-Dec-18 | KRBL LTD | T+0 | 1 | 100 | 7.7500 – 7.7500 | 99.2623 – 99.2623 | 99.2623 | 7.75 | 35 |
| 26-11-2018 | 25-Jan-19 | TATA VALUE HOMES LIMITED | T+0 | 1 | 100 | 8.3500 – 8.3500 | 98.6460 – 98.6460 | 98.646 | 8.35 | 60 |
| 26-11-2018 | 28-Dec-18 | ICICI HOME FINANCE COMPANY LIMITED | T+0 | 1 | 100 | 7.1495 – 7.1495 | 99.3771 – 99.3771 | 99.3771 | 7.1495 | 32 |
| 26-11-2018 | 25-Feb-19 | SRF LIMITED | T+0 | 1 | 100 | 7.6000 – 7.6000 | 98.1404 – 98.1404 | 98.1404 | 7.6 | 91 |
| 26-11-2018 | 28-Dec-18 | CARGILL INDIA PRIVATE LIMITED | T+0 | 2 | 75 | 7.5600 – 7.5600 | 99.3416 – 99.3416 | 99.3416 | 7.56 | 32 |
| 26-11-2018 | 28-Dec-18 | SBI GLOBAL FACTORS LIMITED | T+0 | 1 | 70 | 8.0002 – 8.0002 | 99.3035 – 99.3035 | 99.3035 | 8.0002 | 32 |
| 26-11-2018 | 25-Jan-19 | FUTURE RETAIL LIMITED | T+0 | 3 | 60 | 8.8000 – 8.8000 | 98.5741 – 98.5741 | 98.5741 | 8.8 | 60 |
| 26-11-2018 | 26-Dec-18 | HINDUSTAN MEDIA VENTURES LIMITED | T+0 | 1 | 60 | 6.9900 – 6.9900 | 99.4288 – 99.4288 | 99.4288 | 6.99 | 30 |
| 26-11-2018 | 21-Dec-18 | REDINGTON INDIA LIMITED | T+0 | 1 | 50 | 7.1000 – 7.1000 | 99.5161 – 99.5161 | 99.5161 | 7.1 | 25 |
| 26-11-2018 | 04-Feb-19 | ECL FINANCE LIMITED | T+0 | 1 | 50 | 9.8500 – 9.8500 | 98.1460 – 98.1460 | 98.146 | 9.85 | 70 |
| 26-11-2018 | 25-Feb-19 | DALMIA CEMENT (BHARAT) LIMITED | T+0 | 1 | 50 | 7.8000 – 7.8000 | 98.0924 – 98.0924 | 98.0924 | 7.8 | 91 |
| 26-11-2018 | 25-Jan-19 | ADANI TRANSMISSION LIMITED | T+0 | 1 | 50 | 7.9000 – 7.9000 | 98.7180 – 98.7180 | 98.718 | 7.9 | 60 |
| 26-11-2018 | 02-May-19 | JSW STEEL LTD | T+0 | 3 | 50 | 9.0500 – 9.0500 | 96.2531 – 96.2531 | 96.2531 | 9.05 | 157 |
| 26-11-2018 | 30-Jan-19 | CEAT LIMITED | T+0 | 1 | 50 | 7.4901 – 7.4901 | 98.6837 – 98.6837 | 98.6837 | 7.4901 | 65 |
| 26-11-2018 | 20-Nov-19 | FULLERTON INDIA CREDIT COMPANY LTD | T+0 | 2 | 45 | 9.5500 – 9.5500 | 91.4135 – 91.4135 | 91.4135 | 9.55 | 359 |
| 26-11-2018 | 20-Nov-19 | KOTAK MAHINDRA INVESTMENTS LIMITED | T+0 | 1 | 30 | 9.2499 – 9.2499 | 91.6608 – 91.6608 | 91.6608 | 9.2499 | 359 |
| 26-11-2018 | 28-Jan-19 | HERO FINCORP LIMITED | T+0 | 1 | 25 | 7.7499 – 7.7499 | 98.6800 – 98.6800 | 98.68 | 7.7499 | 63 |
| 26-11-2018 | 14-Feb-19 | HERO CYCLES LIMITED | T+0 | 1 | 25 | 7.8000 – 7.8000 | 98.3191 – 98.3191 | 98.3191 | 7.8 | 80 |
| 26-11-2018 | 01-Feb-19 | COX AND KINGS LIMITED | T+0 | 1 | 25 | 9.0000 – 9.0000 | 98.3748 – 98.3748 | 98.3748 | 9 | 67 |
| 26-11-2018 | 25-Feb-19 | TIME TECHNOPLAST LIMITED | T+0 | 2 | 13 | 9.9000 – 9.9000 | 97.5912 – 97.5912 | 97.5912 | 9.9 | 91 |
| 26-11-2018 | 26-Nov-19 | BARCLAYS INVESTMENTS AND LOANS (INDIA) PRIVATE LIMITED | T+0 | 1 | 10 | 8.8500 – 8.8500 | 91.8695 – 91.8695 | 91.8695 | 8.85 | 365 |
| 26-11-2018 | 26-Mar-19 | KARVY STOCK BROKING LIMITED | T+0 | 2 | 7 | 9.4470 – 9.8958 | 96.8491 – 96.9877 | 96.9481 | 9.5752 | 120 |
| 26-11-2018 | 25-Mar-19 | TRUST INVESTMENT ADVISORS PRIVATE LIMITED | T+0 | 1 | 2 | 8.8999 – 8.8999 | 97.1802 – 97.1802 | 97.1802 | 8.8999 | 119 |
| Total | 19367 |
The Yield Curve shows a lot of activity around the 60-90 day area with relatively lower yields than you would have imagined for a debt crisis of sorts.
Overall, the debt markets have resumed activity and are looking fairly strong. Since November 16, we have seen issues of over 90,000 crores. NBFCs and Housing Finance companies have all participated, but yields for housing finance companies are elevated compared to the rest. With only four more days of November left, it looks like India has ridden well through this crisis so far. We’ll track data till November end and then let it go if there’s no further crisis-like situation.
