Indian FX/debt factors to watch - Nov 16

Fri Nov 16, 2012 8:19am IST

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GLOBAL MARKETS ROUNDUP
    * Asian shares steadied on Friday after falling nearly 2
percent this week amid concerns about the looming U.S. "fiscal
cliff", while Japanese stocks rallied for a second day on
expectations of further monetary policy easing after an election
next month. 
    * The yen steadied in early Asian trading on Friday after
plunging to a six-and-a-half month low against the dollar in the
previous session on expectations that a new Japanese government
would put pressure on the Bank of Japan to ease further. 
    * Oil prices fell on Thursday when an increase in U.S.
weekly jobless data and disappointing earnings results stoked
economic concerns, and the market focused on violence in the
Middle East. 
    * U.S. government debt prices edged higher on Thursday on
worries about protracted budget talks in Washington and a
showdown between Israel and the Palestinians, but safe-haven
gains were limited by sentiment that the market might be
overbought. 

    LOCAL MARKETS PREVIOUS CLOSE 
    * BSE index  18,471.37 points (-0.79 pct)
    * NSE index 5,631.00 points (-0.63 pct)  
    * Rupee 54.70/71 per dollar (54.88/89) 
    * 10-year bond yield 8.19 pct (8.21 pct) 
    * 5-year OIS rate 7.11 pct (7.14 pct) 
    * 1-year OIS rate 7.71 pct (7.75 pct) 
    * Call money 8.10/8.15 pct (8.10/8.15 pct)
    
    OVERNIGHT NEWS
    * India is open to further reforms to attract overseas
investors into its airlines, a government source said, after a
dearth of interest following changes to investment rules left
Kingfisher and others still short of much-needed
funds. 
    *  Westpac Banking Corp, Australia's third-largest
lender by assets, said on Thursday it has opened its first
branch in India that will offer wholesale and retail banking
services including trade finance, deposits and remittances. 
 
    * Indian state-run fuel retailers will cut gasoline prices
by about 1.4 percent from Friday as global oil prices are
relatively stable, the country's largest fuel retailer, Indian
Oil Corp, said on Thursday. 
    
    MAJOR DEALS/EXTERNAL COMMERCIAL BORROWINGS
    * Air India's bond sale worth 74 billion rupees
($1.35 billion) was fully subscribed and would save the company
about one billion rupees a month in interest payments, Aviation
Secretary K.N. Srivastava said on Thursday. 
    * ICICI Bank, India's largest private sector bank, repeated
the success of its debut renminbi deal in September in the retap
which was priced on Thursday. The bank priced a Rmb500 million
($79 million) retap of its 4.90 percent 2015 offshore renminbi
bonds at a 4.66 percent yield. (IFR)
    * State utility NTPC has received three bids in response to
its request for proposals for a $250 million seven-year term
loan. (IFR)
    * Eights banks this week sealed Rural Electrification Corp's
three-year term loan, which was increased to $250 million from
$150 million. Mandated lead arrangers and bookrunners State Bank
of India and Sumitomo Mitsui Banking Corp held $100 million and
$50 million, respectively. (IFR)
    
    USD/INR NDFs (NY closing prices)  
    * For up-to-date prices, double click 
      Close      Open      High     Low      Volume 
    55.17-22    55.16      55.22    55.05      High 

    FII INVESTMENTS-EQUITIES (Net dollars)                      
                        
    Nov. 15*                   $8.48 mln#
    Month-to-date**          $634.61 mln 
    Year-to-date**            $18.67 bln         
    * Provisional NSE data         
    ** Source: Data as per custodial filing as on Nov. 15 on
SEBI website.
    #(As per Reuters conversion, $1 = 54.79 rupees)     
             
    FII INVESTMENTS-DEBT (Net Dollars)  *  
                              Debt             
    Nov. 12                $145.85  mln
    Month-to-date          $386.99  mln
    Year-to-date            $6.66   bln                    
    * Source: Data as per custodial filing as on Nov. 15 on SEBI
website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                                Nov. 15
    Foreign Banks                       -0.54 bln
    Public Sector Banks                -13.24 bln
    Private Sector Banks                 7.01 bln
    Mutual Funds                         3.40 bln 
    Others                              -2.33 bln
    Primary Dealers                      5.70 bln
    Source: Clearing Corp of India Ltd
    
    MONEY MARKET INFLOWS
INSTRUMENT               PAYMENT     DATE    AMT (IN MLN RUPEES)
91 days T-Bill           Redemption Nov 16         120000.00 
364 days T-Bill          Redemption Nov 16          42033.00 
SDL 07.74%, 2016         Interest   Nov 17            845.22 
(6 States) 
SDL 07.80%, 2016         Interest   Nov 17             35.48 
(JAMMU & KASHMIR) 
SDL 07.82%, 2016         Interest   Nov 17             61.08 
(4 States) 
For full table: 
    
    WEEKLY GOVERNMENT AUCTIONS (In rupees)  
MATURITIES                   DATE            AMOUNT  
Govt Bonds                 Nov. 16          130 bln
T-Bills                    Nov. 21          100 bln
    LIQUIDITY
    * The Reserve Bank of India (RBI) said on Thursday it
accepted all 46 bids for 1.13 trillion rupees at its one-day
repo auction, through which it injects liquidity into the
banking system. It got no bids at the reverse repo auction.
 
    * Indian banks' refinancing with RBI rises to 147.71 billion
rupees. 
    * Indian banks' cash balances with RBI rise to 2.91 trillion
rupees. 

 (Compiled by Subhadip Sircar)
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