Tag: MFs

PSBs line up local AT-1 bonds issues, but private-sector lenders stay away, BFSI News, ET BFSI

Banking & Finance

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Public sector banks have started issuing AT-1 bonds in the domestic market more than a year after wriding down of such bonds of Yes Bank spooked the market

However, private sector banks are still keeping away and raising money via the instrument overseas, where interest rates are low.

At present, nearly three-four state-owned including SBI, Union Bank, Canara Bank and Bank of Baroda are looking to raise funds through AT-1 bonds.

In March this year, prodded by the Finance Ministry, the Securities and Exchange Board of India (Sebi) had relaxations in valuation norms. However, the main issues that AT1 bonds will continue to be treated as 100-year bonds stayed. The deemed residual maturity of Basel-III AT-1 bonds would be 10-year until March 31, 2022. Sebi said from April to September 2022, it would be valid at 20 years, and from October 2022 to March 2023, it would have a life span of 30 years. From April 2023, the residual maturity will be 100 years from the date of issuance of the bond.

In September SBI Rs 4,000 crore via additional Tier 1 bonds at a coupon rate of 7.72%, the first such issuance in the domestic market after Sebi issued new rules.

The plan

SBI is weighing options to raise money either through local additional tier-1 securities for the third time in this financial year or rupee-denominated ‘masala’ bonds for overseas investors. Bank of Baroda has approved the issuance of AT1 and AT11 bonds worth Rs3000 crore. Capital Raising Committee of our Bank has today approved the issuance of Basel III Compliant Additional Tier 1 (AT1) / Tier II Bonds for an aggregate total issue size of Rs3000cr in single or multiple tranches,” the bank said earlier this month.

What are AT1 bonds?

These are unsecured bonds which have perpetual tenure — or no maturity date. They have a call option, which can be used by the banks to buy these bonds back from investors. AT1 bonds are subordinate to all other debt and only senior to common equity. Mutual funds are among the largest investors in perpetual debt instruments, and hold over Rs 35,000 crore of the outstanding additional tier-I bond issuances of Rs 90,000 crore.

The mutual fund position

Mutual funds, which once used to buy heavily in AT1 bonds, are lukewarm about this asset class after the banking regulator last year ordered that these instruments be written off in Yes Bank’s state-sponsored bailout. Also, on March 10, Sebi had ordered mutual funds to cap ownership of bonds with special features at 10% of the assets of a scheme and value them as 100-year instruments from next month, potentially triggering a redemption wave. Later, the capital markets regulator eased valuation rules but with some riders after the finance ministry asked it to withdraw the directive to mutual funds.

The muted response by MFs had prompted the lenders to tap the overseas market.

Perpetual bond sales by banks have nearly halved to Rs 18,772 crore in FY21 from Rs 34,860 crore three years earlier.



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RBI wants open offer exemption for ARCs buying bad assets from banks, BFSI News, ET BFSI

Banking & Finance

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The Reserve Bank of India has sought open offer exemption from capital markets regulator Securities and Exchange Board of India (Sebi) for equity stake purchases by Asset Restructuring Companies (ARCs).

Under the current Takeover Code rules, commercial banks and public financial institutions are exempt from making an open offer if they acquire shares beyond a threshold by invoking a pledge. ARCs acquire loans that qualify as non-performing assets from banks.

Banks sell bad loans to an ARC for a lower price and cut losses. In this process, all the collateral that was pledged in favour of the bank will be transferred to ARC.

If the collateral exceeds 25% of the total equity of the company, then such pledge invocation will need the ARC to give an open offer to the minority investors.

Takeover code

Sebi’s takeover code is triggered when an entity acquires over 25% stake in a listed company. At this point, the acquirer has to declare an open offer and buy at least 26% more stake from public shareholders.

Until 2019, the open offer exemption was available to all classes of investors undertaking debt restructuring. In 2019, Sebi changed the rules because RBI dissolved all the debt restructuring schemes and instead all the liquidation was being done through the Insolvency and Bankruptcy Code (IBC).

Market participants say the open offer requirement also slows down the resolution process since a lot of minority shareholders would view it as their last chance to cash in on the shares of a company that is most probably going to be liquidated.

Revised norms

In 2018, the RBI revised norms for bad loan resolution. Until then, banks were allowed to recast the corporate debts by converting their debt into equity.

In February 2018, the central bank phased out the debt restructuring schemes and made it mandatory for banks to refer all bad loans to the IBC process after a specific timeline. This circular of RBI prompted Sebi to revise its rules.

The RBI is mulling easier rules for ARCs. Earlier this month, an expert panel led by former RBI executive director Sudarshan Sen submitted its report to the central bank aimed at simplifying regulations for these financial institutions.

What Sudarshan Sen panel says

In the interest of debt aggregation, the scope of Section 5 of the SARFAESI Act, and other related provisions, may be expanded to allow ARCs to acquire ‘financial assets’ as defined in the Act, for the purpose of reconstruction, not only from banks and ‘financial institutions’ but also from such entities as may be notified by the Reserve Bank.

Reserve Bank may consider permitting ARCs to acquire financial assets from all regulated entities, including AIFs, FPIs, AMCs making investment on behalf of MFs and all NBFCs (including HFCs) irrespective of asset size and from retail investors.

ARCs should be allowed to sponsor SEBI registered AIFs with the objective of using these entities as an additional vehicle for facilitating restructuring/ recovery of the debt acquired by them.



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Ten steps for overhaul of ARCs as competition for bad bank arrives, BFSI News, ET BFSI

Banking & Finance

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In a bid to streamline the functioning of asset reconstruction companies (ARCs), a Reserve Bank committee has come out with a host of suggestions including the creation of an online platform for the sale of stressed assets and allowing ARCs to act as resolution applicants during the IBC process.

Amortise loss

To incentivise lenders to sell their financial assets to ARCs at an early stage of stress, the RBI panel has recommended a dispensation to lenders, on an ongoing basis, to amortise the loss on sale, if any, over a period of two years. To optimise upside value realisation by lenders, it recommends a higher threshold of investment in security receipts (SRs) by lenders, below which provisioning on SRs held by them may be done on the basis of Net Asset Value (NAV) declared by the ARC instead of IRACP norms.

Online platform

An online platform may be created for sale of stressed assets and infrastructure created by the Secondary Loan Market Association (SLMA) may be utilised for this purpose. For all accounts above Rs 500 crore, two bank-approved external valuers should carry out a valuation to determine the liquidation value and fair market value and for accounts between Rs 100 crore to Rs 500 crore, one valuer may be engaged. Also, the final approval of the reserve price should be given by a high-level committee that has the power to approve the corresponding write-off of the loan.

Acquiring financial assets

In the interest of debt aggregation, the scope of Section 5 of the SARFAESI Act, and other related provisions, may be expanded to allow ARCs to acquire ‘financial assets’ as defined in the Act, for the purpose of reconstruction, not only from banks and ‘financial institutions’ but also from such entities as may be notified by RBI. RBI may consider permitting ARCs to acquire financial assets from all regulated entities, including AIFs, FPIs, AMCs making investment on behalf of MFs and all NBFCs (including HFCs) irrespective of asset size and from retail investors. ARCs should be allowed to sponsor SEBI registered AIFs with the objective of using these entities as an additional vehicle for facilitating restructuring/ recovery of the debt acquired by them.

Binding on lenders

If 66% of lenders (by value) decide to accept an offer by an ARC, the same may be binding on the remaining lenders and it must be implemented within 60 days of approval by majority lenders (66%). 100% provisioning on the loan outstanding should be mandated if a lender fails to comply with this requirement. Given that the debt aggregation is typically a time-consuming process, the planning period is elongated to one year from the existing six months. In cases where ARCs have acquired 66% of debt of a borrower, the Act should provide for two years of moratorium on proceedings against the borrower by other authorities. The Act should also provide that Government dues including revenues, taxes, cesses and rates due to the Central and state governments or local authority will be deferred in such cases.

Equity sale

For better value realisation for originators and enhancing the effectiveness of ARCs in recovery, even the equity pertaining to a borrower company may be allowed to be sold by lenders to ARCs which have acquired the borrower’s debt. The Committee recommends that ARCs may be allowed to participate in the IBC process as a Resolution Applicant either through a SR trust or through the AIF sponsored by them.

Allowing HNIs to buy SRs

For giving impetus to listing and trading of SRs, the list of eligible qualified buyers may be further expanded to include HNIs with minimum investment of Rs 1 crore, corporates (Net Worth-Rs 10 crore & above), all NBFCs/ HFCs, trusts, family offices, pension funds and distressed asset funds with the condition that (a) defaulting promoters should not be gaining access to secured assets through SRs and (b) corporates cannot invest in SRs issued by ARCs which are related parties as per SEBI definition.

Minimum SR investment

The interest of investors and investing lenders should be weighed against the need for distribution of risk among the willing investors. Therefore, it recommends that for all transactions, per SR class/ scheme, the minimum investment in SRs by an ARC should be 15% of the lenders’ investment in SRs or 2.5% of the total SRs issued, whichever is higher.

Credit rating agencies

Recognising the critical role of Credit Rating Agencies (CRAs) in the valuation of SRs and, therefore, the need for continuity in engagement of CRAs, the Committee recommends that ARCs must retain a CRA for at least three years. In case of change of a CRA, both parties must disclose the reason for such change.

Tax pass through

In the matter related to taxation of income generated from investment in SRs issued by ARCs, the possibility of a ‘pass-through’ regime for AIF investors may be looked into by the Central Board of Direct Taxes (CBDT). The CBDT may consider clarifying on the tax rate applicable to FPIs.



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3 mistakes to avoid when building your mutual fund portfolio

Personal Finance

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The market rally since the March 2020 lows has brought in many new investors into the mutual fund (MF) fold. But are you investing right?

Here are three traps you should not fall into on the path to wealth creation through MFs.

Lacking goal-oriented approach

Latest available AMFI data (June 2021) show that retail investors contribute 54.82 per cent of the total AUMs of actively managed equity schemes — much higher than contributions to categories such as hybrid, gilt, debt or even index funds. However, only 55.6 per cent of the retail AUMs in equity funds were held for more than 24 months. This implies that while putting money in equity funds is a preferred route for retail investors, at least half of them are adopting a tactical, short-term approach rather than a strategic, long-term, goal-oriented approach to equity MF investing.

This assumption is also vindicated by a BL Portfolio survey on impact of Covid on personal finances done earlier this year as well as by the reader queries we get on their MF holdings.

A striking fact noticed among many survey respondents as well as among readers, who send in their portfolios for review, is their lack of delineation between long-term goal-based savings and other savings. Many invest in MF SIPs without any particular time frame or goal in mind. When they have any requirement — be it an emergency, a lifestyle need such as a new phone or laptop or a foreign holiday, they sell out or at least book partial profits. And the process goes on. Whatever remains from the additions and drawings over the years is their savings in equity MFs towards longer-term goals such as children’s education or retirement.

The ideal way to go about MF investing is to create a core portfolio for long-term goals and not touch this investment for other reasons. The core portfolio should consist of a combination of categories such as index funds, flexi-cap/multi-cap funds, mid and small cap funds in a proportion that suits one’s risk appetite.

For other needs on the way, tactical investing can be adopted. Informed investors can use sector or thematic funds — where timing the entry and exit assumes importance — as part of their satellite portfolio, for instance. Similarly, investors who follow the markets closely can do lump-sum investments during market lows and tactically move the gains out when a short-term goal comes closer.

While creating a separate fund portfolio for short- or medium-term goals, one must remember though that a horizon of less than 5-7 years pegs up the risk of investing in equity funds. Hence, monitoring the performance closely and booking profits is a must. Otherwise, one can also consider appropriate debt funds depending on the time to goal.

Stagnating SIPs

Another oft seen behavioural tendency among MF investors is the failure to increase their savings in tandem with their income. ₹10,000 a month in SIPs by a 30-year-old till he/she retires at 60 will grow to ₹3.52 crore assuming a reasonable 12-per cent CAGR. Stepping up the SIP by just five per cent annually can leave one richer by more than a crore. Stepping up by 10 per cent annually will take it to over ₹8 crore. Saving more as you earn more can make up for lower than expected portfolio returns. Returns can be lower for reasons such as sub-optimal fund choices and failure to review portfolio in time, lower alpha generation by certain categories of actively managed funds or by plain market volatility or bearishness in the years closer to your goal. Stepping up also helps in case you decide to retire early – a decision which cannot be foreseen when you have just started working or just begun saving.

Thirdly, to some extent, stepping up SIPs can also take care of your failure to account for inflation or misjudging it – the cost of your child’s professional education say, 20 years down the line, will not be the same as it is today. If it requires ₹10 lakh in today’s scenario, it will be at ₹26.5 lakh then, assuming a five per cent inflation.

Fund houses offer step-up/top-up or SIP booster facilities which will help increase your amounts annually. If you are confident of your fund choices, you can use this facility on one or more of your existing SIPs. Else, this annual exercise can be done manually, too.

‘When’ to exit

Consider this. A 10-year SIP in a leading large-cap fund ending on February 1, 2020, for instance, would have yielded 12.75 per cent CAGR, assuming you sold the investments to meet your goal when the tenure ended. The same SIP ending on April 1, 2020 would have decimated your returns to about 5-5.5 per cent, thanks to the March 2020 market crash. Equity investments are indeed subject to such market risks and hence, staying invested until the day of retirement or until the week your child’s higher education fee has to be paid, is not a good idea. A cardinal rule in goal-oriented equity MF investing is moving out the corpus a bit in advance when the going is good and when you have also got returns commensurate with the risk ( 12 per cent plus CAGR on your portfolio can be a goalpost). The corpus can then be reinvested in short-term fixed deposits to preserve the capital.

That said, ‘when’ to move out is not an easy decision. You need to avoid falling short of the corpus because of cautiously moving out to preserve the gains. You should also keep the taxation rules in mind — your corpus is what you get after paying long-term capital gains tax on gains over ₹1 lakh on equity funds; SIPs made in the last year before selling out are subject to short-term capital gains tax too. In this whole process, you can avoid pain by arriving at your corpus requirement scientifically, beginning to invest early, choosing the right funds, monitoring their performance regularly and by increasing your savings as and when your income goes up.

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Relief for MFs: SEBI eases norms on perpetual bonds

Banking & Finance

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In a major relief, the market regulator SEBI has allowed mutual funds to meet its norms on valuation of perpetual bonds in a time bound manner with the life span of bonds increasing over the years.

On March 10, SEBI had stated that the maturity of all perpetual bonds shall be treated as 100 years from the date of their issuance for the purposes of valuation.

Based on the representation of the mutual fund industry to consider a glide path for the implementation of the policy, it has been decided that the deemed residual maturity for the purpose of valuation of existing and new bonds issued under Basel III framework will be achieved over a period of two years.

In the financial year ended March 2022, the AT-1 bonds will be valued at 10 years or the call date mentioned in the bond. From April to September 2022, it will be valid at 20 years and from October 2022 to March 2023 it will have a life span of 30 years. Finally, from April 2023, the perpetual bonds will be valid at 100 years.

All Basel-III tier-two bonds will be valid at the contractual maturity.

Further, if the issuer does not exercise the call option for any of the perpetual bonds, then the valuation and calculation of duration shall be done considering a maturity of 100 years from the date of issuance for AT-1 bonds and contractual maturity for Tier-2 bonds, said SEBI.

If the non-exercise of call option is due to the financial stress of the issuer or if there is any adverse news, the same shall be reflected in the valuation, it said.

The Association of Mutual Funds in India has been advised to issue detailed guidelines with respect to valuation of bonds issued under the Basel III framework, which shall be implemented by April 1, 2021.

The change in rules comes after the Finance Ministry had raised concerns over the duration of perpetual bonds.

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Right corpus eases retirement pangs

Personal Finance

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Varadhan, an NRI aged 55 and retiring in 2021, has been working in West Asia for the last 30 years. He wanted to return to India and live comfortably in his home state of Kerala. Prior to retirement, he wanted to find out how much he could spend – rather, the threshold that would ensure a balanced life after retirement. Varadhan’s family includes his mother aged 85 and wife Shyama aged 51.

His assets were as follows:

Requirements

He wanted to set aside ₹12 lakh as emergency fund towards one year expenses with high liquidity and safety. Next, he desired to create a retirement portfolio with minimal risk to get an income of ₹75,000 per month (current cost) from his age 56 till age 90.

Varadhan wanted to set aside funds for his travel needs at an estimated cost of ₹3 lakh a year for 10 years. He also wanted to maintain health corpus of ₹1 crore for all three family members. Besides, he desired to buy a car costing ₹15 lakh. Finally, he wanted to create a will with his wife and daughter as beneficiaries with equal rights (for which we advised him to seek guidance from an advocate).

 

Priority to safety

Based on our discussion, we could understand that Varadhan had limited knowledge of financial instruments, and he had a conservative risk profile and investing mindset. He was a prudent saver and had built his financial assets over a relatively longer period backed by sheer discipline. He was not sure of inflation and its impact on savings over a long period. . Like many aspiring retirees, he also had the need to make a balance between risk and safety a paramount factor. Prima facie, Varadhan wanted to find out whether he could retire immediately or he would have to work till age 60 to add to this corpus and avoid unnecessary risk with his investments.

A challenge in this case would be taxation post retirement. Varadhan had accumulated much of his assets through NRE deposits and the interest was not taxable till date. But post retirement, when he becomes a resident in India, his interest income will be taxable. We helped him understand the taxation associated with deposits and safe investment products.

Recommendations

Based on the above, our set of recommendations were as follows. We advised Varadhan to reserve his NRO fixed deposit towards his emergency fund and car purchase. Hence, he needed to reduce his budget for the car or reduce the emergency fund. Next, we recommended that he create a retirement portfolio using his NRE deposits and mutual funds fully, along with 60 per cent of his gold savings. This will help him get retirement income of ₹75,000 per month from his age 56 till his wife’s life expectancy of 90.

Varadhan needed a corpus of ₹2.8 crore. We advised him to use products such as RBI Taxable bond, RBI Sovereign Gold Bond, large-cap mutual funds and high-quality debt mutual funds. Once he turned 60, he could choose Senior Citizens Savings Scheme and other investment products suitable for regular income. With a corpus of ₹2.8 crore, he needed to generate post-tax return of 6.5 per cent per annum to get the required retirement income. His expected inflation would be 5 per cent in the long run. He may come across periods where inflation could be higher; Varadhan could then use reserve funds to maintain his lifestyle.

His travel requirements (₹30 lakh) could be met with the balance investment in gold. This could be moved to safe avenues periodically to manage the volatility in gold prices. We advised Varadhan to take health insurance for a sum insured of ₹10 lakh each for himself and spouse. Also, the remaining ₹10 lakh from his gold investment could be reserved as part of the health fund immediately.

We recommended that Varadhan sell his land in the next 2-3 years and convert it to financial assets. This will help him manage his health corpus and reserve fund needs. To protect his retirement income from changes in economic assumptions, it is desirable to have ₹80 lakh as reserve fund. This is arrived on the basis of same inflation rate and expected return post-retirement.

Varadhan could retain his rental property and we suggested that rental income, if any, be gifted to his daughter every year. The rental income and maintenance charges for the house were not included in the cash flow calculations.

Every retiree we meet has a fear of outliving the retirement corpus. Safety of capital and inflation adjusted returns form a strange combination. Arriving at the right corpus, which we sometimes call ‘a rubber band corpus for retirement’ is crucial to meeting such expectations. Like how a rubber band has limited elasticity, the corpus should stand the test of inflation and the test of safety of capital. If this is taken care of while working, the desired result could be achieved.

The writer is an investment adviser registered with SEBI, and Co-founder of Chamomile Investment Consultants, Chennai

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BusinessLine Portfolio 2021: What’s coming up

Personal Finance

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Another year is coming to a close for ‘Portfolio’, and we look back at our work with both a sense of accomplishment as well as humility. Needless to say, 2020 has been an unprecedented year in many ways. We put our best foot forward in guiding investors through these challenging times.

Lest covid ruin finances

The pandemic brought to light lacunae in planning our finances for a rainy day – be it having contingency funds to tide over pay cuts and job losses, ensuring adequate insurance cover, borrowing judiciously or investing so as to optimise returns, without taking on too much risk. A lot also happened in terms of EMI moratorium announcements, introduction of Covid-specific insurance covers, allowing withdrawals from EPF or in terms of the impact of various sops for industry, on listed stocks.

Issues such failure of private banks (YES Bank, Lakshmi Vilas Bank) and co-operative banks as also closing down of six debt schemes of Franklin Templeton Mutual Fund came as a shocker for investors.

At ‘Portfolio’, we ensured that we wrote on all these developments as they unfurled and continued to take twists and turns, striving to give readers a sense of direction at each blind spot.

Stocks and mutual funds

Stocks ideas have been the cornerstone of ‘Portfolio’ since the ‘Investment World’ days. Among our stock picks since July 2019, our buy calls in the defensive IT and pharma space, that investors flocked to, amid the uncertainty created by the pandemic have worked well. ‘Buy’ calls on Granules India (up 112 per cent), Dr Reddy’s Labs (up 82 per cent) , Alkem Labs up (65 per cent), Infosys (up 57 per cent) and HCL Technologies (up 67 per cent) are instances. The returns of these stocks have outperformed the Nifty 50 as well as Nifty 500 indices for the same time period since the ‘Buy’ call. Other market outperformers include Amber Enterprises (up 153 per cent) and India Energy Exchange (up 75 per cent).

IPO calls such as the one to invest in Route Mobile and CAMS or to avoid Spandhana Sphoorthy, CSB Bank and Chemcon Speciality Chemicals, have also worked well so far.

Where we could have done better is by probably sticking our neck out more (never easy!) in the early days of the market rally.

In hindsight, more calls on fundamentally sound stocks that had corrected sharply during the market fall in February – March 2020 might probably have helped identify some good bets. In future, we will also strive to give more ‘Sell’ or ‘Book Profit’ calls, wherever warranted. A call to sell Punjab National Bank in June 2020 has worked well, with the stock losing 15 per cent since.

In mutual funds, catering to the rising interest in international funds as well as passive investing, we covered these segments more discerningly in our fund calls section, in the ‘Your Money’ and ‘Big story’ pages as well as through the ‘Your Fund Portfolio’ (now ‘Fund Query’) column.

Given the many novel themes in NFOs this year, we also extensively gave our take on the strategies of new funds and suitability for investment.

Fixed income and gold

Our forecast for gold in the January 6, 2020, wherein we expected the yellow metal to touch ₹50,000 per 10 gm over the long-term, came true much earlier, thanks to gold’s safe haven status in the Covid-induced global slowdown. In 2020, we have actively covered gold, writing every week for traders in the derivatives segment, analysing sovereign gold bond issues in both the primary and secondary markets as well as recommending gold ETFs for investors. We wrote on digital gold and jewellers’ schemes too, presenting their pros and cons.

Even as interest rates were on a downward slope, we consciously identified investment ideas offering reasonably good fixed returns, for risk averse investors. We recommended investing in the RBI Floating rate savings bonds when it was launched in July this year. The product stands out even today in terms of offering attractive interest rates with maximum safety.

In March 2020, we urged readers to make haste and lock into higher rates offered by small post office savings schemes. As expected, rates were slashed in April. Our calls earlier this year to invest in the 1-2 year deposits of Sundaram Finance and Equitas Small Finance Bank, for instance, worked out well, with both entities slashing rates since our call. Their financials also remain relatively less impacted due to the pandemic, ensuring stability to investors.

New beginnings

This year, we furthered our multimedia presence by adding videos and podcasts to many of our stories. We also launched our exclusive ‘Portfolio Podcasts’ recently, wherein, as a first in the series, analysts in the Research Bureau busted tax jargons. Aired twice a week, 15 episodes of ‘Tax Jargon Busters’ over seven to eight weeks received an encouraging response.

On December 6, 2020, we relaunched ‘Portfolio’, overhauling the content, design and colour scheme. Most importantly, we shifted the edition to Sundays to give readers enough time to absorb the ideas and strategies laid out in our pages. Reader engagement through query corners on various aspects of finance, sections for first time investors, columns on ‘Do-it-yourself’ investing, a dedicated page on derivatives, and various useful market data tables are some of the key features of the relaunched edition.

Among the plans for the New Year is regular coverage of international markets/investing and wider offering in the ‘Fund Insight’ page to include NPS products. We also plan to take ‘Portfolio Podcasts’ ahead in 2021.

Keep reading and writing to us, on what you think of Portfolio and how we can help you manage your finances better. Happy New Year!

 

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