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Informist, Tuesday, Jan. 28, 2025

 

By Ashna Mariam George and Sachi Pandey

 

Mumbai - HDFC Bank reclaimed its position as the top corporate bond arranger in the Oct-Dec quarter after a gap of a year. According to data compiled by Informist, the bank mobilised INR 239.14 billion through 29 deals during the quarter. 

 

SBI Capital Markets retained the second spot, arranging a total of 36 deals worth INR 222.40 billion during the quarter. The merchant banker was helped by State Bank of India's INR 100 billion Basel-III compliant tier-II bond issuance in November and INR 50 billion additional tier-I bonds in October.

 

Trust Investment Advisors jumped to the third spot in Oct-Dec from the seventh position a quarter ago. It arranged 60 deals amounting to INR 187.77 billion during the quarter.

 

DECEMBER

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Trust Investment Advisors emerged as the top corporate bond arranger in December, aided by a solely arranged deal for Telangana Industrial Infrastructure Corp. Ltd. Trust Investment Advisors mobilised INR 130.60 billion through 25 deals, including INR 99.95 billion raised by Telangana Industrial Infrastructure Corp.

 

This was the first time in the current financial year that Trust Investment Advisers finished on the top in a month. The arranger solely mobilised four other deals worth INR 15.45 billion for Larsen and Toubro, Krishna E Campus, Shreeji Infinity, and Golden Guild Properties in December.  

 

ICICI Bank was at the second spot in December, arranging 35 deals aggregating INR 90.77 billion. Of these, seven deals worth INR 52.15 billion were solely arranged for India Infradebt, Sundaram Home Finance, Sundaram Finance, Tata Projects, and LIC Housing Finance.  

 

HDFC Bank was in the third spot, arranging 10 deals totalling INR 39.16 billion in December. The bank was the sole arranger for five deals worth INR 19 billion for prominent clients, including Tata Capital, Kotak Mahindra Prime, Hinduja Housing Finance, Godrej Finance and Cholamandalam Investment and Finance Co.

 

Axis Bank was at the fourth place, raising INR 37.55 billion from 12 deals. Of these, three deals worth INR 16 billion were solely arranged for Bajaj Finance, Bajaj Housing Finance, and Mahindra Rural Housing Finance. YES Bank was in the fifth position, arranging INR 21.6 billion through 13 deals. 

 

Most of the bond arrangers had jointly participated in major issuances by Power Finance Corp., Nuclear Power Corp, National Bank for Agriculture and Rural Development, REC, and Small Industries Development Bank of India during the month. 

 

The overall fundraising through corporate bond markets in December surged 47% from the previous month, due to the seasonal rush to meet quarter-end fundraising targets and a slowdown in credit disbursement by banks. Corporates raised INR 1.13 trillion through 264 bond issuances in December, up from INR 770.85 billion via 206 bonds in November, according to data compiled by Informist. 

 

Public sector companies were the most active issuers in December, raising INR 544 billion, almost half the total issuance amount, compared with INR 233 billion raised in November. In December, Power Finance Corp. emerged as the largest borrower in the corporate bond market, raising INR 114.97 billion through four separate bond issues.

 

Total fundraising by banks through corporate bonds fell to INR 90 billion in December from INR 204 billion a month before. Among the banks that tapped the bond market included Punjab National Bank and Punjab and Sind Bank, which raised INR 30 billion each. Non-banking financial companies raised INR 125 billion and housing finance companies raised INR 65 billion in December.

 

December saw a greater presence of infrequent issuers in the bond market. Companies such as Nuclear Power Corp., DME Development, and Telangana Industrial Infrastructure Corp. accessed the capital markets to raise funds.

 

The real estate investment trust sector also made significant presence in the corporate bond market, with Embassy Office Parks REIT and NDR InvIT Trust collectively raising INR 16.3 billion in December.

 

Following is a list of corporate bond arrangers in order of the quantum arranged in Oct-Dec:

ARRANGERS	ISSUES ARRANGED (SOLELY OR JOINTLY)	AMOUNT ARRANGED (IN BLN RUPEES)
HDFC Bank	29	239.14
SBI Capital Markets	36	222.4
Trust Investment Advisors	60	187.77
ICICI Bank	63	169.87
Axis Bank	34	115.35
AK Capital Services	55	69.46
ICICI Securities Primary Dealership	41	56.68
YES Bank	27	51.9
PNB Gilts	44	36.69
Tipsons Financial Services	32	28.05
LKP Securities	6	2.1
Others		1482.59
TOTAL		2662

 

Following is a list of corporate bond arrangers in order of the quantum arranged in December:

 

ARRANGERS	ISSUES ARRANGED (SOLELY OR JOINTLY)	AMOUNT ARRANGED (IN BLN RUPEES)
Trust Investment Advisors	25	130.60
ICICI Bank	35	90.77
HDFC Bank	10	39.16
Axis Bank	12	37.55
YES Bank	13	21.6
SBI Capital Markets	15	20.75
AK Capital Services	23	18.54
ICICI Securities Primary Dealership	17	15.75
PNB Gilts	21	15.40
Tipsons Financial Services	11	7.05
LKP Securities	1	0.05
Others		732.78*
TOTAL		1130.00

 

End

 

Edited by Akul Nishant Akhoury

 

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