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In over-the-counter (OTC) securities markets, interdealer markets are an important venue through which dealers can offload positions and share risk amongst themselves. Contrary to the popular conception that search frictions matter the most in OTC markets, we find that in the interdealer market for U.S. corporate bonds, information frictions are most relevant. Large dealers face large and informed customers and pay more than small dealers to transact in the interdealer market, despite on average providing liquidity to other dealers. Large dealers tend to trade through interdealer brokers (IDBs) to mitigate information leakage, but interdealer markets are still far from efficient. [ABSTRACT FROM AUTHOR]

We use a merged global data set of security-level corporate bond issuance and firm-level financial statement data to show that, in contrast to earlier periods of financial stress, during the COVID pandemic nonfinancial firms around the world were more likely to issue bonds, driven by a boom in local-currency-denominated issuance. We observe a distinct cross-regional difference in the characteristics of issuing firms, finding that in advanced economies issuance during COVID was driven by less risky firms, as predicted by existing theories; in emerging markets, only issuance of U.S. dollar denominated bonds came from larger or less risky firms. [ABSTRACT FROM AUTHOR]

We introduce a model to explain how an increase in intermediation costs leads to structural changes in the corporate bond market. We state three facts on corporate bond markets after the Dodd-Frank act: (1) an increase in customer liquidity provision through prearranged matches, (2) a paradoxical decrease in measured illiquidity, and (3) an increase in the illiquidity component on the yield spread. Investors take longer to finish a trade and require higher illiquidity premium even though measured illiquidity decreased. We introduce a search and matching model which explains these facts. It also suggests the possibility of multiple equilibria and financial instability when dealers face high costs to intermediate transactions. [ABSTRACT FROM AUTHOR]

We build a new measure of credit and financial market sentiment using Natural Language Processing on Twitter data. We find that the Twitter Financial Sentiment Index (TFSI) correlates highly with corporate bond spreads and other price- and survey-based measures of financial conditions. We document that overnight Twitter financial sentiment helps predict next day stock market returns. Most notably, we show that the index contains information that helps forecast changes in the U.S. monetary policy stance: a deterioration in Twitter financial sentiment the day ahead of an FOMC statement release predicts the size of restrictive monetary policy shocks. Finally, we document that sentiment worsens in response to an unexpected tightening of monetary policy. [ABSTRACT FROM AUTHOR]

We study a global panel of green and conventional bonds to assess the borrowing cost advantage at issuance for green bond issuers. We find that, on average, green bonds have a yield spread that is 8 basis points lower relative to conventional bonds. This borrowing cost advantage, or greenium, emerges as of 2019 and coincides with the growth of the sustainable asset management industry following EU regulation. Within this context, we find that the greenium is linked to two proxies of demand pressure, bond oversubscription and bond index inclusion. Moreover, while green bond governance appears to matter for the greenium, the credibility of the underlying projects does not have a significant impact. Instead, the greenium is unevenly distributed to large, investment-grade issuers, primarily within the banking sector and developed economies. These findings have implications for the role of green bonds in incentivizing meaningful green investments throughout the global economy. [ABSTRACT FROM AUTHOR]

The commercial Paper has issued at 7.33% p.a. discount rate [ABSTRACT FROM AUTHOR]

Aditya Birla Sun Life Mutual Fund has filed an offer document with SEBI to launch a new fund called 'Aditya Birla Sun Life Yield Enhancer Fund of Funds'. This open-ended fund will invest in equity oriented schemes, debt oriented schemes, and gold & silver ETFs. The minimum application amount is Rs. 500, and the scheme aims to collect a minimum target amount of Rs. 10 crore. The primary objective of the scheme is to generate capital appreciation from a portfolio of equity and debt schemes. [Extracted from the article]

Tenure of the instrument is 90 days [ABSTRACT FROM AUTHOR]

Tenure of the instrument is 90 days [ABSTRACT FROM AUTHOR]

Pursuant to the provisions of Regulation 30 read with Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, KRBL has informed that CARE Ratings vide their letter dated September 11, 2024 has reaffirmed the rating for Commercial Paper issue aggregating Rs 500.00 crore as details enclosed. The copy of this intimation is also available on the Company's website at www.krblrice.com.The above information is a part of company's filings submitted to BSE. [Extracted from the article]

In a recent announcement, Invesco Mutual Fund has revised the risk-o-meter of their Invesco India Credit Risk Fund. The fund, which primarily invests in AA and below rated corporate bonds with high interest rate risk and moderate credit risk, has been changed from 'Moderate' to 'Moderately High' risk. This change is based on an evaluation of the fund's portfolio as of August 31, 2024, and is effective immediately. All other terms and conditions of the fund remain unchanged. [Extracted from the article]

The move will enhance transparency for stakeholders and ensure timely disclosures by the entities [ABSTRACT FROM AUTHOR]

In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Sundram Fasteners has informed that CRISIL Ratings, credit rating agency, vide its letter's dated September 5, 2024 has re-affirmed the rating 'CRISIL A+' for the Short Term Debt and Commercial Paper (instruments) of the Company.The above information is a part of company's filings submitted to BSE. [Extracted from the article]

ICICI Prudential Mutual Fund (MF) has informed that ICICI Prudential Trust, Trustee to ICICI Prudential Mutual Fund approved distribution under Income Distribution cum capital withdrawal option (IDCW option) of ICICI Prudential Corporate Bond Fund (the scheme). The record date for the same is September 09, 2024 or the immediately following Business Day, if that day is a Non - Business Day.The quantum of IDCW on the face value of Rs 10 per unit will be Rs 0.2177 under Quarterly IDCW and Rs 0.3091 under Direct Plan – Quarterly IDCW. [Extracted from the article]

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, DCM Shriram has informed that CRISIL Ratings has re-affirmed credit rating on commercial paper programme of the Company, vide their letter(s) dated August 23, 2024. This intimation is also being posted on the Company's website at https://www.dcmshriram.com/investors/notice.The above information is a part of company's filings submitted to BSE. [Extracted from the article]

The said commercial paper has been listed on BSE on August, 20, 2024 [ABSTRACT FROM AUTHOR]

Birla Corporation has informed that the Company has issued 1000 units of Commercial Paper (CP) of Rs 5,00,000/- each aggregating to Rs 50 Crores as per the details enclosed. The aforesaid Commercial Paper has been listed on BSE on 20th August, 2024.The above information is a part of company's filings submitted to BSE. [Extracted from the article]

The said commercial paper has been listed on BSE on August, 20, 2024 [ABSTRACT FROM AUTHOR]

In accordance with the provisions of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Edelweiss Financial Services has informed that Infomerics Valuation and Rating (Infomerics) vide their letter dated August 16, 2024, has assigned the rating of IVR A1+/RWNI on watch with negative implications to the proposed commercial paper of Rs. 900 crores of the Company.The above information is a part of company's filings submitted to BSE. [Extracted from the article]

As per the NSE data, NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT SR 24H 7.62 BD 10MY29 FVRS1LAC currently trading at Rs 100.2872 with YTM Annualized of 7.5300% was in maximum demand followed by BAJAJ HOUSING FINANCE LIMITED 7.89 NCD 14JL34 FVRS1LAC currently trading at Rs 100.1000 with YTM Annualized of 7.8696%, TATA CAPITAL LIMITED SR O OP I 8.1165 NCD 21MY26 FVRS10LAC currently trading at Rs 99.9800 with YTM Annualized 8.1000%, HDB FINANCIAL SERVICES LIMITED SR 192 8.1965 LOA 30MY25 FVRS1LAC currently trading at Rs 100.0039 with YTM Annualized of 8.1500%. [Extracted from the article]

Lower ticket size of debt securities may encourage more non-institutional investors to participate in the corporate bond market which in turn may also enhance liquidity [ABSTRACT FROM AUTHOR]

Further to letter dated June 18, 2024, whereby the Company had intimated the Company has fixed July 02, 2024 as the 'Record Date' for the purpose of repayment of maturity amount with respect to commercial papers due for maturity on July 03, 2024, Time Technoplast has certified that the Company has made timely repayment of maturity amount of commercial paper (CP) with ISIN: INE508G14FP1, as details enclosed.The above information is a part of company's filings submitted to BSE. [Extracted from the article]

We show that the supply of life annuities in the U.S. is constrained by interest rate risk. We identify this effect using annuity prices offered by U.S. life insurers from 1989 to 2019 and exogenous variations in contract-level regulatory capital requirements. The cost of interest rate risk management accounts for at least half of the average life annuity markups or eight per-centage points. The contribution of interest rate risk to annuity markups sharply increased after the great financial crisis, suggesting new retirees' opportunities to transfer their longevity risk are unlikely to improve in a persistently low interest rate environment. [ABSTRACT FROM AUTHOR]

Does expansionary monetary policy drive up prices of risky assets? Or, do investors interpret monetary policy easing as a signal that economic fundamentals are weaker than they previously believed, prompting riskier asset prices to fall? We test these competing hypotheses within the U.S. corporate bond market and find evidence strongly in favor of the second explanation--known as the "Fed information effect". Following an unanticipated monetary policy tightening (easing), returns on corporate bonds with higher credit risk outperform (underperform). We conclude that monetary policy surprises are predominantly interpreted by market participants as signaling information about the state of the economy. [ABSTRACT FROM AUTHOR]

In the financial crisis and recession induced by the COVID-19 pandemic, many investment-grade firms became unable to borrow from securities markets. In response, the Fed not only reopened its commercial paper funding facility but also announced it would purchase newly issued and seasoned bonds of corporations rated as investment grade before the COVID pandemic. A careful splicing of different unemployment rate series enables us to assess the effectiveness of recent Fed interventions in these longterm debt markets over long sample periods, spanning the Great Depression, Great Recession and COVID Recession. Findings indicate that the announcement of forthcoming corporate bond backstop facilities had helped stop risk premia from rising further than they had by late-March 2020. In doing so, these Fed facilities have limited the role of external finance premia in amplifying the macroeconomic impact of the COVID pandemic. Nevertheless, the corporate bond programs blend the roles of the Federal Reserve in conducting monetary policy via its balance sheet, acting as a lender of last resort and pursuing credit policies. [ABSTRACT FROM AUTHOR]

The said commercial paper will be redeemed on September 17, 2024 [ABSTRACT FROM AUTHOR]

Mindspace Business Parks REIT has informed that ICRA has reaffirmed a long-term rating of [ICRA] AAA (pronounced ICRA triple A) stable outlook i.e., '[ICRA]AAA(Stable)' as a credit rating of Mindspace REIT. Also, ICRA has assigned/ reaffirmed credit ratings assigned to Mindspace REIT Non-Convertible Debentures / Commercial Paper. The rating letters and rating rationales issued by ICRA dated June 19, 2024, in respect of the aforesaid credit ratings are enclosed.The above information is a part of company's filings submitted to BSE. [Extracted from the article]

Mindspace Business Parks REIT has informed that ICRA has reaffirmed a long-term rating of [ICRA] AAA (pronounced ICRA triple A) stable outlook, '[ICRA]AAA(Stable)' as a credit rating of Mindspace REIT. Also, ICRA has assigned/ reaffirmed the credit ratings assigned to Mindspace REIT NonConvertible Debentures / Commercial Paper- Non-Convertible Debentures of Rs. 3890 crores- ICRA AAA/(Stable), reaffirmed; Proposed Non-Convertible Debentures of Rs. 150 crores ICRA AAA/(Stable)- assigned; Commercial Paper Programme of Rs. 700 crores ICRA A1+, reaffirmed.The above information is a part of company's filings submitted to BSE. [Extracted from the article]

Currently, mutual funds are restricted to buying CDS only for hedging credit risk on corporate bonds [ABSTRACT FROM AUTHOR]

The maturity of the said Commercial Papers will be on August 26, 2024 [ABSTRACT FROM AUTHOR]

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Ashoka Buildcon has informed that the Company has issued Commercial Papers ('CPs') of Rs.50 Crore on May 29, 2024. Details of the same are enclosed.The above information is a part of company's filings submitted to BSE. [Extracted from the article]

The Investment and Borrowing Committee of the Board of Directors of the Company, on May 29, 2024 has approved allotment of the same [ABSTRACT FROM AUTHOR]

The Investment and Borrowing Committee of the Board of Directors of the Company, on May 29, 2024 has approved allotment of the same [ABSTRACT FROM AUTHOR]

Pursuant to SEBI's Master Circular No. SEBI/HO/DDHS/PoD1/P/CIR/2024/54 dated 22nd May 2024 and to its announcement dated 13th March 2024 in respect of record date for Commercial Papers (CP), Grasim Industries has informed that the Company has made full and timely re-payment to the holders of Commercial Paper (CP) today, 29th May 2024 as per the details enclosed.The above information is a part of company's filings submitted to BSE. [Extracted from the article]

Tenure of the said security 323 days and redemption date is March 28, 2025 [ABSTRACT FROM AUTHOR]

Tenure of the said security 323 days and redemption date is March 28, 2025 [ABSTRACT FROM AUTHOR]

In compliance with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, PVR Inox has enclosed the rating published by CRISIL Ratings, the Credit Rating Agency on the Commercial Paper of the Company.The above information is a part of company's filings submitted to BSE. [Extracted from the article]

The regulator said that the manager of REIT or the investment manager of InvIT can offer UBEB schemes for their employees based on the units of REIT or InvIT [ABSTRACT FROM AUTHOR]