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By Upmanyu Trivedi and Rahul Satija A bad bank in India that’s expected to launch this month may help reduce one of the world’s worst bad-loan piles but market participants say it’s a long path ahead. The new institution, which is set to start operations by the end of June, is likely to handle stressed debt worth 2 trillion rupees ($27 billion) over time, according to a BloombergQuint report. That would be about a quarter of the nation’s non-performing debt load. By housing bad loans of many lenders under one roof, the entity should help speed up decision-making and improve bargaining power when resolving these assets. ....
Read more about Tens of millions on the fringes sink into poverty as Covid wrecks India on Business Standard. The government estimates India s gross domestic product shrank 8 per cent in the year ended March, its biggest contraction since 1952 ....
RBI cash, yields draw investors to dollar bonds SECTIONS Last Updated: May 06, 2021, 07:49 AM IST Share Synopsis The RBI will inject 500 billion rupees of liquidity and allow new loan-relief for small businesses, Governor Shaktikanta Das said in surprise statement on Wednesday. Agencies Indian dollar bonds gained 0.7% in the two weeks to May 5, more than the 0.3% rise in a broader Asian dollar bond gauge, according to Bloomberg Barclays indexes. Related NSE By Rahul Satija Bargain-hunting investors are increasingly moving into Indian dollar bonds, and central bank support unveiled Wednesday may further that trend even as the nation grapples with a tragic surge in Covid cases. ....
Rupee fall is hurting bonds now among Asia’s worst SECTIONS Last Updated: Apr 22, 2021, 08:04 AM IST Share Synopsis The weaker rupee is also making borrowers hesitate to tap what would otherwise be some of the lowest borrowing costs ever in the dollar bond market. ETAuto By Rahul Satija A slide in the rupee is exacerbating a slump in Indian corporate dollar notes that are now among the worst performers in Asia, just as concerns mount that companies are hedging less. The securities have lost about 0.1% in April, worse than a 0.4% gain for a broader Asian dollar bond gauge, according to a Bloomberg Barclays indexes. All the other countries in Asia have posted positive returns, except China which lost about 0.4% after the stumble by China Huarong Asset Management Co. ....
The firms invested in the 16 billion rupee ($221 million) issuance from Kesoram Industries Ltd. through various vehicles, according to an exchange filing Tuesday. The Indian cement manufacturer defaulted on its debt last year and is working to restructure repayments. The investments reflect growing interest in Indian distressed assets. Global heavyweights such as Apollo Global Management Inc. and Oaktree Capital Group have either struck deals or scaled up their local teams in recent years to bet on businesses struggling to stay afloat in the nation, which has a worsening pile of bad loans. Kolkata-based Kesoram, whose history dates back over 100 years, this month allotted equity shares and preference securities to 10 creditors as part of its plan to restructure debt. Funds from the bond sale will be used in part to repay existing loans and overdue liabilities. ....