Indian FX/debt factors to watch - Jan 8

Tue Jan 8, 2013 8:03am IST

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GLOBAL MARKETS ROUNDUP
    *  Asian shares steadied on Tuesday but prices were capped
by investor caution ahead of corporate earnings season for the
last quarter of 2012 and the European Central Bank's policy
meeting later in the week. 
    * The yen bumped higher against the dollar and the euro in
early Asian trading on Tuesday, as investors took profits after
the Japanese unit's recent surge. 
    * Brent crude oil prices were steady above $111 a barrel on
Monday while U.S. crude futures edged higher, cutting the spread
between the two benchmarks by a penny to its narrowest since
September as a U.S. pipeline expansion project neared
completion. 
    * U.S. Treasuries yields edged up on Monday to just below
their highest levels in eight months as investors got ready for
the new year's first sale of new coupon securities and debated
whether the Federal Reserve could end bond purchases before
year-end. 

    LOCAL MARKETS PREVIOUS CLOSE 
    * BSE index 19,691.42 (-0.47 pct)
    * NSE index 5,988.40 (-0.46 pct)
    * Rupee 55.23/24 per dollar (55.07/08)
    * 10-year bond yield 7.90 pct (7.93 pct) 
    * 5-year OIS rate 7.16 pct (7.14 pct) 
    * 1-year OIS rate 7.59 pct (7.58 pct) 
    * Call money 8.00/8.05 pct (8.00/8.10 pct Fri)
    
    OVERNIGHT NEWS
    * India's central bank allowed less than one-year debt
securities to be included as underlying securities for repo in
corporate bonds and credit default swaps (CDS), a measure aimed
at boosting the corporate bond market. 
    * The Indian government is likely to approach parliament
next month to water down retrospective tax rules that damaged
investor confidence, two finance ministry officials said on
Monday, a move that may help settle British-based Vodafone Group
Plc's long-runnning $2 billion tax dispute.
 
 
    MAJOR DEALS/ACQUISITIONS
    * The Export-Import Bank of India (Baa3/BBB-) priced a $750
million 10-year Reg S deal at T+220bp, which is at the tight end
of its final guidance after its total order book rose to $6.4
billion with 263 accounts participating. (IFR)
    * Diane Plc's mandatory share tender offer to buy up
to 26 percent additional stake in India's United Spirits
 has been postponed as the companies are yet to receive
Indian regulatory approvals, a source with direct knowledge
said. 
    

    USD/INR NDFs (NY closing prices)   
    * For up-to-date prices, double click  
      Close      Open      High     Low      Volume  
    55.45-48    55.50     55.66    55.43      High
    
    FIG INVESTMENTS-EQUITIES (Net dollars)                      
                        
    Jan. 7*                  $174.28 mln#
    Month-to-date**            $1.06 bln 
    Year-to-date**             $1.06 bln         
    * Provisional NSE data         
    ** Source: Data as per custodial filing as on Jan. 7 on SEMI
website.
    #(As per Reuters conversion, $1 = 55.255 rupees)     
             
    FIG INVESTMENTS-DEBT (Net Dollars)  *  
                              Debt             
    Jan. 4                 -$82.54 mln
    Month-to-date          $304.11 mln
    Year-to-date           $304.10 mln                    
    * Source: Data as per custodial filing as on Jan. 7 on SEMI
website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                                Jan. 7
    Foreign Banks                      -22.63 bln
    Public Sector Banks                  3.95 bln
    Private Sector Banks                17.55 bln
    Mutual Funds                         5.90 bln 
    Others                               4.78 bln
    Primary Dealers                     -9.55 bln
    Source: Clearing Corp of India Ltd
          
    MONEY MARKET INFLOWS
Instrument               Payment    Date           Amount 
SD 07.93%, 2019         Interest   Jan 08            396.50 
(AND PRADESH) 
SD 07.96%, 2019         Interest   Jan 08            796.00 
(WEST BENGAL) 
SD 07.97%, 2019         Interest   Jan 08            398.50 
(UTTER PRADESH) 
SD 08.03%, 2018         Interest   Jan 08            120.45 
(DIARCHAL PRADESH) 
SD 08.06%, 2018         Interest   Jan 08            241.80 
(RAJASTHAN) 
SDL 08.07%, 2018         Interest   Jan 08            847.35 
(2 States) 
SDL 08.08%, 2018         Interest   Jan 08            808.00 
(MAHARASHTRA) 
SDL 08.12%, 2018         Interest   Jan 08            338.32 
(KERALA) 
7.99% 2017               Interest   Jan 09          28364.50 
8.33% 2026               Interest   Jan 09          22491.00 
SDL 08.57%, 2022         Interest   Jan 11            149.98 
(PUNJAB) 
SDL 08.58%, 2022         Interest   Jan 11             21.45 
(MEGHALAYA) 
SDL 08.62%, 2022         Interest   Jan 11             43.10 
(UTTARAKHAND) 
SDL 08.69%, 2022         Interest   Jan 11            543.13 
(KARNATAKA) 
SDL 08.72%, 2022         Interest   Jan 11           2180.00 
(3 States) 
SDL 08.74%, 2022         Interest   Jan 11            269.63 
(RAJASTHAN) 
SDL 08.75%, 2022         Interest   Jan 11            787.50 
(2 States) 
SDL 09.81%, 2018         Interest   Jan 11            245.25 
(PUNJAB) 
91 days T-Bill           Redemption Jan 11          85500.00 
364 days T-Bill          Redemption Jan 11          40000.00 
For the entire table click on: 
    ISSUANCES 
ASSET                 DATE         AMOUNT (IN RUPEES) 
State Loans           Jan 8      59.08 bln
T-Bills               Jan 9        100 bln    

    LIQUIDITY
    * The Reserve Bank of India (RBI) said on Monday it accepted
all 29 bids for 719.85 billion rupees at its one-day repo
auction, through which it injects cash into the banking system.
It did not receive any bid at its reverse repo auction, through
which it absorbs cash from the system. 
    * Indian banks' refinancing with RBI at 214.43 billion
rupees. 
    * Indian banks' cash balances with RBI fall to 2.96 trillion
rupees. 

 (Compiled by Subhadip Sircar)
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