Tag: debt

Karnataka Bank plans to raise Rs 6,000 cr via debt, BFSI News, ET BFSI

Banking & Finance

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New Delhi: Karnataka Bank plans to raise up to Rs 6,000 crore debt capital during the current financial year, and it will seek shareholders’ approval in the ensuing AGM next month. Besides, the private sector lender has also planned to raise equity capital by issuing 15 crore shares through a qualified institutional placement (QIP).

Its annual general meeting (AGM) is scheduled for September 2.

On the debt raise plan, it said that in the normal course of business, a bank borrows money to meet its business requirements through various means and to meet its capital requirements.

Accordingly, it is proposed to obtain consent of the members of the bank for borrowing funds in Indian/foreign currency up to Rs 6,000 crore in the form of debt instruments, in one or more tranches, Karnataka Bank said in its annual report 2020-21.

On the QIP plan, approval of the members will be sought to create and offer, for cash at such price that the “total number of fully paid-up equity shares to be issued shall not exceed 150,000,000 (150 million) equity shares, to be subscribed by QIBs,” it said.

The equity shares are to be offered in one or more tranches.

“The board, at various intervals, has felt the need for onboarding institutional investors. In this direction, the bank has started strategising initiatives. Besides, maintaining sufficient capital adequacy ratio improves the bank’s risk appetite given the COVID-19 pandemic-led economic uncertainties,” it said.

In view of these, the board of directors thought fit to seek approval of the shareholders for augmenting capital through QIP, it said.

The private sector lender posted a net profit of Rs 482.57 crore in FY21, up by nearly 12 per cent from a year ago. However, the total income was down marginally at Rs 7,727 crore.



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BharatPe raises ₹200 crore in debt

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BharatPe raised ₹200 crore in debt from IIFL Wealth and Asset Management and Northern Arc Capital and plans to raise $250 million in debt by the end of the current fiscal.

“BharatPe has raised ₹100 crore each as debt from IIFL Wealth and Asset Management and Northern Arc Capital,” it said in a statement on Thursday, adding that with this seventh round of debt fund-raise, it has raised a total of over ₹500 crore in debt at competitive rates in 2021.

Earlier this year, BharatPe had raised over ₹300 crore from top venture debt funds including Alteria Capital, InnoVen Capital and Trifecta Capital, banks such as ICICI Bank and Axis Bank and Northern Arc Capital.

Suhail Sameer, Chief Executive Officer, BharatPe said the company has set a target to raise $700 million in debt over the next two years to facilitate credit growth and will explore partnerships with domestic and international investors, ranging from banks, NBFCs, credit funds, large pension funds and impact investors and development financial institutions. “With the festive season coming up soon, we are committed to scale our lending vertical aggressively and have set a target of 10x growth in lending by FY23,” he said.

Loan book target

Nishit Sharma, Chief Revenue Officer, BharatPe said it intends to build a loan book of $1 billion by March 2023.

“As we expand our offering across new cities, we will also be adding secured lending products such as gold loans and two-wheeler loans to our existing set of offerings for merchants,” he further said.

BharatPe has already disbursed over $300 million in unsecured loans to over two lakh merchant partners and has an outstanding loan book of over $100 million. Recently, it forayed into the unicorn club with its Series E fund raise of $370 million at a valuation of $2.85 billion.

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Satya MicroCapital raises ₹135 crore from BlueOrchard and responsAbility Investments

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Satya MicroCapital Ltd, a Delhi-based NBFC-MFI, has raised about ₹135 crore through Non-Convertible Debentures (NCDs) from impact investment fund manager responsAbility Investments and Swiss impact investor, BlueOrchard Finance Limited.

“This will enable Satya to achieve its vision of providing financial assistance to 5 million households by the year 2025 with an exponential speed,” Vivek Tiwari, MD, CIO & CEO, Satya MicroCapital Ltd, said in a statement.

About ₹55 crore funds managed by Blue Orchard was disbursed in June and July and the remaining ₹80 crore was made available by responsAbility Investments, the company statement said. This will not only act as a catalyst in socioeconomic upliftment of the MSME sector but will also help in the much-needed economy revival of the country, it added.

LLG Model

This NBFC-MFI offers collateral-free credit to micro enterprises based on strong credit assessment and a centralised approval system. The company has adopted a unique Limited Liability Group (LLG) Model for extending loans and ensuring repayment. The group lending model allows groups of borrowers to share the liability and responsibility to repay loans, while helping them build a strong credit profile to avail finance from traditional financial institutions.

Through the model, the company aims to add a social touch to lending by integrating modern technology into the micro finance industry. Satya primarily caters to women who own businesses or are looking for business expansion.

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Here is a beginner’s guide to ‘FIRE’

Personal Finance

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‘Freedom to retire early’ — the biggest aspiration of the BL Portfolio Survey respondents — strikes a chord with the ‘FIRE’ or ‘Financial Independence, Retire Early’ movement in the US.

At its core, ‘FIRE’ is all about building a nest egg and hanging up your boots much before the traditional retirement age. We take a closer look at this trend.

What is it

The origin of FIRE is vaguely traced to the 1992 book ‘Your Money or Your Life’ by Vicki Robin and Joe Dominguez. The book encourages one to reassess one’s relationship with money, pointing out that ‘we are sacrificing our lives for money, but it is happening so slowly that we barely notice’. Salary/money is something that an individual earns for time spent. Having a clear understanding of relationship with money would ensure an optimum trade-off between time and money (implying, money earned which in turn gets spent or saved).

The FIRE movement, which started gaining traction soon after the global financial crisis of 2007, requires following a disciplined approach of saving aggressively and starting to invest from a young age in a prudential manner.

Proponents recommend even saving as high as 75 per cent of one’s income to retire very early. The objective is to reach a level of savings that will yield sufficient returns in the form of dividends, interest income or rental income with which one can meet living expenses comfortably. At this point, one has the freedom to choose whether one wants to work, or take up only gigs that give one happiness or are in sync with one’s passion.

Some withdrawal from the capital ie the principal amount can also be factored to meet living expenses. This, however, comes with risks in today’s world where average life span is getting extended, and one should not run the risk of falling short of financial resources at a later stage in life, when one might not be able to work.

Ideal corpus

Based on current living standards and investment return prospects in the US, those in the FIRE bandwagon there follow something known as the ‘4 per cent rule’. One’s total yearly living expenses is multiplied by 25; if it is possible to earn a 4 per cent annual yield on that from investments, then one can quit their job, according to their mantra. A yield below 4 per cent with rest withdrawn from principal also might be fine, according to some proponents, since some of the corpus might appreciate over time, but this comes with risks.

When it comes to planning for a similar objective for a FIRE aspirant in India, two important factors imply the multiple applied to yearly living expenses may need to be higher than 25 — high inflation and low yields.

India has historically had much higher inflation than the US, which means one’s savings erode faster over a period of time. India goes through periods of negative real interest rates (inflation higher than interest rate) like in the last year, denting the real income of retirees preferring safe investment options. Hence, a yield of higher than 4 per cent may be needed on savings.

Besides, rental yields and dividend yields in India are much lower than that in developed markets (Nifty 50 dividend yield at 1 per cent versus Dow Jones Index dividend yield at near 2 per cent). Hence, focussing entirely on capital appreciation and withdrawing from principal to make up for the lower yield presents a risky proposition, warranting a higher multiple to yearly expenses.

Hence, other factors such as frugal living and wise investing may be required to get this dream of early retirement closer to reality.

Takeaways

Finally, if you want to be on the FIRE bandwagon, here are three things that you can do, which also form the core of the FIRE movement:

One, spending only on what is essential — not indulging in excessive consumerism and thereby devaluing your own effort. It was your effort that earned you the money and spending that money without much thought devalues the effort. Tempering down on consumerism also comes with positive consequences for the environment which appears be a cause important to millennials.

Two, saving wisely — investing in a prudential and judicious manner that can grow your corpus optimally and also give you comfort, confidence, and peace of mind .

Three, valuing the time that you spend at work — when one realises that money is a by-product of how one spends his/her time, then one gets more conscious of making use of that time more productively. Following the first two principles would help you choose a job you may like. At the same time, when you realise that your savings and spends which will help you reach your goal is a function of your time at work, you will also begin utilising that time more effectively.

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RBI defers deadline for stressed firms to meet financial parameters, BFSI News, ET BFSI

Banking & Finance

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The Reserve Bank of India has deferred the deadline for achieving financial parameters under Resolution Framework 1.0 which was part of more than 100 measures announced by it to battle the economic fallout of the pandemic.

Of these parameters, the thresholds in respect of four parameters relate to operational performance of the borrowing entities, viz. Total Debt to EBIDTA ratio, Current Ratio, Debt Service Coverage Ratio and Average Debt Service Coverage Ratio. These ratios are required to be met by March 31, 2022.

“Recognising the adverse impact of the second wave of COVID-19 and the resultant difficulties on revival of businesses and in meeting the operational parameters, it has been decided to defer the target date for meeting the specified thresholds in respect of the above four parameters to October 1, 2022,” RBI Governor Shaktikanta Das said.

He said the RBI would continue to monitor the over 100 measures to ensure that the benefit percolates down to the targeted stakeholders.

“Against this backdrop and based on our continuing assessment of the macroeconomic situation and financial market conditions, certain additional measures are being announced today,” he said.

On-tap TLTRO

The scope of the on-tap TLTRO scheme, initially announced on October 9, 2020, for five sectors, has been extended to stressed sectors identified by the Kamath Committee in December 2020 and bank lending to NBFCs in February 2021. The operating period of the scheme was also extended in phases till September 30, 2021. Given the nascent and fragile economic recovery, it has now been decided to extend the on-tap TLTRO scheme further by a period of three months, i.e. till December 31, 2021.

Marginal Standing Facility relaxation

On March 27, 2020, banks were allowed to avail of funds under the marginal standing facility (MSF) by dipping into the Statutory Liquidity Ratio (SLR) up to an additional one per cent of net demand and time liabilities (NDTL), i.e., cumulatively up to 3 per cent of NDTL. To provide comfort to banks on their liquidity requirements, including meeting their Liquidity Coverage Ratio (LCR) requirement, this relaxation which is currently available till September 30, 2021, is being extended for a further period of three months, i.e., up to December 31, 2021. This dispensation provides increased access to funds to the extent of Rs 1.62 lakh crore and qualifies as high-quality liquid assets (HQLA) for the LCR.

LIBOR transition

The transition away from London Interbank Offered Rate (LIBOR) is a significant event that poses certain challenges for banks and the financial system. The Reserve Bank has been engaging with banks and market bodies to proactively take steps. The Reserve Bank has also issued advisories to ensure a smooth transition for regulated entities and financial markets.

In this context, it has been decided to amend the guidelines related to (i) export credit in foreign currency and (ii) restructuring of derivative contracts,” Das said.

Banks will be permitted to extend export credit in foreign currency using any other widely accepted Alternative Reference Rate in the currency concerned. Since the change in reference rate from LIBOR is a “force majeure” event, banks are also being advised that change in reference rate from LIBOR/ LIBOR related benchmarks to an Alternative Reference Rate will not be treated as restructuring, he said.



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As markets soared, PSBs raised a record Rs 58,700 via debt, equity, BFSI News, ET BFSI

Banking & Finance

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Make hay while the sun shines. As the stock market soared during the pandemic, public sector banks raised a record Rs 58,700 crore from markets in FY2020-21 through a mix of debt and equity to enhance the capital base.

Series of successful QIP reflect the confidence of both domestic and global investors in PSBs and their potential.

The fundraise

This included Rs 4,500 crore raised by Mumbai-based Bank of Baroda from qualified institutional placement (QIP). Punjab National Bank mobilised Rs 3,788 crore through share sale on a private placement basis during the financial year ended March 31, 2021.

At the same time, Bengaluru-based Canara Bank raised Rs 2,000 crore from QIP, as per data collated from regulatory filings.

In addition, 12 PSBs raised funds from Tier I and Tier II bonds taking the total fund mobilisation to Rs 58,697 crore, highest amount garnered in any financial year.

Government reforms

Various reforms undertaken by the government including recognition, resolution and recapitalisation resulted in progressive decline in non-performing assets (NPAs) and subsequent rise in profit.

NPAs of PSBs had declined to Rs 7,39,541 crore as on March 31, 2019, Rs 6,78,317 crore on March 31, 2020 and further to Rs 6,16,616 crore as on March 31, 2021 (provisional data). Provision Coverage Ratio (PCR) at the same time increased sequentially to a high of 84 per cent.

As a result, PSBs in aggregate recorded a profit of Rs 31,816 crore, highest in five years, despite 7.3 per cent contraction in economy in 2020-21 due to COVID-19 pandemic.

The primary reason for PSBs to post such a Rs 57,832-crore turnaround from a loss of Rs 26,015 crore in 2019-20 to a combined profit of Rs 31,816 crore was the end of their legacy bad loan problem.

At the same time, comprehensive steps were taken to control and to effect recovery in NPAs, which enabled PSBs to recover Rs 5,01,479 crore over the last six financial years.

Credit growth

Overall credit growth of Scheduled Commercial Banks (SCBs) has remained positive for 2020-21 despite a contraction in GDP (-7.3 per cent) due to the COVID-19 pandemic.

As per the RBI data, gross Loans and Advances of SCBs increased from Rs 109.19 lakh crore as of March 31, 2020, to Rs 113.99 lakh crore as of March 31, 2021.

Further, as per RBI data of loans to agriculture and allied activities, micro, small and medium enterprises, housing and vehicles have witnessed a year-on-year growth of 12.3 per cent, 8.5 per cent, 9.1 per cent and 9.5 per cent respectively during the year.



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Explaining core and satellite portfolio strategy

Personal Finance

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A coffee time conversation between two colleagues leads to an interesting explainer on a portfolio construction strategy.

Vina: Did you hear about Meena making windfall gains through her smallcase investments? Makes me want to try my hand at it too. I felt exactly the same way when cryptos rallied last year. I think it is some kind of FOMO playing out!

Tina: Relax Vina. It is not like she has got the Midas touch when it comes to investing. You can also up your game by venturing into other asset classes. But be mindful of the risk you undertake. I hope you know that every asset class that promises you superior returns comes attached with equally superior risks too.

Vina: Agreed! But isn’t there a way out. I mean, what is one to do if one wants to generate better than market returns, and at the same time contain the risks.

Tina: Have you heard of the Core – Satellite portfolio strategy? It is a strategy that aims to optimise costs, taxes and risks in the overall portfolio while aiming to maximize returns. May be this approach could help you address your FOMO.

Vina: I assume, the core is the main portfolio. But, what is the satellite portfolio? Does it keep revolving around the core? Like the Moon around planet Earth?

Tina: No Vina. This strategy works as follows. The core portfolio is made up of funds or other investments that aim at acheiving one’s financial goals — be it through debt instruments (sovereign or otherwise), funds (ETFs or index funds) and other assets that essentially help cut down on costs and volatility in the long run. For longer tenure portfolios, gold can also form part of the core portfolio. The smaller satellite portfolio is one where you can try your hand at actively-managed riskier assets for alpha generation. One can also use his / her satellite portfolio for saving taxes by investing in equity-linked savings schemes or ELSS. Depending upon one’s goals and the risk associated with the stock picks, direct equity investments can either be part of your core or satellite portfolio.

Vina: Why two portfolios? How does that help?

Tina: While the core helps in generating the minimumreturn required to meet one’s goals according to one’s risk appetite, the satellite portfolio adds extra spice to these returns. This is definitely better than burning one’s fingers by investing the entire corpus in risky assets, all in the name of seeking alpha.

Vina: Fair point. What is the ratio in which I should split my portfolio into core and satellite, then?

Tina: While there is no one size fits all approach, most experts advise a 70-80 per cent allocation to the core portfolio. The ideal ratio depends on the type of assets added to your satellite portfolio and the amount of risk they would add to your overall portfolio. The idea is to earn the minimum return to meet your financial goals through your core portfolio investments. One’s satellite investments can range from credit risk funds to thematic or international mutual funds to direct investments in equity. Some also prefer to add alternate investments such as REITs/InvITs, PMS, private equity (including pre-IPOs) and even cryptos to their satellite portfolio. Whatever the asset class(/es) you choose, the losses if any, should not eat away too much into your overall portfolio return.

Vina: Right. Simply put, this strategy seems like a fair way in which one can try to get the best of both worlds, superior returns with a cap on the downside risk.

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Planning for son’s education, own retirement

Personal Finance

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Nishant is 36 and works with an IT company in Pune. He has a 5-year-old son. Until now, he has focussed his energies on repaying the home loan, which he repaid completely 2 months back. Thus, he does not have many investments. In addition to this house, he has Rs ₹ 5 lakh in fixed deposits and ₹13 lakh in employees’ provident fund.

His net take-home monthly salary is ₹80,000. He can invest about ₹35,000 per month. Besides, his monthly contribution to EPF account, including employer contribution, is ₹11,500.

He wants to invest for his son’s higher education, for which he thinks he will need about ₹20 lakh (present cost) after 12 years. Besides, he wants to save for this retirement. He has not bought any insurance plan yet.

Buying insurance

Insurance is the first pillar of financial planning. In his case, getting insurance portfolio right is even more critical since he is the sole earning member in the family. There are three broad types of insurance plans that every earning member must buy: Life, Health and Accidental Disability Insurance.

While there are many ways to calculate life insurance cover requirement, a simple thumb rule is to buy a cover for 10-15 times the annual income. With his level of income, he can go for a life cover of ₹ 1.25-1.5 crore.

A term insurance plan is the best way to purchase a life insurance. This will cost him about ₹18,000-20,000 per annum. He can choose to pay annual premium in monthly installments too.

He has a health cover of ₹3 lakh from his employer. The coverage is clearly not sufficient for a family of three. He must buy a family floater health insurance plan of ₹10 lakh. That will cost him about ₹15,000 per annum.

He can buy accidental disability cover as a rider with a term plan or as a standalone plan. A rider with the term plan is cheaper because the scope of coverage is limited to total and permanent disability.

A standalone plan is more expensive, but it covers both partial and total permanent disability, temporary disability, and accidental death.

These insurance plans (life, health and accidental cover) will cost about ₹5,000 per month or Rs 60,000 per annum.

He has a fixed deposit of ₹5 lakh that can be considered towards medical and emergency fund.

Son’s education

For son’s education, he needs ₹20 lakh (present cost) in 12 years. At the inflation rate of 6 per cent per annum, the target nominal corpus will be ₹40 lakh in 12 years.

Assuming a return of 10 per cent on the portfolio over 12 years, he needs to invest ₹15,000 per month.

He can put this money into a hybrid fund or a multicap fund by way of SIP. He must gradually shift this money to debt as he moves closer to the goal.

For his retirement, he mentions that only 2/3rd of his current expenses will continue into retirement.

His current expense is ₹45,000 per month but that includes conveyance and school and tuition fee for his son.

His expected expenses during retirement will be ~ ₹30,000 per month (cost). Assuming a post retirement life of 30 years, inflation of 6 per cent per annum and that he can earn inflation matching returns during retirement, he needs to accumulate ₹4.3 crore in 24 years.

His current EPF corpus will grow to ₹80 lakh in 24 years . At assumed pre-retirement return of 10 per cent per annum, he needs to invest ₹32,000 per month.

He is already putting ₹11,500 per month by way of EPF. After accounting for regular expenses, insurance payments and investment for son’s education, he can invest an additional ₹15,000 per month (35,000 – 5,000 – 15,000).

His retirement portfolio is already debt heavy. He can split this amount between a largecap fund and a midcap fund, with heavier allocation to the former. He is investing less than he should. He must invest more when his cashflows permit. This should not be a problem since his best earning years are ahead of him.

He must understand all the goal calculations above are based on heavy assumptions about inflation and expected returns.

He must keep revisiting these assumptions and portfolio growth and make adjustments accordingly.

The writer is a SEBI-registered investment advisor and founder of personal financeplan.in

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A $27 billion pile of debt looms over India’s new bad bank, BFSI News, ET BFSI

Banking & Finance

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By Upmanyu Trivedi and Rahul Satija

A bad bank in India that’s expected to launch this month may help reduce one of the world’s worst bad-loan piles but market participants say it’s a long path ahead.

The new institution, which is set to start operations by the end of June, is likely to handle stressed debt worth 2 trillion rupees ($27 billion) over time, according to a BloombergQuint report. That would be about a quarter of the nation’s non-performing debt load. By housing bad loans of many lenders under one roof, the entity should help speed up decision-making and improve bargaining power when resolving these assets.

But for India to overcome its struggles with bad debt and stabilize the financial system of Asia’s third-largest economy, more fundamental problems with insolvency laws introduced in 2016 need to be addressed, investors say. Their confidence in the country’s bankruptcy reforms has been shaken as creditors’ recovery rates fall, delays in closing cases increase, and liquidations exceed resolutions in the insolvency courts.

Market participants will be watching whether the bad bank focuses on actually resolving the assets rather than keeping them like a warehouse, and whether its team includes appropriate industry and turnaround experts.

“The proposed bad bank is useful as a one-time clean-up exercise of the bad loans that are pending resolution for years now,” said Raj Kumar Bansal, managing director at Edelweiss Asset Reconstruction Co. “But it’s not a long-term solution in dealing with the stressed assets,” he said, adding that bankruptcy reform is key.

Less than one in 10 companies admitted in the insolvency courts is getting resolved while a third are facing liquidation, data compiled by Insolvency and Bankruptcy Board of India show. The recoveries for financiers from the resolved cases have also dropped to 39% of dues as of March from 46% a year earlier. And if the top nine cases by recovery are excluded, lenders received just 24% of dues, according to Macquarie Capital.

“India’s bankruptcy reforms started off well but they have slowed currently,” said Nikhil Shah, managing director at Alvarez & Marsal India. “Prolonged delays in resolutions, lengthy court battles, and uncertainty of recoveries post-approval of resolution plans are pushing many potential investors away” from the bankruptcy process, he said.

A $27 billion pile of debt looms over India’s new bad bank
Shah expects the delays in resolutions to worsen further unless the government and judiciary address some of the primary issues, by for example increasing the number of judges and investing in digital infrastructure to boost productivity.

Indian Banks’ Association, which is helping with plans for the proposed bad bank, and Insolvency and Bankruptcy Board of India, didn’t immediately respond to emails seeking comment.

For now, Indian banks will be happy to finally kick away some of the stressed loans to the proposed entity. The sector’s bad-loan ratio is is set to almost double to 13.5% of total advances by the end of September, India’s central bank said in a report published before the second wave of coronavirus infections hit the country.

“Stressed loans have taken far too much management time across the industry in the past couple of years,” Prashant Kumar, chief executive officer at Yes Bank Ltd., told Bloomberg. “This bad bank will help shift focus from resolving soured loans to improving credit growth.”



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Yes Bank to raise Rs 10,000 crore via debt securities, BFSI News, ET BFSI

Banking & Finance

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Mumbai: The board of directors at private sector lender Yes Bank has approved seeking shareholders’ nod for raising up to Rs 10,000 crore in Indian or foreign currency by issuing debt securities, including but not limited to non-convertible debentures, bonds and medium-term notes.

In the January to March quarter, the crisis-hit lender reported a standalone net loss of Rs 3,788 crore as against a net loss of Rs 3,668 crore in the year-ago period.

On the asset front, the bank’s gross non-performing assets (NPAs) as of March 31 stood at 15.41 per cent of gross advances, marginally down from 16.8 per cent in the year-ago period. However, net NPAs rose to 5.88 per cent from 5.03 per cent.

For the full 2020-21 fiscal, the bank narrowed its net loss to Rs 3,462 crore from a loss of Rs 16,418 crore in the previous year.

At the end of March quarter, the lender had a capital adequacy ratio of 17.5 per cent compared to 19.6 per cent as of December 31 with common equity tier-1 ratio of 11.2 per cent at the end of the last fiscal (FY21) as compared with 13.1 per cent in Q3 FY21.

On March 5 last year, the Reserve Bank of India (RBI) had placed Yes Bank under a moratorium and appointed Prashant Kumar as the new CEO and Managing Director.

According to RBI-backed rescue plan, the State Bank of India acquired up to 49 per cent stake in Yes Bank. HDFC and ICICI Bank infused Rs 1,000 crore each, Axis Bank Rs 600 crore and Kotak Mahindra Bank Rs 500 crore.



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