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Shapoorji gets RBI waiver averting higher yield on private debt

Economic Times

Economic Times · 26d ago

Shapoorji gets RBI waiver averting higher yield on private debt

Shapoorji Pallonji Group received a crucial waiver from the Reserve Bank of India, alleviating pressure on its $3.4 billion private credit deal and preventing increased borrowing costs. The group's non-banking finance unit, Sterling Investment Corp., gained a three-year extension to meet capital adequacy norms. This prevents a potential interest rate hike and possible default on a major deal that pledged a 9.2% Tata Sons stake as collateral. Major global investors participated in the bond placed by Deutsche Bank.

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RBI move to deepen junk debt market to attract private credit funds, foreign investors

VCCircle

VCCircle · 4m ago

RBI move to deepen junk debt market to attract private credit funds, foreign investors

The Reserve Bank of India's (RBI) new policy permitting the securitisation of stressed loans aims to attract foreign investors and deepen India's junk debt market. This move enables banks to offload bad loans as tradable securities, offering high-yield investment opportunities. Analysts believe this will bring more liquidity and diversity to the market, drawing interest from private credit funds and foreign portfolio investors. However, challenges like pricing, regulatory complexities, and slow recovery processes remain.

Shapoorji Pallonji Group draws interest for debt sale from Ares, Farallon, others

VCCircle

VCCircle · 5m ago

Shapoorji Pallonji Group draws interest for debt sale from Ares, Farallon, others

Shapoorji Pallonji Group has attracted over $4 billion in investor commitments for its upcoming debt sale, surpassing its funding target. The group aims to raise $3.2-$3.3 billion through a bond issue, with private credit funds expected to play a significant role. The bond, with a maturity of four years and an 18-20% coupon rate, is secured by Tata Sons shares. Deutsche Bank is arranging the deal, primarily to refinance existing debt.

India bonds flat, traders eye debt supply for cues

Economic Times

Economic Times · 1m ago

India bonds flat, traders eye debt supply for cues

Indian government bonds remained stable in early trading ahead of a debt sale and the Reserve Bank of India's (RBI) cash withdrawal operation. The yield on the benchmark 10-year bond was at 6.2993%, comparable to the previous close of 6.3010%. Traders anticipate strong demand in the auction, with potential tight liquidity due to GST outflows and the RBI's Variable Rate Reverse Repo (VRRR) auction, which may affect interbank call money rates. U.S. Treasury yields also saw a decline.

City Gas Companies seek VAT relief to stay competitive against LPG, EVs: CNBC-TV18

Money Control

Money Control · 1y ago

City Gas Companies seek VAT relief to stay competitive against LPG, EVs: CNBC-TV18

City gas distribution companies are requesting relief measures such as waiver or standardization of high VAT rates on CNG and PNG to compete with electric vehicles and LPG. They are also demanding a reduction in the 28% GST on CNG vehicle sales to match the 5% rate applied to EVs. The companies argue that higher VAT rates have a cascading effect and convenience alone is not enough to encourage consumers to switch to PNG. Additionally, they are seeking inclusion of CNG and PNG under the GST regime, waiver on road tax and registration charges for CNG vehicles, and LPG-free zones where PNG refueling network is available.

Private credit booms but RBI curbs cloud outlook

VCCircle

VCCircle · 1y ago

Private credit booms but RBI curbs cloud outlook

In 2023, the private credit market in India experienced a surge in activity, attracting both local and global debt investors. This was in contrast to traditional lenders, such as banks, who tightened borrowing norms and increased interest rates. However, the growth of the private credit asset class was hindered by the Reserve Bank of India (RBI), which implemented regulations that dampened the overall outlook for private credit.

Slice's merger with North East Small Finance Bank gets CCI nod

Inshorts · 1y ago

Slice's merger with North East Small Finance Bank gets CCI nod

The Competition Commission of India (CCI) on Tuesday approved the merger of fintech startup slice's parent Garagepreneurs Internet Private Limited and North East Small Finance Bank. The merger received approval from the RBI last year. The startup, which became a unicorn in 2021, announced acquiring a 5% stake in the Guwahati-headquartered bank in March 2023.

Shorooq gets LP cheque from pan-Arab DFI for second venture debt fund

VCCircle

VCCircle · 2m ago

Shorooq gets LP cheque from pan-Arab DFI for second venture debt fund

Shorooq Partners, an Abu Dhabi-based investment firm, secured backing from the Arab Fund for Economic and Social Development for its second venture debt fund, Nahda Fund II. This fund, aiming to raise $100 million, will support tech startups in the Gulf, focusing on growth-stage firms. It has invested in fintech Abhi and self-storage firm The Box. Shorooq's strategy includes venture capital, venture debt, and aims to expand into private equity and real estate.

Anicut Capital gets foreign capital for private credit fund via GIFT City vehicle

VCCircle

VCCircle · 10m ago

Anicut Capital gets foreign capital for private credit fund via GIFT City vehicle

Anicut Capital, a Chennai-based debt and equity investor, has obtained foreign capital for its private credit fund through a feeder fund based in Gujarat's GIFT City. The feeder fund is registered with the International Financial Services Centre Authority (IFSCA) and is part of the increasing trend of investment vehicles being established in GIFT City. Anicut Capital is currently raising its third debt fund.

Africa-focused Acre Impact gets US LP for debut export finance fund

VCCircle

VCCircle · 10m ago

Africa-focused Acre Impact gets US LP for debut export finance fund

- Acre Impact Capital secures commitment from US LP for its debut export finance fund focused on Africa. - The London-based investment firm has raised $25 million from a US-based limited partner. - The fund will be used to finance climate-aligned infrastructure projects in Africa. - Acre Impact Capital specializes in private debt impact investments in Africa. - The first close of the fund took place in April.

Wall Street banks resurge in second-lien loan market amid high demand

Economic Times

Economic Times · 2m ago

Wall Street banks resurge in second-lien loan market amid high demand

Wall Street banks are re-entering the market for second-lien loans—considered riskier corporate debt—due to growing demand from private credit firms and conventional investors. These loans, typically priced higher than first-lien loans, now attract enough interest to offer competitive interest rates. Banks profit from syndicating these loans, which were previously dominated by direct lenders, helping reduce borrowing costs for issuers. Recent transactions have seen strong demand, indicating robust investor interest in riskier debt.

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