Normalcy Seems To Return to the Commercial Paper Market - 24,000 cr. Issued, Yields Stable.
We are definitely seeing a revival of the CP market. Around 24,000 cr. was issued today (primary, from issuers). Most of this went to corporates again. Highlights:
-
12,000 cr. to corporates at sub 8%
-
5800 cr. to housing finance companies, with HDFC getting a close to one year issue under 9%
-
NBFCs were able to raise 1700 cr. including Piramal, JM, Tata Capital, Edelweiss and Axis Finance
People keep asking about DHFL but it has stated it won’t raise in the CP market and hasn’t been around there. Some of the other housing fin players like Canfin and Indiabulls were absent today, though they have been around in previous days.
In total, in the last three days, nearly 60,000 cr. has been raised in the CP market. This is a near return to the volumes of August or so, when we would issues of around 100,000 cr. per week. Here’s the yield curve.
The List of Commercial Paper Issued Today
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Mat Date
Issuer Name
Sett Type
Trades
Issue Amt Cr.
Yield Range
Price Range
Price
Yield
Days to Maturity
20-11-2018
29-Jan-19
BAMNIPAL STEEL LIMITED
T+0
4
4,000.00
8.0500 - 8.0500
98.4796 - 98.4796
98.4796
8.05
70
20-11-2018
14-Nov-19
HOUSING DEVELOPMENT FINANCE CORPORATION LTD
T+0
18
2,200.00
8.9700 - 8.9700
91.8927 - 91.8927
91.8927
8.97
359
20-11-2018
31-Jan-19
NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT
T+0
6
2,100.00
7.3000 - 7.3000
98.5804 - 98.5804
98.5804
7.3
72
20-11-2018
05-Feb-19
NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT
T+0
4
2,000.00
7.3000 - 7.3000
98.4834 - 98.4834
98.4834
7.3
77
20-11-2018
20-May-19
HOUSING DEVELOPMENT FINANCE CORPORATION LTD
T+0
15
1,975.00
8.7000 - 8.7000
95.8642 - 95.8642
95.8642
8.7
181
20-11-2018
15-May-19
HOUSING DEVELOPMENT FINANCE CORPORATION LTD
T+0
3
1,500.00
8.6800 - 8.6800
95.9827 - 95.9827
95.9827
8.68
176
20-11-2018
27-Nov-18
BHARAT PETROLEUM CORPORATION LTD.
T+0
1
1,100.00
6.6985 - 6.6985
99.8717 - 99.8717
99.8717
6.6985
7
20-11-2018
18-Jan-19
CENTURY TEXTILES AND INDUSTRIES LIMITED
T+0
4
650
7.4800 - 7.4800
98.8053 - 98.8053
98.8053
7.48
59
20-11-2018
15-Feb-19
THE TATA POWER COMPANY LIMITED
T+0
2
600
7.6401 - 7.6401
98.2115 - 98.2115
98.2115
7.6401
87
20-11-2018
18-Jan-19
SUN PHARMACEUTICAL INDUSTRIES LTD.
T+0
1
500
7.2000 - 7.2000
98.8496 - 98.8496
98.8496
7.2
59
20-11-2018
31-Jan-19
ULTRATECH CEMENT LIMITED
T+0
1
500
7.3200 - 7.3200
98.5766 - 98.5766
98.5766
7.32
72
20-11-2018
25-Jan-19
PIRAMAL ENTERPRISES LIMITED
T+0
1
500
8.3000 - 8.3000
98.5214 - 98.5214
98.5214
8.3
66
20-11-2018
15-Feb-19
VEDANTA LIMITED
T+0
1
475
7.6501 - 7.6501
98.2092 - 98.2092
98.2092
7.6501
87
20-11-2018
18-Feb-19
VEDANTA LIMITED
T+0
2
435
7.6501 - 7.6501
98.1486 - 98.1486
98.1486
7.6501
90
20-11-2018
10-Apr-19
JSW STEEL LIMITED
T+0
2
375
9.0500 - 9.0500
96.6221 - 96.6221
96.6221
9.05
141
20-11-2018
21-Dec-18
ULTRATECH CEMENT LIMITED
T+0
1
350
6.9200 - 6.9200
99.4157 - 99.4157
99.4157
6.92
31
20-11-2018
15-Apr-19
JSW STEEL LIMITED
T+0
1
300
9.0500 - 9.0500
96.5065 - 96.5065
96.5065
9.05
146
20-11-2018
08-Feb-19
AXIS FINANCE LIMITED
T+0
2
300
7.8500 - 7.8500
98.3086 - 98.3086
98.3086
7.85
80
20-11-2018
18-Jan-19
VIACOM 18 MEDIA PRIVATE LIMITED
T+0
1
250
7.4499 - 7.4499
98.8101 - 98.8101
98.8101
7.4499
59
20-11-2018
18-Jan-19
KEC INTERNATIONAL LIMITED
T+0
1
250
8.2800 - 8.2800
98.6793 - 98.6793
98.6793
8.28
59
20-11-2018
18-Feb-19
ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED
T+0
1
250
7.8000 - 7.8000
98.1130 - 98.1130
98.113
7.8
90
20-11-2018
18-Jan-19
SUNDARAM FINANCE LIMITED
T+0
2
200
7.6800 - 7.6800
98.7738 - 98.7738
98.7738
7.68
59
20-11-2018
18-Jan-19
BASF INDIA LIMITED
T+0
1
200
7.3800 - 7.3800
98.8211 - 98.8211
98.8211
7.38
59
20-11-2018
15-Feb-19
TATA PROJECTS LIMITED
T+0
1
200
8.1802 - 8.1802
98.0875 - 98.0875
98.0875
8.1802
87
20-11-2018
13-Feb-19
TATA MOTORS LIMITED
T+0
1
200
7.4698 - 7.4698
98.2902 - 98.2902
98.2902
7.4698
85
20-11-2018
17-Dec-18
HT MEDIA LIMITED
T+0
1
150
7.2000 - 7.2000
99.4702 - 99.4702
99.4702
7.2
27
20-11-2018
18-Jan-19
BARCLAYS INVESTMENTS AND LOANS (INDIA) PRIVATE LIMITED
T+0
1
150
7.9500 - 7.9500
98.7312 - 98.7312
98.7312
7.95
59
20-11-2018
15-Feb-19
MAITHON POWER LIMITED
T+0
1
150
7.8399 - 7.8399
98.1656 - 98.1656
98.1656
7.8399
87
20-11-2018
18-Jan-19
NETWORK18 MEDIA AND INVESTMENTS LTD.
T+0
3
150
7.4499 - 7.4499
98.8101 - 98.8101
98.8101
7.4499
59
20-11-2018
18-Feb-19
WELSPUN CORP LIMITED
T+0
1
125
8.2500 - 8.2500
98.0063 - 98.0063
98.0063
8.25
90
20-11-2018
19-Feb-19
JSW STEEL LIMITED
T+0
1
125
7.6300 - 7.6300
98.1332 - 98.1332
98.1332
7.63
91
20-11-2018
28-Dec-18
CHAMBAL FERTILISERS AND CHEMICALS LIMITED
T+1
1
100
7.1997 - 7.1997
99.2949 - 99.2949
99.2949
7.1997
38
20-11-2018
16-Aug-19
HDFC CREDILA FINANCIAL SERVICES PRIVATE LIMITED
T+0
2
100
9.3400 - 9.3400
93.5599 - 93.5599
93.5599
9.34
269
20-11-2018
20-May-19
TATA CAPITAL FINANCIAL SERVICES LIMITED
T+0
2
100
9.0400 - 9.0400
95.7095 - 95.7095
95.7095
9.04
181
20-11-2018
20-May-19
SUNDARAM BNP PARIBAS HOME FINANCE LIMITED
T+0
1
100
8.8100 - 8.8100
95.8141 - 95.8141
95.8141
8.81
181
20-11-2018
15-Feb-19
TVS CREDIT SERVICES LIMITED
T+0
2
100
9.3498 - 9.3498
97.8200 - 97.8200
97.82
9.3498
87
20-11-2018
15-Feb-19
EDELWEISS COMMODITIES SERVICES LIMITED
T+0
1
75
9.8500 - 9.8500
97.7060 - 97.7060
97.706
9.85
87
20-11-2018
27-Dec-18
WELSPUN INDIA LIMITED
T+0
1
75
8.0000 - 8.0000
99.1956 - 99.1956
99.1956
8
37
20-11-2018
18-Jan-19
THE BOMBAY BURMAH TRADING CORPORATION LIMITED
T+0
1
50
8.1997 - 8.1997
98.6919 - 98.6919
98.6919
8.1997
59
20-11-2018
18-Feb-19
JM FINANCIAL CAPITAL LIMITED
T+0
1
50
10.0000 - 10.0000
97.5936 - 97.5936
97.5936
10
90
20-11-2018
31-Jan-19
ALLCARGO LOGISTICS LIMITED
T+0
1
50
7.9000 - 7.9000
98.4656 - 98.4656
98.4656
7.9
72
20-11-2018
21-Jan-19
PIRAMAL ENTERPRISES LIMITED
T+0
1
50
8.3000 - 8.3000
98.6097 - 98.6097
98.6097
8.3
62
20-11-2018
18-Feb-19
DALMIA CEMENT (BHARAT) LIMITED
T+0
1
50
7.8000 - 7.8000
98.1130 - 98.1130
98.113
7.8
90
20-11-2018
29-Mar-19
TVS MOTOR COMPANY LIMITED
T+0
1
50
7.9500 - 7.9500
97.2671 - 97.2671
97.2671
7.95
129
20-11-2018
24-Jan-19
ADITYA BIRLA MONEY LIMITED
T+0
1
50
8.3000 - 8.3000
98.5434 - 98.5434
98.5434
8.3
65
20-11-2018
28-Dec-18
GMMCO LIMITED
T+0
1
50
7.4200 - 7.4200
99.2334 - 99.2334
99.2334
7.42
38
20-11-2018
14-Jun-19
SUNDARAM BNP PARIBAS HOME FINANCE LIMITED
T+0
1
50
8.8100 - 8.8100
95.2633 - 95.2633
95.2633
8.81
206
20-11-2018
18-Jan-19
BLUE STAR LIMITED
T+0
1
50
7.4800 - 7.4800
98.8053 - 98.8053
98.8053
7.48
59
20-11-2018
18-Feb-19
S. D. CORPORATION PRIVATE LIMITED
T+0
1
30
10.4500 - 10.4500
97.4880 - 97.4880
97.488
10.45
90
20-11-2018
25-Mar-19
TRUST INVESTMENT ADVISORS PRIVATE LIMITED
T+0
2
11.00
8.9000 - 8.9000
97.0422 - 97.0422
97.0422
8.9
125
20-11-2018
14-Feb-19
KOTAK COMMODITY SERVICES PRIVATE LIMITED
T+1
1
10
9.0000 - 9.0000
97.9708 - 97.9708
97.9708
9
86
20-11-2018
14-Nov-19
KOTAK MAHINDRA INVESTMENTS LIMITED
T+0
2
10
9.2499 - 9.2499
91.6608 - 91.6608
91.6608
9.2499
359
Total
23471
We’ll track till the end of November.