Indian FX/debt factors to watch - Dec 20

Thu Dec 20, 2012 8:29am IST

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GLOBAL MARKETS ROUNDUP
    * Asian shares paused on Thursday after rallying to their
highest in nearly 17 months the day before, as talks to avert a
U.S. fiscal crisis stalled - prompting worries of the world's
largest economy sliding back into recession. 
    * The yen languished near 20-month lows against its U.S.
peer on Thursday, but trading was choppy in thin conditions with
yen bears possibly suffering a case of cold feet as the Bank of
Japan's policy decision loomed. 
    * Oil prices rose on Wednesday as expectations a battle over
the U.S. budget will be resolved spurred optimism about crude
demand in the world's top consumer. 
    * U.S. Treasuries yields fell from two-month highs on
Wednesday as buyers were lured by the debt's higher rates and as
the Treasury saw solid demand for a sale of new seven-year
notes. 

    LOCAL MARKETS PREVIOUS CLOSE 
    * BSE index 19,476.00 (0.57 pct)
    * NSE index 5,929.60 (0.56 pct)
    * Rupee 54.55/56 per dollar (54.85/86)
    * 10-year bond yield 8.15 pct (8.15 pct) 
    * 5-year OIS rate 7.17 pct (7.13 pct) 
    * 1-year OIS rate 7.66 pct (7.66 pct) 
    * Call money 8.10/8.15 pct (8.05/8.10 pct)
    
    OVERNIGHT NEWS
    * India plans to cut oil imports from Iran by 10 to 15
percent in the next fiscal year, and more if Tehran does not
lower prices to help cover higher costs resulting from Western
sanctions, a government source said. 
        
    KEY FACTORS/EVENTS TO WATCH
    * The result of the Gujarat state election will be announced
on Thursday. (roughly 0530 GMT onwards).
    * India's upper house of parliament will consider amendments
in the banking bill on Thursday afternoon.
    
    MAJOR DEALS/ACQUISITIONS
    * Andhra Bank, Bank of Maharashtra, UCO Bank and Syndicate
Bank are planning Tier 2 bond sales under Basel II. (IFR)
    * IDBI Bank on Wednesday settled a 9 billion rupees (US$165
mln) perpetual bond sale paying a coupon of 9.40 percent. The
bonds have a call option at the end of year 10. (IFR)
    * State-owned IOB, rated AA+ by Crisil, is in the market
with a 8 bln rupees perpetual bond sale. The bank is trying to
negotiate coupon levels of around 9.33 percent but the investors
want the coupon to be same as the IDBI perp issue. (IFR)
    
    USD/INR NDFs (NY closing prices)  
    * For up-to-date prices, double click 
      Close      Open      High     Low      Volume 
    55.00.05    54.91     55.08    54.88    Moderate

    FII INVESTMENTS-EQUITIES (Net dollars)                      
                        
    Dec. 19*                 $228.01 mln#
    Month-to-date**            $2.98 bln 
    Year-to-date**            $22.76 bln         
    * Provisional NSE data         
    ** Source: Data as per custodial filing as on Dec. 19 on
SEBI website.
    #(As per Reuters conversion, $1 = 54.60 rupees)     
             
    FII INVESTMENTS-DEBT (Net Dollars)  *  
                              Debt             
    Dec. 18                -$36.74 mln
    Month-to-date           $90.19 mln
    Year-to-date             $6.42 bln                    
    * Source: Data as per custodial filing as on Dec. 19 on SEBI
website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                                Dec. 19
    Foreign Banks                        0.76 bln
    Public Sector Banks                  0.40 bln
    Private Sector Banks                 1.21 bln
    Mutual Funds                         1.15 bln 
    Others                               3.54 bln
    Primary Dealers                     -7.06 bln
    Source: Clearing Corp of India Ltd
    
    MONEY MARKET INFLOWS 
INSTRUMENT               PAYMENT    DATE     AMT (IN MLN RUPEES)
SDL 08.45%, 2017         Interest   Dec 20            380.25 
(2 States) 
SDL 08.46%, 2017         Interest   Dec 20            211.50 
(RAJASTHAN) 
SDL 08.48%, 2017         Interest   Dec 20            440.79 
(3 States) 
SDL 08.49%, 2017         Interest   Dec 20            265.31 
(MADHYA PRADESH) 
SDL 08.52%, 2017         Interest   Dec 20            170.83 
(ASSAM) 
SDL 08.57%, 2017         Interest   Dec 20             42.85 
(JAMMU & KASHMIR) 
SDL 08.89%, 2022         Interest   Dec 20            711.20 
(2 States) 
SDL 08.90%, 2022         Interest   Dec 20             89.00 
(JHARKHAND) 
SDL 08.91%, 2022         Interest   Dec 20            356.40 
(HARYANA) 
SDL 08.92%, 2022         Interest   Dec 20            669.00 
(UTTAR PRADESH) 
SDL 08.95%, 2022         Interest   Dec 20            223.75 
(WEST BENGAL)
SDL 08.78%, 2021         Interest   Dec 21            676.06 
(2 States) 
SDL 08.79%, 2021         Interest   Dec 21            879.00 
(MAHARASHTRA) 
SDL 08.80%, 2021         Interest   Dec 21           1284.36 
(3 States) 
SDL 08.81%, 2021         Interest   Dec 21            572.65 
(WEST BENGAL) 
SDL 08.83%, 2021         Interest   Dec 21            176.60 
(2 States) 
SDL 08.88%, 2021         Interest   Dec 21            222.00 
(RAJASTHAN) 
SDL 08.90%, 2021         Interest   Dec 21             66.75 
(NAGALAND) 
8.30% FRB 2020           Interest   Dec 21           5395.00 
91 days T-Bill           Redemption Dec 21         113292.50 
182 days T-Bill          Redemption Dec 21          50000.00 
For full table: 
    
    ISSUANCES
ASSET                 DATE         AMOUNT (IN RUPEES)
Dated bonds          Dec. 21            120 bln  
    
    LIQUIDITY
    * The Reserve Bank of India said on Wednesday it accepted
all 48 bids for 1.65 trillion 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 falls to 236.51 billion
rupees. 
    * Indian banks' cash balances with RBI fall to 3.05 trillion
rupees. 

 (Compiled by Swati Bhat)
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