Shriram Finance to issue over 3-yr dollar denominated bonds - bankers
MUMBAI (Reuters) - India's Shriram Finance plans to raise funds through U.S. dollar denominated bonds maturing in three years and three months, two merchant bankers said on Tuesday. The funds raised Key Points
ThePrintPre-packaged insolvency fails to take off as bankers wary of voluntary haircuts
The pre-pack model of insolvency resolution for smaller firms has failed to gain traction due to concerns of impropriety by bankers. Only four companies have used the scheme since its introduction in April 2021. Key Points
mintWeak demand for State Bank of India perpetual bonds as investors seek higher returns
India's largest lender State Bank of India (SBI) (SBI.NS) raised only the base amount in its first perpetual bond issue for fiscal 2024 as investors sought higher returns than the bank was willing to offer, merchant bankers said. Key Points
ReutersJPMorgan cuts nearly 40 investment bankers in US
JPMorgan Chase & Co is cutting nearly 40 investment bankers in the U.S., a source with knowledge of the matter said. Key Points
ReutersIndia's Jio Financial Services in talks for maiden bond issue - bankers
India's Jio Financial Services (JIOF.NS) is in early talks with merchant bankers for its maiden bond issue, four bankers told Reuters on Monday. Key Points
Reuters
Jio Financial Services in talks for maiden bond issue to raise Rs 5,000-10,000 crore: Bankers
The company may look to raise Rs 5000 crore ($600.6 million) to Rs 10,000 crore through the issue and may tap the market in the last quarter of this financial year, the bankers added. Key Points
Economic TimesIndia's DLF mulls first bond issue in three years - bankers
India's DLF Ltd (DLF.NS) is mulling its first sale of bonds in three years amid a revival in the country's real estate market, three merchant bankers said on Thursday. Key Points
ReutersNABARD report puts Gujarat's credit potential at Rs 3.53 lakh crore for 2024-25
A NABARD report reveals Gujarat's credit potential for priority sectors is Rs 3.53 lakh crore. The report proposes strategies to enhance credit absorption capacity through partnerships and policy interventions. AK Rakesh, Additional Chief Secretary, urges bankers to achieve the credit potential. Key Points
Economic TimesGo First lenders select EY-backed Ajmera as RP
Ajmera's selection is subject to approval from the National Company Law Tribunal (NCLT). The selection was communicated at a meeting of the committee of creditors of Go First on Friday. If approved by NCLT, Ajmera will replace an interim resolution professional who is currently running the company and was originally recommended by Go First's former management, according to sources aware of the matter. Key Points
Economic TimesAs Japan emerges from deflation, banks get wake-up call on interest rate swing
After decades of deflation, Japan's economy looks poised to finally turn a corner. For its biggest banks, however, there's a hitch: a generation of professional front-line staff have little experience with rising interest rates. Key Points
Reuters
#5DaysBanking #SavePSB: Young bank activists are fighting a quiet battle
Organized labour unions with clear political affiliations have been the face of bank activism for long. They stage physical protests, marches with flags and at times resort to strikes. But, how younger employees from state-owned banks agitate is changing. Key Points
mintLower interest rates forecast for 2024, but geopolitical tensions can keep monetary policy on its toes
Globally, the tone of monetary policy has also become less hawkish, suggesting that the most challenging phase of the cycle of increasing interest rates is now behind. This positive development has opened up the possibility of interest rate softening in 2024 to support economic growth. Key Points
Business TodayGo First lenders to meet Monday, stare at Rs 6,500 crore in losses
Lenders to the insolvent airline Go First will likely meet to assess a fund-infusion plan into the grounded carrier. However, regulatory approval for lessors to repossess leased aircraft is making it unviable for bankers to commit fresh money to the first case of voluntary bankruptcy in Indian aviation. Key Points
Economic TimesTop central bankers see further tightening to counter inflation
Although policy is restrictive, it may not be restrictive enough and it has not been restrictive for long enough, Federal Reserve Chair Jerome Powell said at a conference at the Portuguese resort of Sintra. His comments on inflation were largely echoed by Bank of England Governor Andrew Bailey and European Central Bank President Christine Lagarde, both of whom said they expect more moves. Key Points
Economic TimesRana Talwar, first Indian to head MNC bank, no more
Rana Talwar, the former head of Standard Chartered Bank, passed away on Saturday at the age of 76. Recognized as one of the leading Indian bankers who achieved significant success on the global stage, Talwar was praised for his transformative contributions to banking, earning acclaim from industry luminaries like former Citigroup CEO John Reed. Key Points
Economic Times
Can superstars like Beyoncé or Taylor Swift spur inflation?
The sworn enemies of Europe’s central bankers include Vladimir Putin, covid-19 and, apparently, Beyoncé. All three have recently been blamed for hot inflation, but the American singer seems an unlikely macroeconomic force. Key Points
mintWells Fargo to cut less than 50 investment banker jobs - source
Wells Fargo (WFC.N) has let go of less than 50 bankers from its corporate and investment banking unit as part of year-end pruning, a source familiar with the matter said on Tuesday. Key Points
ReutersIndia's Vedanta raises funds at higher rates amid company rejig, bankers say
India's Vedanta Ltd (VDAN.NS), a subsidiary of Vedanta Resources, has raised 25 billion rupees ($301.06 million)through the sale of bonds maturing in 18 months at sharply higher rates, three merchant bankers said on Friday. Key Points
ReutersExplainer: Why has Mozambique sued Credit Suisse over the 'tuna bonds'?
Mozambique's lawsuit against Credit Suisse and shipbuilder Privinvest over the decade-old "tuna bond" scandal in London could pitch one of the world's poorest nations against corporate heavyweights in a $1.5 billion-plus battle next week. Key Points
ReutersIndia's Vedanta raises funds at higher rates amid company rejig - bankers
India's Vedanta Ltd (VDAN.NS), a subsidiary of Vedanta Resources, has raised 25 billion rupees ($301.06 million)through the sale of bonds maturing in 18 months at sharply higher rates, three merchant bankers said on Friday. Key Points
Reuters
BJP leader Shahnawaz Hussain suffers cardiac arrest; admitted to Mumbai's Lilavati Hospital
Shahnawaz Hussain was admitted to Mumbai's Lilavati Hospital after a complaint of high blood pressure earlier today. The ECG and 2D Eco reports showed he suffered a minor heart attack. Key Points
Economic TimesNABARD raises Rs 1,000 crore in country's first social impact bond
NABARD accepted bids worth 10.40 billion rupees ($124.9 million), the bankers said, declining to be identified as they are not authorised to speak to the media. NABARD had planned to raise at least 10 billion rupees via this issue, with a greenshoe option to retain an additional 20 billion rupees. The state-run company has set a coupon of 7.63% on this issue. Key Points
Economic TimesGo First's lenders approve $55 mln fund infusion to revive bankrupt Indian carrier - sources
Lenders to India's Go First, which is under bankruptcy protection, have approved interim funding of 4.50 billion rupees ($54.9 million) to resume operations and restart the airline, two banking sources said. Key Points
ReutersTop Barclays software banker to join Centerview - sources
Barclays Plc's global co-head of software investment banking Steven Markovich resigned to join Centerview Partners, people familiar with the matter said on Monday, the latest blow to the British bank's efforts to retain U.S. dealmaking talent. Key Points
ReutersBlackRock says emerging markets have an edge over rest of world
BlackRock Inc.’s research arm is growing even more bullish on emerging markets, where central bankers are moving far faster than the Federal Reserve to reach a peak in their interest rate hiking cycles. Key Points
mint
New threshold limit a challenge to many FPIs
The lower threshold can be a challenge for ultimate beneficiaries as lowering ownership below 10 per cent in a fund could mean losing control over the entity. bankers think investors who want to hide their identities may add a few more layers to dilute the eventual ownership below 10 per cent. Key Points
Economic Times