INVESTMENT GRADE PRIVATE CREDIT
Adani Group could find funding harder after US indictment as banks review credit
Gautam Adani's group faces funding issues. Banks may limit credit after a US arrest warrant. The warrant is for an alleged bribery case. Adani's companies lost value in the stock market. Investors are concerned. Some deals are cancelled. Indian authorities are investigating.
Fed's rate cuts to trigger a $2 trillion exodus from money-market funds, where will the money go? Here's what Apollo's Torsten Slok says
US Fed rate cuts were implemented a couple of weeks ago, and that helped put recession fears at bay. However, the rate cuts have the potential of triggering a multi-trillion dollar exodus at the money market. says an Apollo chief economist. But, where will all of this money go?
India¡¯s earnings growth to slow to 12-14% CAGR by FY26, Motilal Oswal Private Wealth warns of volatility
Motilal Oswal stated that India¡¯s long-term equity outlook remains strong, supported by corporate deleveraging and robust earnings. However, the firm advised investors to moderate their near-term return expectations. "The era of easy returns is over," the report warned, emphasizing the need for disciplined investment strategies to navigate the changing market environment.
Rajeev Misra¡¯s OneIM upsizes to $8 billion to boost investments
The fundraising has increased OneIM¡¯s size to $8 billion. The two-year-old fund plans to open an office in New Delhi, adding to its presence in New York, London, Abu Dhabi and Tokyo.
Can a COP29 deal clean up scandal-ridden carbon offsets?
Countries are working towards a deal at the COP29 climate talks to establish a U.N.-backed carbon market. The aim is to drive investment in emissions-reduction projects, but concerns remain about the effectiveness and integrity of carbon credits after past scandals. While some see it as a key tool, others criticize it as a distraction from genuine emission cuts.
Industrial Investment Trust Limited to launch real estate focused Rs 500 crore AIF
Industrial Investment Trust Limited (IITL) is launching a Rs 500 crore Alternative Investment Fund (AIF) to capitalize on India's booming real estate sector. The fund will focus on residential and commercial projects in Tier 1 and Tier 2 cities, partnering with top developers. IITL is also establishing a Housing Finance Company to facilitate homeownership.
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Shapoorji Group in talks for Rs 8,000 crore raise via bonds
PFC directors questioned the legal constraints on transferring Tata Sons shares in the event of a default. ET had earlier reported that Tata Trusts had stated that Tata Sons shares are not freely transferable.
CapitaLand Investment secures S$261 million commitment from Mitsui O.S.K. Lines
CapitaLand Investment Limited (CLI) has secured S$261 million from Mitsui O.S.K. Lines, Ltd. (MOL) for its Southeast Asia and India private funds. The investment will support CLI's first logistics fund in Southeast Asia, CapitaLand SEA Logistics Fund (CSLF), and its second business park development fund in India, CapitaLand India Growth Fund 2 (CIGF2).
Largecaps in these 5 sectors are good places to invest in Samvat 2081: Rajesh Bhatia
CIO Rajesh Bhatia of ITI MF sees largecap valuations as reasonable, favoring private banks for their solid business models and predictability. He anticipates growth in financial year 2027, with telecom, insurance, capital goods, and domestic pharma also being attractive in largecaps. Despite market corrections, Bhatia remains bullish on India's GDP growth and capex-driven opportunities.
Weak Q2, concerns over asset quality drag private banks
Kotak Mahindra Bank dived 4.7% and RBL Bank plunged 13.8%. HDFC Bank shares advanced 2.6%, emerging as sole gainer in Bank Nifty index, which shed 0.3%. Benchmark Nifty ended 0.3% lower at 24,781 in choppy trades.
Hot India private credit market faces risks as exuberance grows
India's private credit market is rapidly expanding with new local participants, raising concerns about potentially weakened lending standards. Experts highlight possible risks while regulators emphasise the sector's resilience. Despite challenges, the long-term outlook remains positive as investor interest grows.
India boom set to drive private credit and bond expansion
India attracts global fund managers as its bonds join global indexes. Prime Minister Modi's vision for a developed India by 2047 sparks high investor interest. The country aims to tap foreign capital for infrastructure and private credit markets while addressing regulatory and market challenges.
The BlackRock and Jio Financial Services mutual fund joint venture: All you need to know
Jio Finance and Blackrock Inc are planning to collaborate to enter India's Asset Management Industry. They have received preliminary approval from SEBI and are working towards establishing a joint venture company. This partnership will focus on investment advisory services, wealth management, and brokerage operations in India, pending further regulatory approvals.
Sundaram Alternates launches Performing Credit Opportunities Fund (PCOF) - Series I
Sundaram Alternates launched PCOF-I, a close ended Category II AIF, targeting high-yielding debentures and mezzanine securities. The fund focuses on mid-market companies, with investments supported by strong security structures. The fund aims to generate attractive risk-adjusted returns and distribute quarterly income to investors. The targeted IRRs at portfolio level is around 13-16% and investor net returns around 12-13%. The tenor is five years (extendable by two years).
AIF Tracker: Category II debt funds gave 10% returns to crorepati investors in September 2024
In September 2024, over 30% of Alternative Investment Funds (AIFs) outperformed the Nifty50 benchmark, with Category II debt funds providing up to 14% returns. Top performers include Vivriti¡¯s Emerging Corporate Bond and Northern Arc¡¯s IFMR Fimpact funds, highlighting strong returns across both Category II and III funds.
BlackRock in talks with Jio Financial Services for India private credit venture
BlackRock Inc., the world's largest asset manager, is negotiating with Mukesh Ambani's Jio Financial Services to establish a 50-50 joint venture focused on private credit in India. This venture aims to lend to a range of businesses, from large corporations to startups. If finalized, it would mark BlackRock's third collaboration with Ambani's firm.
ABSL's $300-million fund looks to attract offshore capital
ABSL AMC has committed 10% of sponsor capital to its recently launched ?2,500 crore performing credit fund, with plans to announce a first closure by early 2024.
Private equity investment in real estate declined by 4% in the first half of FY25
Private equity investments in India fell 4% in H1 FY25, with deal numbers dropping from 24 to 17. Despite reduced office sector investments, the industrial and logistics sector saw a 378% increase, driven by large deals like Reliance-ADIA/KKR, highlighting shifts in investment focus.
Tata, Reliance, Adani may lead $800 billion investment wave¡ªWhat¡¯s in store?
Indian conglomerates plan a USD 800 billion investment over the next decade, with major focuses on green hydrogen, clean energy, EVs, and semiconductors. Around USD 350 billion will target new sectors, while established groups like Birla and Mahindra will invest heavily in core businesses.
Asia-Pacific's private credit market poised for growth, says Moody's amid economic upsurge
Moody¡¯s Ratings forecasts ongoing growth for private credit markets in the Asia-Pacific region, propelled by rising financing needs in major economies like India and China. The private credit assets under management have increased significantly, doubling to approximately USD 120 billion by the end of 2023. This growth is driven by demand from various sectors, including real estate and infrastructure, while institutional investors with higher risk appetites lead the investment landscape.
India Inc credit profiles benefit on high growth in H1, set to improve further
High economic growth improved India Inc's credit profiles in the first half of FY25. Crisil Ratings reported an improved credit ratio, largely driven by government infrastructure investment and private consumption. Private sector capital expenditure is set to rise, with significant contributions from sectors like oil and gas, steel, and cement. Icra and Careedge also reported similar credit trends.
RBI DG asks NaBFID to develop self-sustainable business model, not dependent on government support
RBI Deputy Governor M Rajeshwar Rao urged NaBFID to create a self-sustainable business model without relying on government support. He emphasized the need for agile strategies and higher private sector involvement in infrastructure investments. Rao also highlighted the importance of risk management and project appraisal expertise for NaBFID's success.
Private credit deals to touch USD 10 bln in 2024: Report
Private credit deployments in India are expected to exceed USD 10 billion in 2024, according to a report by EY. The first half of 2023 saw over USD 6 billion in private credit transactions across sectors like real estate, infrastructure, and healthcare. Domestic funds are gaining market share, driven by local expertise and lower-cost domestic money.
Private credit market in India sees robust growth in H1 CY2024 with $6 bn in deals: EY report
India's private credit market saw significant growth in the first half of 2024, with investments reaching USD 6 billion. This marks a strong performance compared to the previous year's total of USD 8.6 billion. High-value transactions in sectors like real estate and manufacturing drove this growth, with capital expenditure being a key driver.
ICICI Prudential AMC sells Indian sovereign bonds to buy credit
ICICI Prudential Asset Management Co. is slashing holdings of sovereign debt in its top-performing dynamic bond fund, Manish Banthia, chief investment officer for fixed income, said in an interview. He¡¯s instead putting money in investment-grade corporate bonds with one- to three-year maturity, and in certificates of deposits.
Grip Invest launches India's first privately placed investment grade bonds with Rs 10,000 face value, offering 14% yield
India's first privately placed investment grade bonds with a face value of Rs. 10,000 have been launched by Grip Invest with a tenure of 17 months.
Banking¡¯s Nifty lag an opportunity to consider some bets
BROADER CONCERNSMargin pressure, deposits and regulatory changes cloud sector; depressed valuations offer cherrypicking opportunities
Kreditbee looks to tap private credit funds
"We will have one private round before the IPO. That will be our last private fund raise after which we will prepare for the IPO," said Madhusudan Ekambaram, co-founder & CEO, KreditBee. "The private round will happen within one year from now. After which we will look for the correct market conditions to list, and if the prevailing conditions continue it could happen one and a half years from now."
Adani stocks, overseas bonds battered by rout
Adani Group's offshore bonds dropped 1-2 points post Modi government's failure to secure a predicted victory as per exit polls.
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