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(Bloomberg) -- Indian sovereign bonds slumped as the central bank's choice of relatively illiquid papers for its bond-purchase program disappointed traders. The yield on the 5.63% bond maturing in 2026 rose as much as 13 basis points to 5.89%, while the 6.64% 2035 bond yield climbed eight basis points. [Extracted from the article]

SBI Pension Funds Pvt., which manages $50 billion in assets, is considering investing in corporate and state debt due to the narrowing spreads on longer-maturity Indian government bonds. The fund's chief investment officer, Sandeep Pandey, expressed concern that the lack of term premium for longer-dated securities could impact returns for subscribers. Demand for longer-tenor papers has increased, leading to a compression in the spread between 10-year and 30-year bonds. The fund currently holds a portfolio of about one trillion rupees in corporate paper and 2.5 trillion rupees in sovereign and state debt. [Extracted from the article]

Copyright of Revista Española de Capital Riesgo is the property of M&A Businesshop, S.L. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article reports that long-dated trades for sovereign, supranational and agency (SSA) issues were driven by Asian demand. Among the largest trades was NRW Bank selling a 500-million U.S. dollar piece of 364 day commercial paper (CP). The Republic of Austria and Caisse d'Amortissement de la Dette Sociale (CADES) offered a 350-million U.S. dollar piece and a 300-million U.S. dollar clip, respectively.

Focuses on the Euro commercial paper (CP) issued by the Greek government in January 2004. Reasons for issuing tenors ranging from five days out to three weeks; Lead managers on the bond issue; Banks included in the dealer panel of Greece's sovereign programme.

The article reports that Iberian sovereigns and agencies have returned to the medium term note (MTN) market in high volumes. Instituto de Crédito Oficial (ICO) secured 1 billion euros from five year paper through a benchmark deal. Portugal sold a 110-million euro two year puttable note via Crédit Agricole CIB.

(Bloomberg) -- A hawkish pivot by the Indian central bank has money managers scurrying to find safer bets while bracing for potentially the steepest rate hikes in Asia. The yield spread between three-year government papers and similar top-rated company bonds had turned negative in April from around 87 basis points in August, according to Bloomberg data. Yields have risen, and stocks pared gains since the Reserve Bank of India shifted focus to inflation from growth in April and indirectly tightened policy by introducing a higher floor interest rate. [Extracted from the article]

Offers a look at the performance of agency paper and corporate spreads. Expectation on subordinated debt issues; Factors that affects the performance of Treasuries.

Reports on the performance of the international yen market as of November 2003. Effect of the yen holdings reduction of international fund managers on the ability to prize sizable credit deals; Factors that encouraged switching out of Euroyen and global yen issued by non-Japanese issuers; Top 5 bookrunners of offshore yen bonds. INSET: September rush confirms vital signs.

Commercial Paper Three-year government bond yields slid 19 basis points to 4.31% while 10-year rates dropped 16 basis points to 4.49%. (Bloomberg) -- South Korean assets rallied on Monday after the government pledged at least 50 trillion won ($34.8 billion) to prop up credit markets, easing concerns about rising default risks in key sectors including real estate. [Extracted from the article]

Copyright of Revista Española de Capital Riesgo is the property of M&A Businesshop, S.L. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Dutch pension funds, which are the largest in the region with over €1.5 trillion in assets, are investing heavily in long-dated swap contracts. This is causing a disruption in one of this year's popular trades. The funds are likely doing this to hedge against increasing liabilities. The recent announcement by PFZW, the second-largest fund in the Netherlands, about a significant increase in pension payments starting in 2024 has led to speculation that other funds will follow suit. This has resulted in a flattening pressure on the swap curve. The lack of supply of core cash paper and the decision by the Netherlands not to issue more bonds this year have also contributed to the situation. While the bids from Dutch funds have affected the euro swap markets in the short term, it is believed that PFZW is an outlier among its peers, with other funds suggesting smaller adjustments. Additionally, pension funds are not only investing in swaps but also in other long-end securities such as green government bonds. [Extracted from the article]

This article announces that the success of the long 30-year syndicated government bond by Greece demonstrated strong demand for long-dated paper. Books for the new issue, which was marketed with a minimum Eu3 billion size and a 2040 end date, were opened on January 29, 2007 by lead managers Lehman Brothers and the National Bank of Greece among others. By the close of the first day, orders in excess of Eu8 billion had been received and by the following morning, the book had grown to Eu11 billion.

Presents an update on the European commercial paper (ECP) market as of October 7, 2005. Information on the coupon ticket printed by BCP Finance Bank; Plan of the Kingdom of Denmark to return to the ECP market through a sovereign bond issue by November; Stock performance of Euro denominated issuance, dollar and sterling bonds.

Copyright of Revista Española de Capital Riesgo is the property of M&A Businesshop, S.L. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The yield spread between three-year government papers and similar top-rated company bonds had turned negative in April from around 87 basis points in August, according to Bloomberg data. (Bloomberg) -- A hawkish pivot by the Indian central bank has money managers scurrying to find safer bets while bracing for potentially the steepest rate hikes in Asia. Yields have risen, and stocks pared gains since the Reserve Bank of India shifted focus to inflation from growth in April and indirectly tightened policy by introducing a higher floor interest rate. [Extracted from the article]

(Bloomberg) -- Reliance Industries Ltd. is finalizing plans to raise up to $3 billion via an offshore bond issue, the Economic Times newspaper reported. While the exact pricing of the bonds has not been made available, there are expectations the 10-year debt may be offered at about 110 to 130 basis points over the U.S. Treasury benchmark, and the 30-year debt may be at 130 to 140 basis points over similar-maturity Treasuries, the Economic Times said. The company is expected to use the proceeds from the sale to refinance loans maturing in the next three to four months to save on interest costs or extending maturities, the paper said. [Extracted from the article]

Greece has received record demand for its first new bond since regaining investment grade, with €35 billion ($37.9 billion) in orders for a syndicated sale of 10-year paper. This surge in demand is attributed to speculation that the European Central Bank may lower interest rates in April, prompting investors to seek government bonds. Greece's strong economic growth and ongoing fiscal adjustments have also contributed to the high demand for its bonds. The new Greek bonds also qualify for the ECB's bond-buying program, further attracting investors. [Extracted from the article]

The article focuses on Federal agency debt issues. What is rarely explained to the retail customer is that the sales compensation earned by the broker on federal agency securities is considerably greater than on Treasurys. The agency paper, although rated triple-A, is a smidgen riskier than U.S. Treasury paper. There are three drawbacks to the agency issues. One is that unlike Treasurys, they are often subject to state income tax. Depending on the circumstances, that can easily erase the entire yield advantage over Treasurys. Secondly, liquidity isn't as good among the thousands of smaller agency offerings as it is on Treasurys. Thirdly, while only a small fraction of Treasury bonds are callable before maturity, a great many agency bonds are callable.

Reports on the launching of syndicated government bond by the Austria. Value of the syndicated bond; Lead underwriters for the Austrian bond; Intention of Austria to increase the size of the bond.

This article reports on the issuance of a bond by Kommuninvest I Sverige in Switzerland in December 2008. The firm issued the bond as investors sought alternatives to the returns available on government securities. A banker pointed out that the one year paper is more attractive than buying Swiss government paper.

The Reserve Bank of India bought 100 billion rupees of the 6.64% 2035 bond at 6.5881% as against 6.58% estimated in a Bloomberg poll and purchased another 110 billion rupees of the 2026 bond at a 5.5442% yield. (Bloomberg) -- India's central bank sold a planned 320 billion rupees ($4.4 billion) of bonds at its weekly sale on Friday, with many traders expecting the monetary authority to buy off the stock later. [Extracted from the article]

The article reports that the United States' second-largest bond market is having a last fling before it finally settles down. The revolution in financing the American dream of home ownership has created the most important part of the fixed-income market after government bonds. The first mortgage-backed security was issued in 1970, but the market took off with the property and debt booms of the 1980s. Fresh mortgage bonds have recently poured on to the market at twice the rate of Treasury bonds and over three times that of investment-grade corporate bonds.

The weighted average call rate, which the Reserve Bank of India closely monitors, has held above the policy rate for most of the past month and even breached the emergency funding rate of 6.75% on some days. Yields on shorter commercial paper declined between five and 10 basis points while rates on treasury bills also retreated in secondary trading, traders said. (Bloomberg) -- India's shorter bonds rallied and money market rates eased on bets that a withdrawal of the nation's highest value currency note would leave banks with surplus cash to invest. [Extracted from the article]

(Bloomberg) -- India may sell as much as 250 billion rupees ($3 billion) of green bonds in the next fiscal year and plans to include longer maturity debt to the offering, according to people familiar with the matter. While the finance ministry has assumed green issuances at 1.6% of the overall borrowing of 15.43 trillion rupees next year, the officials said that the actual offering would depend on demand. [Extracted from the article]

The U.S. Treasury will stop selling paper savings bonds after 2004, requiring all purchases be made exclusively online. Moreover, it is encouraging current holders to convert existing paper bonds into a book-entry or Internet account form. The annual cost of administering the savings bond program, which had sales of $9.85 billion in fiscal year 2002 and $5.15 billion so far in fiscal year 2003, is about $154 million.

Keywords: ASIA; BON; BUSINESS; FRX; JAPAN; MARKETS; WORLD EN ASIA BON BUSINESS FRX JAPAN MARKETS WORLD Overseas funds bought the second-highest amount of Japanese government bonds on record in June as enhanced returns using cross-currency basis swaps and index-linked demand fueled inflows. Overseas investors buying five-year JGBs using cross-currency swaps funded in euro or the Aussie dollar can earn around 50 basis points more than from similar-maturity German or Australian paper. QWIVMXT0G1KW (Bloomberg) -- Overseas funds bought the second-highest amount of Japanese government bonds on record in June as enhanced returns using cross-currency basis swaps and index-linked demand fueled inflows. [Extracted from the article]

(Bloomberg) -- India announced a fiscal first-half borrowingplan largely in line with expectations, a move likely to comforta bond market facing near-record debt sales. The market still has to contend with a large supply of bonds inthe fiscal year starting April, adding to a glut of paper mademore unappealing by rising U.S. yields. [Extracted from the article]

"A lot of the return and risk dynamics will be driven by investors' risk tolerance - the risk they are willing to take and the timeframe through which they're willing to invest", says Balaji Gopal, head of product strategy for Vanguard Australia. Philpot suggests taking minimal risk within a three-year investment timeframe, some risk between three to 10 years, and high levels of risk if the investment horizon is longer than 10 years. "In fixed income it's best to think of three key risks: interest rate risk, credit risk and liquidity risk", says Tyler. [Extracted from the article]

The article presents discussions on various topics. The bread loan floated by the Soviet Government is its first attempt to establish internal credits. The bonds are short-termed, to be paid back in January, 1923, in grain. Bonds vary in value from 1 to 100 poods of grain, the total amount of the loan amounting to 10,000,000 poods of grain. While the present market price of grain is over 400 rubles in the new soviet currency, or 4,000,000 of the earlier paper rubles, the price of a one-pood bond is put at 380 rubles. Bread bonds are to be accepted in business transactions or in payment of the tax in kind.

(Bloomberg) -- Benchmark Indian sovereign bonds posted their best week since December after the central bank stepped in with one of its heaviest interventions to support a market weighed down by a glut of paper. The advance caps a tumultuous two weeks for debt traders, who were spooked Feb. 1 when the government announced a heavier-than-expected borrowing and later disappointed when the central bank stopped short of committing to regular debt purchases. The 10-year yield rose three basis points to 5.99% on Friday and the most-traded 5.77% 2030 bond yield was up four basis points. [Extracted from the article]

(Bloomberg) -- Former U.S. Treasury Secretary Robert Rubin cautioned against taking rock-bottom interest rates for granted and said the government should take advantage of the moment by substantially increasing the maturity of its debt, including possibly issuing ultra-long bonds. In their policy brief, Rubin, Stiglitz and Orszag said that a reasonable base case is for the continuation of very low interest rates for some time. [Extracted from the article]

Metals also saw a boost last week from a steep decline in benchmark US bond yields, which increases the appeal of non-interest bearing assets to investors. (Bloomberg) -- Metals extended last week's gains after a report that Beijing is considering taking on more debt to reduce pressure on local governments. [Extracted from the article]

(Bloomberg) -- Two years after Argentina emerged from its latest default, a debt crisis in brewing once again. Part of the problem is rooted in the fact that the value of the vast bulk of the bonds is linked to inflation -- the lone security that crisis-scarred investors have found appealing. Still, it may not be enough to avoid a debt crisis before presidential elections in October 2023 as investors demand increasingly shorter-dated paper, according to Ramiro Blazquez, the head of strategy for broker BancTrust & Co. in Buenos Aires. [Extracted from the article]

Still, it may not be enough to avoid a debt crisis before presidential elections in October 2023 as investors demand increasingly shorter-dated paper, according to Ramiro Blazquez, the head of strategy for broker BancTrust & Co. in Buenos Aires. (Bloomberg) -- Two years after Argentina emerged from its latest default, a debt crisis in brewing once again. Part of the problem is rooted in the fact that the value of the vast bulk of the bonds is linked to inflation -- the lone security that crisis-scarred investors have found appealing. [Extracted from the article]

The author asserts that the U.S. should float long-term bonds. Britain has announced it will soon be floating 50-year bonds. Germany is expected to follow. The U.S. Treasury Department should immediately do the same and lock in low interest rates. Washington stopped selling 30-year bonds nearly four years ago. The idea behind that decision was that the national debt would soon be extinguished so there was no need to sell regular Treasury bonds beyond a term of ten years. That move was a mistake then, and it's certainly a mistake now. Sadly, Washington has had a long history of mismanaging the national debt. Taxpayers have shelled out literally tens of billions of dollars for unnecessary interest payments on Treasury bonds. The most egregious reason for the waste of interest money: the Treasury's obstinate refusal to put traditional call options on its long-term paper.

Backed by as much as 1,100 trillion rupiah in Bank Indonesia's government bond holdings, the SRBI is aimed at creating a stronger anchor for the rupiah that's been undercut by outflows, especially as the central bank expects as many as two more interest-rate hikes in the US. (Bloomberg) -- Bank Indonesia is issuing new rupiah securities to replace its existing reverse repurchase facility and "Operation Twist" bond sales to provide a more powerful tool for luring foreign funds, according to Governor Perry Warjiyo. [Extracted from the article]

(Bloomberg) -- Some of the riskiest sovereign bonds in emerging markets look appealing and have room to rally as peaking inflation and interest-rate cuts provide a boost, according to Morgan Stanley. Unexpected Recovery Sweeps World's Riskiest Sovereign Bonds High-yielding debt from emerging markets has returned almost 3% so far this month and the biggest gains come from deeply speculative CCC rated countries. [Extracted from the article]

At the same time, reducing your exposure to stocks feels dangerous with inflation running at the highest rate in decades, eating away the modest returns of more conservative investments. (Bloomberg Businessweek) -- After years of watching strong markets swell portfolios, many recent and would-be retirees are in a nice spot - on paper. [Extracted from the article]

The article reports on Colombia's international bond issue as of January 24, 2014. Topics discussed include the details of the country's 2 billion dollars worth of 30 year paper, the bond's secondary market performance and other companies and sovereigns that have issued long-term papers. Also highlighted are the orders from investors attracted by the sovereign deal.

The article focuses on the success of the three-year debt auctioned by Spain in September 2013, benefiting from the buoyant market following the announcement by the U.S. Federal Reserve to delay its plans to reduce quantitative easing. The country has issued a 1 billion euro of July 2016 paper and 1 billion euro of October 2028 debt. The average yield on the deal was 2.225%.

The article talks about the international bond issue by the state of Brandenburg, Germany amounting to 125 million Swiss francs (Sfr). The bond issue, which is set to mature on December 3, 2010, is managed solely by Credit Suisse. The borrower claimed that they would have preferred a longer maturity as they were swapping from euros but it was the ideal maturity because the basis swap for euros to Swiss francs was cheapest for that duration. Bookrunners said that the swap market is currently very volatile in October 2008.

Reports on the limited supply of high-yield municipal bonds in the U.S. as of March 2006. Risks associated with low-quality and non-rated paper; Implication of the high demand for risky paper at lower yield levels for the tight spread relationship between the speculative market and high-grade sectors; List of sectors that are expected to attract investors trying to uncover yield.

(Bloomberg) -- Financial turmoil following the collapse of three US lenders and the emergency takeover of Credit Suisse Group AG has fueled questions over whether Japanese banks might be at risk from the fallout. Read a BI note on Japan banks' bond portfolios Smaller banks don't need to factor in valuation losses on available-for-sale securities. [Extracted from the article]

The 6.17% bond maturing in 2021 was offered at a negative yield of around 1.5%, according to traders who saw the quote on the Clearing Corporation of India's Negotiated Dealing System -- Order Matching, or NDS-OM platform. (Bloomberg) -- A negative yield was quoted for the first time ever on India's sovereign bond trading platform Friday, traders said, triggering intense speculation about the motive. [Extracted from the article]

This paper investigates the interconnections between real economy and the financial market in a discrete dynamical framework. We focus on the effect of the dividend policy decided by managers and the expectations of investors about future payments. We found that an excessively high dividend payout ratio erodes the economy, while in the opposite case instability and fluctuations arise. By means of analytical results and numerical simulations we show that the positive return of government bonds leads to instability, while investors' expectations modify the path of the asset price. • We investigate the co-evolution of physical capital and a financial asset. • An excessively high dividend payout ratio may erode the economy. • A low dividend payout might cause economic fluctuations. • Positive returns for government bonds lead to instability. • Unfulfilled expectations over dividends affect the path of the asset price. [ABSTRACT FROM AUTHOR]

The BOE excluded long-maturity gilts from its sales program this quarter after they were at the center of a sharp rout starting in late September. (Bloomberg) -- The Bank of England said it will sell long-maturity bonds from its main quantitative-easing portfolio next quarter after they were excluded in recent months amid fragile market conditions. [Extracted from the article]

The article reports on the sale by Spanish strategic oil fund Corporaciön de Reservas Estratégicas de Productos Petroliferos (Cores) of its first bond in 2013. The 350 million euro April 2016 paper was priced by BBVA, BNP Paribas, Crédit Agricole and HSBC. A syndicate manager says they have waited for a positive market backdrop to launch the deal.

The nation's sovereign bonds sold off Wednesday, after the Reserve Bank of New Zealand raised interest rates by a record 75 basis points and signaled more tightening. (Bloomberg) -- New Zealand central bank's record interest-rate hike is a warning to investors that the global tightening cycle may be far from over, according to HSBC Holdings Plc. [Extracted from the article]