Indian FX/debt factors to watch - Jan 10

Thu Jan 10, 2013 8:07am IST

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GLOBAL MARKETS ROUNDUP
    * Asian shares steadied on Thursday following an overnight
rise in global equities on early optimism about U.S. earnings,
but investors remained cautious ahead of China's trade data and
the European Central Bank meeting later in the day. 
    * The yen was on the defensive near a 2 1/2-year low on
Thursday on expectations Bank of Japan policy will take a fresh
and bold approach to boost inflation later this month. 
    * Oil futures fell slightly on Wednesday after government
data showed U.S. fuel stocks rose sharply last week, a sign of
ample supply in the world's top consumer of oil. 
    * Prices for U.S. Treasuries traded near flat on Wednesday,
with yields off last week's eight-month highs but still within
recent ranges, as looming debt ceiling talks kept investors
wary. 
    
    LOCAL MARKETS PREVIOUS CLOSE 
    * BSE index 19,666.59 (-0.38 pct)
    * NSE index 5,971.50 (-0.5 pct)
    * Rupee 54.75/76 per dollar (54.99/00)
    * 10-year bond yield 7.90 pct (7.91 pct) 
    * 5-year OIS rate 7.16 pct (7.18 pct) 
    * 1-year OIS rate 7.55 pct (7.57 pct) 
    * Call money 8.05/8.10 pct (8.00/8.10 pct)
    
     OVERNIGHT NEWS
     * Emerging markets ended 2012 with a modest acceleration in
economic growth thanks to a pick-up in manufacturing activity
that hints at further improvement in coming months, a survey
found on Thursday. 
    * The Indian government moved on Wednesday to mend its
strained finances, which have hit capital investment and put its
sovereign credit ratings in peril. 
    * India's central bank is considering a proposal to bring
down the held-to-maturity limit in debt for banks in a
non-disruptive manner, Reserve Bank of India Deputy Governor
H.R. Khan said on the sidelines of an event on Wednesday.
 
 
     MAJOR DEALS/ACQUISITIONS
    * Indian lender ICICI Bank (Baa2/BB-) has increased its
inaugural Singapore dollar bond to S$225 million after pricing
the seven-year notes at 3.65 percent. This is at the tight end
of a revised guidance of 3.65 percent-3.70 percent, itself a 35
basis point compression at the low-end from an initial
indication of 4.0 percent. (IFR) 
    * India's Punj Lloyd Ltd, stepped up its offer for
the construction business of Macmahon Holdings Ltd on
Thursday, looking to trump a current deal with Leighton Holdings
Ltd. 
   * After signing a $400 million standby letter of
credit-backed financing in late November, Videocon Group is back
again with a $115 million borrowing. (IFR)
   * Bank of Nova Scotia and Bank of Tokyo-Mitsubishi UFJ have
clubbed a $100 million five-year term loan for Tata Chemicals
International. (IFR)
   * State Bank of India has been awarded the mandate for a
three-year term loan of $150 million for Rural Electrification
Corp. Responses to a request for proposals from the borrower
were due last month. (IFR)
    * Indian Oil Corp has sent out a request for proposals for a
$120 million five-year loan. Responses for the bullet facility
are due on Jan. 28. Funds are for capital expenditure. (IFR)

    USD/INR NDFs (NY closing prices)   
    * For up-to-date prices, double click  
      Close      Open      High     Low      Volume  
    55.10-13    55.12     55.15    55.11      High
    
    FII INVESTMENTS-EQUITIES (Net dollars)                      
                        
    Jan. 9*                  $154.77 mln#
    Month-to-date**            $1.40 bln 
    Year-to-date**             $1.40 bln         
    * Provisional NSE data         
    ** Source: Data as per custodial filing as on Jan. 9 on SEBI
website.
    #(As per Reuters conversion, $1 = 54.855 rupees)     
             
    FII INVESTMENTS-DEBT (Net Dollars)  *  
                              Debt             
    Jan. 8                  $10.95 mln
    Month-to-date          $165.98 mln
    Year-to-date           $166.00 mln                    
    * Source: Data as per custodial filing as on Jan. 9 on SEBI
website.
        
    GOVERNMENT SECURITIES TRADING (Net buy/sell, in rupees)
                                Jan. 9
    Foreign Banks                       16.63 bln
    Public Sector Banks                -26.34 bln
    Private Sector Banks               -11.63 bln
    Mutual Funds                         7.45 bln 
    Others                              -0.06 bln
    Primary Dealers                     13.94 bln
    Source: Clearing Corp of India Ltd
          
    MONEY MARKET INFLOWS
Instrument               Payment    Date           Amount 
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: 

    LIQUIDITY
    * The Reserve Bank of India (RBI) said on Wednesday it
accepted all 28 bids for 825.25 billion rupees at its one-day
repo auction, through which it injects cash into the banking
system. It accepted a sole bid for 500 million rupees at its
reverse repo auction, through which it absorbs cash from the
system. 
    * Indian banks' refinancing with RBI rises to 224.99 billion
rupees. 
    * Indian banks' cash balances with RBI fall to 2.77 trillion
rupees. 

 (Compiled by Subhadip Sircar; Editing by Jijo Jacob)
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