Indian FX/debt factors to watch - Dec 5

Wed Dec 5, 2012 8:34am IST

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GLOBAL MARKETS ROUNDUP
    * Asian shares were little changed on Wednesday, with prices
capped by continuing concerns over whether the United States can
avert an economic slump as lawmakers struggle to break a budget
impasse by year end. 
    * The euro hovered at seven-week highs against the greenback
on Wednesday but struggled against the Australian dollar, which
gained broadly as investors brushed aside a cut in interest
rates to focus on its still relatively high yield. 
    * Oil prices fell on Tuesday, as concerns about the U.S.
budget crisis and global fuel demand outweighed ongoing worries
about instability in the Middle East. 
    * U.S. Treasuries were largely unchanged in Asia on Tuesday
after slipping the previous day on reduced demand for safe haven
debt after Spain sought help for its banks and data from China
showed an improvement in the pace of manufacturing. 

    LOCAL MARKETS PREVIOUS CLOSE 
    * BSE index 19,348.12 points (0.22 pct)
    * NSE index 5,889.25 points (0.31 pct)
    * Rupee 54.68/69 per dollar (54.77/78)
    * 10-year bond yield 8.17 pct (8.17 pct) 
    * 5-year OIS rate 7.13 pct (7.12 pct) 
    * 1-year OIS rate 7.73 pct (7.71 pct) 
    * Call money 8.05/8.10 pct (8.00/8.05 pct)
    
    KEY FACTORS/EVENTS TO WATCH
    * India's central bank Governor Duvvuri Subbarao will meet
the chief minister of West Bengal state, address townhall and
also attend RBI's final round of quiz contest.
    * Services PMI for November due at 0500 GMT.

    MAJOR DEALS/ACQUISITIONS
    * Indian real estate fund Indiareit Fund Advisors, a unit of
drugmaker Piramal Enterprises, said it raised 4.4
billion rupees ($80.48 million) by selling three of its
investments and expects to raise another $120 million through
more exits in the near future. 
    * India's National Housing Bank plans to raise up
to 5 billion rupees ($91.45 million) via bonds at 8.78 percent
coupon, three sources with direct knowledge of the deal said on
Tuesday. 
    * Hindustan Construction Company (HCC) has restructured
1.017 trillion rupees ($1.86 billion) of its debt via 31
lenders. The restructuring has helped the firm extend the tenor
of its short-term loans (of less than one year) to over five to
nine years. (IFR)
    * Syndicate Bank and UCO Bank are sounding the market for a
10 billion rupee sale each of Lower Tier 2 bonds. Indian
Overseas Bank, on the other hand, is looking to do a perpetual
bond sale. Banks are keen to lock in funds after Jan. 1, as such
sub-debt and perps will have to be issued under the Basel III
regulations. (IFR)
    * Rural Electrification Corp launched its public issue of
tax-free bonds. The issue, which opened on Dec. 3, is
tentatively slated to close on Dec. 10. (IFR)

    USD/INR NDFs (NY closing prices)  
    * For up-to-date prices, double click 
      Close      Open      High     Low      Volume 
    54.97-02    55.05     55.06    54.97      High

    FII INVESTMENTS-EQUITIES (Net dollars)                      
                        
    Dec. 4*                   $98.71 mln#
    Month-to-date**          $449.26 mln 
    Year-to-date**            $20.23 bln         
    * Provisional NSE data         
    ** Source: Data as per custodial filing as on Dec. 4 on SEBI
website.
    #(As per Reuters conversion, $1 = 54.70 rupees)     
             
    FII INVESTMENTS-DEBT (Net Dollars)  *  
                              Debt             
    Dec. 3                -$152.88 mln
    Month-to-date         -$346.61 mln
    Year-to-date             $5.98 bln                    
    * Source: Data as per custodial filing as on Dec. 4 on SEBI
website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                                Dec. 4
    Foreign Banks                       13.00 bln
    Public Sector Banks                -12.91 bln
    Private Sector Banks                 1.13 bln
    Mutual Funds                         2.51 bln 
    Others                               8.92 bln
    Primary Dealers                    -12.65 bln
    Source: Clearing Corp of India Ltd
    
    MONEY MARKET INFLOWS
INSTRUMENT               PAYMENT    DATE  AMOUNT (IN MLN RUPEES)
8.97% 2030               Interest   Dec 05        27358.50 
SDL 08.86%, 2022         Interest   Dec 06          332.25 
(ANDHRA PRADESH) 
SDL 08.87%, 2022         Interest   Dec 06          722.91 
(3 States) 
SDL 08.88%, 2022         Interest   Dec 06          666.00 
(GUJARAT) 
SDL 08.90%, 2022         Interest   Dec 06           55.63 
(TRIPURA) 
SDL 09.02%, 2021         Interest   Dec 07          721.60 
(3 States) 
SDL 09.03%, 2021         Interest   Dec 07          361.20 
(KERALA) 
SDL 09.04%, 2021         Interest   Dec 07          565.00 
(WEST BENGAL) 
SDL 09.05%, 2021         Interest   Dec 07           67.88 
(UTTARAKHAND) 
SDL 09.06%, 2021         Interest   Dec 07          226.50 
(JAMMU & KASHMIR) 
8.33% 2036               Interest   Dec 07        35819.00 
91 days T-Bill           Redemption Dec 07       148860.00 
182 days T-Bill          Redemption Dec 07        50000.00
    
    WEEKLY GOVERNMENT AUCTIONS 
MATURITIES                 DATE          AMOUNT (In rupees)   
Tbills                    Dec. 5              100 bln
Dated govt securities     Dec. 7              120 bln
        
    LIQUIDITY
    * The Reserve Bank of India said on Tuesday it accepted all
37 bids for 944.15 billion rupees at its one-day repo auction,
through which it injects liquidity into the banking system. It
said it did not get any bids at its reverse repo auction through
which it absorbs liquidity from the system. 
    * Indian banks' refinancing with RBI rises to 242.70 billion
rupees. 
    * Indian banks' cash balances with RBI rises to 2.81
trillion rupees. 

 (Compiled by Swati Bhat)
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