The Commercial Paper situation is continuously getting better, with over 19,000 cr. issued today. Salient highlights:

  • 10,000 cr. went to NBFCs, though REC was a big chunk. Still, fairly good showing for the financial world.
  • Shriram Transport able to raise over 1,300 cr. at close to 8%. This is an excellent sign for the company that had to close its NCD issue (at 9%+ yields) early last month because the demand was iffy.
  • We saw issues by M&M Financial Services, Aditya Birla Capital, IIFL , Indiabulls Commercial Finance and Piramal too. Yields for longer term CP is still over 8.5% but that would be considered normal today.
  • Yield are very low for corporates, with even an SRF paying just 7.6% for 91 day paper.

Here’s the list of trades: 

Mat Date Issuer Name Sett Type Trades Issue Amt Cr. Yield Range Price Range Price Yield Days to Maturity
26-11-2018 15-Feb-19 RURAL ELECTRIFICATION CORPORATION LIMITED T+0 15 3,000.00 7.2900 – 7.2900 98.4080 – 98.4080 98.408 7.29 81
26-11-2018 08-Feb-19 BHARTI AIRTEL LIMITED T+0 1 2,000.00 7.5800 – 7.5800 98.4865 – 98.4865 98.4865 7.58 74
26-11-2018 26-Dec-18 CHENNAI PETROLEUM CORPORATION LTD. T+0 2 1,225.00 6.7902 – 6.8099 99.4434 – 99.4450 99.4443 6.799 30
26-11-2018 22-Feb-19 SHRIRAM TRANSPORT FINANCE COMPANY LIMITED T+0 1 950.00 8.2500 – 8.2500 98.0498 – 98.0498 98.0498 8.25 88
26-11-2018 22-Feb-19 RELIANCE RETAIL LIMITED T+0 5 900.00 7.5000 – 7.5000 98.2239 – 98.2239 98.2239 7.5 88
26-11-2018 25-Jan-19 NABHA POWER LIMITED T+0 3 650.00 7.4000 – 7.4000 98.7982 – 98.7982 98.7982 7.4 60
26-11-2018 31-Dec-18 CHENNAI PETROLEUM CORPORATION LTD. T+0 1 600.00 6.8198 – 6.8198 99.3503 – 99.3503 99.3503 6.8198 35
26-11-2018 25-Jan-19 TATA CAPITAL FINANCIAL SERVICES LIMITED T+0 1 500 7.7200 – 7.7200 98.7469 – 98.7469 98.7469 7.72 60
26-11-2018 22-Feb-19 MAHINDRA AND MAHINDRA FINANCIAL SERVICES LTD T+0 1 500 7.8700 – 7.8700 98.1379 – 98.1379 98.1379 7.87 88
26-11-2018 25-Jan-19 ADITYA BIRLA FINANCE LIMITED T+0 3 500 7.7500 – 7.7500 98.7421 – 98.7421 98.7421 7.75 60
26-11-2018 31-Jan-19 SHRIRAM TRANSPORT FINANCE COMPANY LIMITED T+0 1 400 7.9000 – 7.9000 98.5916 – 98.5916 98.5916 7.9 66
26-11-2018 25-Jan-19 TATA CAPITAL HOUSING FINANCE LIMITED T+0 3 400 7.4900 – 7.4900 98.7837 – 98.7837 98.7837 7.49 60
26-11-2018 22-Feb-19 TATA MOTORS FINANCE LIMITED T+0 1 400 7.9501 – 7.9501 98.1193 – 98.1193 98.1193 7.9501 88
26-11-2018 22-Feb-19 TALWANDI SABO POWER LIMITED T+0 1 380 7.6002 – 7.6002 98.2006 – 98.2006 98.2006 7.6002 88
26-11-2018 22-Feb-19 RASHTRIYA ISPAT NIGAM LIMITED T+0 1 350 7.6699 – 7.6699 98.1844 – 98.1844 98.1844 7.6699 88
26-11-2018 24-Jan-19 BMW INDIA FINANCIAL SERVICES PRIVATE LIMITED T+0 1 350 7.7500 – 7.7500 98.7628 – 98.7628 98.7628 7.75 59
26-11-2018 25-Jan-19 ADITYA BIRLA CAPITAL LIMITED T+0 3 325 7.9500 – 8.0200 98.6988 – 98.7100 98.704 7.9877 60
26-11-2018 28-Jan-19 PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED T+0 1 300 8.6500 – 8.6500 98.5289 – 98.5289 98.5289 8.65 63
26-11-2018 29-Jan-19 PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED T+0 1 300 8.6500 – 8.6500 98.5059 – 98.5059 98.5059 8.65 64
26-11-2018 14-Mar-19 PIRAMAL ENTERPRISES LIMITED T+0 1 300 8.6000 – 8.6000 97.5185 – 97.5185 97.5185 8.6 108
26-11-2018 25-Jan-19 ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED T+0 2 300 7.4000 – 7.4000 98.7982 – 98.7982 98.7982 7.4 60
26-11-2018 24-May-19 HDB FINANCIAL SERVICES LIMITED T+0 4 300 9.0300 – 9.0300 95.7594 – 95.7594 95.7594 9.03 179
26-11-2018 28-Dec-18 INDIA INFOLINE FINANCE LIMITED T+0 1 300 8.6500 – 8.6500 99.2474 – 99.2474 99.2474 8.65 32
26-11-2018 07-Feb-19 HERO FINCORP LIMITED T+0 1 300 7.8999 – 7.8999 98.4446 – 98.4446 98.4446 7.8999 73
26-11-2018 06-Feb-19 HERO FINCORP LIMITED T+0 1 250 7.8998 – 7.8998 98.4656 – 98.4656 98.4656 7.8998 72
26-11-2018 22-Feb-19 VEDANTA LIMITED T+0 2 225 7.5000 – 7.5000 98.2239 – 98.2239 98.2239 7.5 88
26-11-2018 22-Feb-19 ESSEL MINING AND INDUSTRIES LIMITED T+0 1 200 7.6300 – 7.6300 98.1937 – 98.1937 98.1937 7.63 88
26-11-2018 28-Dec-18 CHAMBAL FERTILISERS AND CHEMICALS LIMITED T+1 1 200 6.9999 – 6.9999 99.4090 – 99.4090 99.409 6.9999 32
26-11-2018 22-Feb-19 UNITED SPIRITS LIMITED T+0 1 200 7.6300 – 7.6300 98.1937 – 98.1937 98.1937 7.63 88
26-11-2018 20-Feb-19 RELIANCE RETAIL LIMITED T+0 1 200 7.4998 – 7.4998 98.2636 – 98.2636 98.2636 7.4998 86
26-11-2018 25-Jan-19 UNITED SPIRITS LIMITED T+0 1 165 7.5000 – 7.5000 98.7821 – 98.7821 98.7821 7.5 60
26-11-2018 25-Feb-19 TURQUOISE INVESTMENTS AND FINANCE PRIVATE LIMITED T+0 1 150 8.4000 – 8.4000 97.9487 – 97.9487 97.9487 8.4 91
26-11-2018 25-Jan-19 KOTAK SECURITIES LTD T+0 1 150 7.9501 – 7.9501 98.7100 – 98.7100 98.71 7.9501 60
26-11-2018 26-Jun-19 FULLERTON INDIA CREDIT COMPANY LTD T+0 1 150 9.4401 – 9.4401 94.8020 – 94.8020 94.802 9.4401 212
26-11-2018 28-Aug-19 FULLERTON INDIA CREDIT COMPANY LTD T+0 1 150 9.7000 – 9.7000 93.1895 – 93.1895 93.1895 9.7 275
26-11-2018 28-Dec-18 HT MEDIA LIMITED T+0 1 150 6.9500 – 6.9500 99.3944 – 99.3944 99.3944 6.95 32
26-11-2018 26-Dec-18 HT MEDIA LIMITED T+0 1 150 6.9500 – 6.9500 99.4320 – 99.4320 99.432 6.95 30
26-11-2018 25-Jan-19 INDIABULLS CONSUMER FINANCE LIMITED T+0 1 125 9.3000 – 9.3000 98.4943 – 98.4943 98.4943 9.3 60
26-11-2018 25-Jan-19 THE RAMCO CEMENTS LIMITED T+0 3 125 7.7000 – 7.7000 98.7501 – 98.7501 98.7501 7.7 60
26-11-2018 25-Jan-19 HINDUJA LEYLAND FINANCE LIMITED T+0 1 100 8.6000 – 8.6000 98.6060 – 98.6060 98.606 8.6 60
26-11-2018 31-Dec-18 KRBL LTD T+0 1 100 7.7500 – 7.7500 99.2623 – 99.2623 99.2623 7.75 35
26-11-2018 25-Jan-19 TATA VALUE HOMES LIMITED T+0 1 100 8.3500 – 8.3500 98.6460 – 98.6460 98.646 8.35 60
26-11-2018 28-Dec-18 ICICI HOME FINANCE COMPANY LIMITED T+0 1 100 7.1495 – 7.1495 99.3771 – 99.3771 99.3771 7.1495 32
26-11-2018 25-Feb-19 SRF LIMITED T+0 1 100 7.6000 – 7.6000 98.1404 – 98.1404 98.1404 7.6 91
26-11-2018 28-Dec-18 CARGILL INDIA PRIVATE LIMITED T+0 2 75 7.5600 – 7.5600 99.3416 – 99.3416 99.3416 7.56 32
26-11-2018 28-Dec-18 SBI GLOBAL FACTORS LIMITED T+0 1 70 8.0002 – 8.0002 99.3035 – 99.3035 99.3035 8.0002 32
26-11-2018 25-Jan-19 FUTURE RETAIL LIMITED T+0 3 60 8.8000 – 8.8000 98.5741 – 98.5741 98.5741 8.8 60
26-11-2018 26-Dec-18 HINDUSTAN MEDIA VENTURES LIMITED T+0 1 60 6.9900 – 6.9900 99.4288 – 99.4288 99.4288 6.99 30
26-11-2018 21-Dec-18 REDINGTON INDIA LIMITED T+0 1 50 7.1000 – 7.1000 99.5161 – 99.5161 99.5161 7.1 25
26-11-2018 04-Feb-19 ECL FINANCE LIMITED T+0 1 50 9.8500 – 9.8500 98.1460 – 98.1460 98.146 9.85 70
26-11-2018 25-Feb-19 DALMIA CEMENT (BHARAT) LIMITED T+0 1 50 7.8000 – 7.8000 98.0924 – 98.0924 98.0924 7.8 91
26-11-2018 25-Jan-19 ADANI TRANSMISSION LIMITED T+0 1 50 7.9000 – 7.9000 98.7180 – 98.7180 98.718 7.9 60
26-11-2018 02-May-19 JSW STEEL LTD T+0 3 50 9.0500 – 9.0500 96.2531 – 96.2531 96.2531 9.05 157
26-11-2018 30-Jan-19 CEAT LIMITED T+0 1 50 7.4901 – 7.4901 98.6837 – 98.6837 98.6837 7.4901 65
26-11-2018 20-Nov-19 FULLERTON INDIA CREDIT COMPANY LTD T+0 2 45 9.5500 – 9.5500 91.4135 – 91.4135 91.4135 9.55 359
26-11-2018 20-Nov-19 KOTAK MAHINDRA INVESTMENTS LIMITED T+0 1 30 9.2499 – 9.2499 91.6608 – 91.6608 91.6608 9.2499 359
26-11-2018 28-Jan-19 HERO FINCORP LIMITED T+0 1 25 7.7499 – 7.7499 98.6800 – 98.6800 98.68 7.7499 63
26-11-2018 14-Feb-19 HERO CYCLES LIMITED T+0 1 25 7.8000 – 7.8000 98.3191 – 98.3191 98.3191 7.8 80
26-11-2018 01-Feb-19 COX AND KINGS LIMITED T+0 1 25 9.0000 – 9.0000 98.3748 – 98.3748 98.3748 9 67
26-11-2018 25-Feb-19 TIME TECHNOPLAST LIMITED T+0 2 13 9.9000 – 9.9000 97.5912 – 97.5912 97.5912 9.9 91
26-11-2018 26-Nov-19 BARCLAYS INVESTMENTS AND LOANS (INDIA) PRIVATE LIMITED T+0 1 10 8.8500 – 8.8500 91.8695 – 91.8695 91.8695 8.85 365
26-11-2018 26-Mar-19 KARVY STOCK BROKING LIMITED T+0 2 7 9.4470 – 9.8958 96.8491 – 96.9877 96.9481 9.5752 120
26-11-2018 25-Mar-19 TRUST INVESTMENT ADVISORS PRIVATE LIMITED T+0 1 2 8.8999 – 8.8999 97.1802 – 97.1802 97.1802 8.8999 119
Total 19367

The Yield Curve shows a lot of activity around the 60-90 day area with relatively lower yields than you would have imagined for a debt crisis of sorts.

Overall, the debt markets have resumed activity and are looking fairly strong. Since November 16, we have seen issues of over 90,000 crores. NBFCs and Housing Finance companies have all participated, but yields for housing finance companies are elevated compared to the rest. With only four more days of November left, it looks like India has ridden well through this crisis so far. We’ll track data till November end and then let it go if there’s no further crisis-like situation.

Now, tell them about it: