Источник
The Hindu Business Line.com, Chennai, India


Заголовок
Privately placed debt issuance, ECBs surge on lower cost of funds


Дата
20240928


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Privately placed debt issuance, ECBs surge on lower cost of funds Privately placed debt issuance, ECBs surge on lower cost of funds Updated - September 28, 2024 at 11:04 AM. Debt issuances with good ratings have gained ground with corporates as it allows them to borrow at moderate rates By Janaki Krishnan Comments Share Copy link Email• Коммуникации » Интернет-коммуникации » Электронная почта Facebook• Объект организация » Организации по алфавиту » Организации на Me » Meta (компания) » Facebook • Объект организация » Организации по алфавиту » Организации на Fa » Facebook Twitter• Объект организация » Организации по алфавиту » Организации на Tw » Twitter, Inc. Telegram LinkedIn WhatsApp Reddit READ LATER Remove See All Bag of fund and a hourglass on a laptop | Photo Credit: William_Potter While equity fund raising has been grabbing the headlines, corporates have raised more funds through private debt placements and external commercial borrowings, both of which have surged over the last three years. Funds raised through privately placed debt rose to ₹9.8 lakh crore in 2023 from over ₹6.52 lakh crore in 2021; it stands at ₹7.7 lakh crore so far in 2024, data provided by Prime Database reveals. Similarly, over ₹3.4 lakh crore was raised through external commercial borrowings in 2023, the figure stands at ₹2.3 lakh crore so far in 2024. While public equity issuances and qualified institutional placements are popular with corporates, debt issuances have gained pace, especially with good ratings, that allow them to borrow at moderate rates. The higher cost of bank credit has also turned many companies to privately placed debt, which is snapped up by mutual funds and insurance• Страхование companies. The higher risk• Страхование » Риск weightage for banks when lending to NBFCs and on unsecured loans has resulted in non-banks turning to privately placed debt. The BFSI segment accounts for the largest issuances. The Indian bond market has also become cheaper on many counts, especially for rated issuers with good cash flows. “This is evident in the narrowing interest rate differential between the US 10-year Treasury yield and the Indian 10-year government bond yield, which has dropped from the historical 3.5–4 per cent range to below 2–2.5 per cent,” said Suresh Dakar, founder and director, Bondbazaar. In the case of overseas borrowings, more companies are opting for external commercial borrowings (ECBs), compared to plain bonds that used to be popular earlier. A major reason for this is that “there is no withholding tax on interest payments for borrowings made through ECBs via Gift City,” said Dakar. “This makes it attractive for companies to raise funds in this manner. In contrast, borrowing through bonds attracts withholding tax on interest payments,” he added. Bond issuances overseas dropped to ₹31,218 crore in 2023, from ₹1.1 lakh crore in 2021, though there has been a slight uptick to ₹45,000 crore in 2024 so far, due largely to bond issuances by a large corporate house. Since 2018 plain bond issuances have aggregated ₹4.5 lakh crore, while ECBs have totalled ₹17.6 lakh crore. In the same period, funds raised through debt private placement have amounted to ₹52.3 lakh crore. Comments SHARE Copy link Email• Коммуникации » Интернет-коммуникации » Электронная почта Facebook• Объект организация » Организации по алфавиту » Организации на Me » Meta (компания) » Facebook • Объект организация » Организации по алфавиту » Организации на Fa » Facebook Twitter• Объект организация » Организации по алфавиту » Организации на Tw » Twitter, Inc. Telegram LinkedIn WhatsApp Reddit Published on September 28, 2024

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