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CHAPTER 1
INTRODUCTION
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CHAPTER:-2
FEATURES OF BONDS
The most important features of a bond are:
Nominal, Principal or Face Amount the amount on which the issuer
pays interest, and which, most commonly, has to be repaid at the end of
the term. Some structured bonds can have a redemption amount which is
different from the face amount and can be linked to performance of
particular assets such as a stock or commodity index, foreign exchange
rate or a fund. This can result in an investor receiving less or more than
his original investment at maturity.
Issue Price the price at which investors buy the bonds when they are
first issued, which will typically be approximately equal to the nominal
amount. The net proceeds that the issuer receives are thus the issue price,
less issuance fees.
Maturity Date the date on which the issuer has to repay the nominal
amount. As long as all payments have been made, the issuer has no more
obligations to the bond holders after the maturity date. The length of time
until the maturity date is often referred to as the term or tenor or maturity
of a bond. The maturity can be any length of time, although debt
securities with a term of less than one year are generally designated
money market instruments rather than bonds. Most bonds have a term of
up to thirty years. Some bonds have been issued with maturities of up to
one hundred years, and some do not mature at all. In the market for U.S.
Treasury securities, there are three groups of bond maturities:
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CHAPTER:-3
TYPES OF BOND
Fixed rate bonds have a coupon that remains constant throughout the life of
the bond.
Inflation linked bonds, in which the principal amount and the interest
payments are indexed to inflation. The interest rate is normally lower than
for fixed rate bonds with a comparable maturity (this position briefly
reversed itself for short-term UK bonds in December 2008). However, as the
principal amount grows, the payments increase with inflation. The United
Kingdom was the first sovereign issuer to issue inflation linked Gilts in the
1980s. Treasury
Inflation-Protected
Securities (TIPS)
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Other indexed bonds, for example equity-linked notes and bonds indexed
on a business indicator (income, added value) or on a country's GDP.
Subordinated bonds are those that have a lower priority than other bonds of
the issuer in case of liquidation. In case of bankruptcy, there is a hierarchy of
creditors. First the liquidator is paid, then government taxes, etc. The first
bond holders in line to be paid are those holding what is called senior bonds.
After they have been paid, the subordinated bond holders are paid. As a
result, the risk is higher. Therefore, subordinated bonds usually have a lower
credit rating than senior bonds. The main examples of subordinated bonds
can be found in bonds issued by banks, and asset-backed securities. The
latter are often issued in tranches. The senior tranches get paid back first, the
subordinated tranches later.
Perpetual bonds are also often called perpetuities or 'Perps'. They have no
maturity date. The most famous of these are the UK Consoles, which are
also known as Treasury Annuities or Undated Treasuries. Some of these
were issued back in 1888 and still trade today, although the amounts are now
insignificant. Some ultra-long-term bonds (sometimes a bond can last
centuries: West Shore Railroad issued a bond which matures in 2361 (i.e.
24th century) are virtually perpetuities from a financial point of view, with
the current value of principal near zero.
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CHAPTER 4
INTERNATIONAL BOND
An international bond is a type of long-term debt security that is generally
issued to an investor in a country by a non-domestic entity. An international
bond essentially works like a loan, with the investor being the lender and the
issuing entity being the borrower. International bonds can provide bondholders
with the ability to earn fixed interest payments for a set period of time. Most
international bonds have a face value, interest rate, and maturity date. Entities
that issue these types of bonds often do so in order to help finance property and
equipment purchases or to help fund current operations.
In general, the process of purchasing an international bond works like a regular
bond purchase. Typically, an investor purchases the international bond from an
issuing company, bank, or government for a set face value. The investor then
earns interest payments at periodic intervals until the bond reaches its maturity
date. Once the bond matures, the initial principal is paid back to the investor in
full.
The international bond market includes global bonds, foreign bonds, Eurobonds,
and Brady bonds. Global bonds are offered in several countries simultaneously
and can be issued in the same currency as the country of issuance. Global bonds
are typically issued by international companies that possess high credit ratings.
Foreign bonds are issued by foreign entities and are denominated in the
currency of the domestic market. Examples of foreign bonds include Samurai
bonds in Japan, Yankee bonds in the United States, and Bulldog bonds in the
United Kingdom.
A Eurobond is a type of international bond that is issued using currency that
differs from the domestic market countrys currency. Eurobonds are named
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according to the currency in which they are denominated in. For example, a
Euro yen bond is denominated in Japanese yen.
Brady bonds are designed to help emerging market countries manage their
international debt. Brady bonds are issued by an emerging market country and
denominated in U.S. dollars. Brady bonds are generally backed by U.S.
Treasury zero-coupon bonds.
International bond funds can provide investors with a way to diversify their
investment portfolios. An international bond fund is a type of fund that invests a
percentage of its assets, often 40% or greater, in international bonds. These
funds generally hold investment-grade bonds from countries that are politically
stable and considered developed countries. Investors that choose to place their
money in an international fund can realize income from the bond interest as well
as from currency fluctuations.
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Domestic bonds. They are issued locally by a domestic borrower and are
usually denominated in the local currency.
II.
III.
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CHAPTER 5
PRIMARY DEALER
Primary dealer is a dealer in government debt with whom the Central
Bank transacts business. A primary dealer is a bank or securities broker-dealer
that may trade directly with the Central Bank. Such firms are required to make
bids or offers when the Central Bank conducts open market operations, provide
information to the Central Banks open market trading desk and to participate
actively in governments securities transactions. Primary dealer is a formal
designation of a firm as a market maker of government securities. Primary
Dealers can also be referred to as Merchant Bankers to Government of India as
only they are allowed to underwrite
Primary issues of government securities other than RBI who have since
shed this role. Primary dealer systems are present in many countries including
Canada, France, Italy, Spain, United Kingdom, United States and India. The
system of Primary Dealers (PDs) in the Indian Government Securities Market
was introduced by Reserve Bank of India in 1995 to put in place an improved,
efficient secondary market trading system. This was to encourage holding of
Government Securities on large scale and make the market more vibrant and
liquid. In 2006-07, RBI gave Banks the option to undertake Primary Dealership
business departmentally. The primary dealers have been playing a very
significant role in strengthening the market infrastructure of Government
Securities and helping the RBI in its monetary policy decisions.
Primary dealer is a firm that buys government securities directly from a
government, with the intention of reselling them to others, thus acting as
a market maker of government securities. The government may regulate the
behavior and numbers of its primary dealers and impose conditions of entry.
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Some governments sell their securities only to primary dealers; some sell them
to others as well. Governments that use primary dealers include Belgium,
Canada, China, France, Hong Kong, Italy, Japan, Singapore, Spain, the United
Kingdom, and the United States.
Primary dealer system can make substantial contributions to the development of
the market when its establishment is appropriate for prevailing market
conditions. While by no means a precondition for a well functioning
government securities market, primary dealers know the market best and are the
counterpart of the investors who are the debt management offices ultimate
target. The purpose of this background note is to provide some guidance on how
to design a primary dealer system so as to best meet the development needs of
the market as well as the legitimate expectations of the parties involved.
It is hard to over-estimate the importance of PDs contribution when the
appointment of PDs is appropriate for the conditions of the market. PD systems
are by no means a precondition for a well functioning government securities
market. Generally, however, PDs know the market best. They are the
counterpart of the investors who are the debt management offices (DMOs)
ultimate target.
Yet, PD systems can be a recurrent source of frustrations and complaints. These
affect both the DMO and the PDs themselves. The former say: PDs are not
committed. The latter respond: DMOs are too demanding. As an illustration,
some DMOs legitimately complain that their PDs cannot be depended upon to
be consistent and/or fair bidders at auctions of government securities and/or that
PDs do not live up to their commitment to enhance the liquidity of the
secondary market by continuously quoting firm bid and offer prices. PDs
respond that bidding at auctions and quoting firm prices on the secondary
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market are an expensive and risky business for which they are not adequately
compensated. It can happen that both parties are making a legitimate point.
Some issues encountered by DMOs in the implementation of a PD system can
be resolved by taking relatively straightforward steps. For example, in the
aforementioned cases, PDs can be motivated to submit successful bids at
auctions by offering them a more generous allocation of non- competitive
subscriptions (NCS) after the auction. This can technically be done in a manner
that is costless to the DMO. Likewise, DMOs can support the market-making
activity of their PDs by putting in place a securities lending facility that will
help them cover the short positions they have incurred in the process. The
extension of such a facility can actually be beneficial to both parties. A number
of similar steps and/or provisions are mentioned in the Handbook.
Designing a well-performing PD system remains nonetheless a complex
process. It raises a large number of issues of various kinds, firstly, are PDs
necessary? By whom should they be appointed? What should their duties and
privileges be? How should their performance be appraised? And so on. PD
systems that are not efficiently designed are often a big opportunity loss.
The Handbook builds largely on the practical experience gained from the Gem
loc Peer Group Dialogue Forum 3 in addressing the aforementioned challenges.
The plan is to keep this Handbook updated as new designs evolve and
additional experience is gathered. Some trends and new issues are already being
perceived. Currently, this refers particularly to the shifting emphasis on some
PDs incentives and obligations, and to the changing role of PDs on electronic
trading platforms.
The country illustrations mentioned in the footnotes of the Handbook are
examples only. They are by no means meant to be an exhaustive list. Markets
also change fast. As a result, some footnotes may not be up to date any longer
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DMOs expect a many different contributions from their PDs. DMOs depend on
their PDs (i) to build a stable and dependable demand for government securities
by submitting bids at the auctions and by broadening the DMOs customer base,
thereby decreasing market and refinancing risks; (ii) to lower the DMOs cost of
funding by enhancing price discovery, thereby contributing to the liquidity of
the secondary market, and (iii) to help in establishing the debt management
strategy and to facilitate the development of the market by providing advisory
support to the DMO. In practice, PDs also improve the DMOs knowledge of
the market, strengthen product innovation, facilitate access to end investors and
limit the number of counterparts that the DMO deals with.
It is hard to over-estimate the importance of the contribution that PDs can
deliver when the appointment of PDs is appropriate for the conditions present in
the market. PDs know the marketRisks Created by a PD System The principal
risks are the limitations to competition and the corresponding potential incentive
to collusive behavior. These risks can be addressed in two complementary
ways. First, a group of PDs sufficiently large to ensure competition must be
appointed. Second, an incentive system to reward good performance must be
devised that makes it more profitable for PDs to compete than to collude.
Moral hazard is another risk. PDs have been selected and appointed by the
government. Therefore, some market participantsPDs as well as investors
might believe that the government will not let a PD go under. As a result, some
PDs might be inclined to take on more risks than they should. This is an issue to
be addressed by the authorities in charge of the supervision of financial
intermediaries.
2.5. Prerequisites for a PD System
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CHAPTER 6
APPOINTMENT OF PRIMARY DEALER
Appointing Authority PDs can be appointed by different authorities: the DMO
or the MoF, the CB, or the MoF and the CB jointly. When PDs are appointed by
the MoF and CB jointly, 8 the application must be approved by both
institutions.In practice, the most frequently implemented procedure is to have
PDs appointed by the DMO9 or by the MoF.10 In effect, this is essentially the
same thing since the management of public debt is the political responsibility of
the Minister of Finance in any case.
Appointment by the MoF is advantageous in that it creates opportunities for
synergy with other branches of the government to motivate PDs to perform.
The appointment of PDs by the CB11 has the advantage of providing a link to
open market operations. It may also facilitate the granting of some privileges to
PDs.
It is possible for a PD system to be designed to meet the needs of both the MoF
and the CB. Both authorities should then be involved in the appointment.
However, in many cases, the MoF seems best placed, both to appoint PDs and
to manage the relationship. A DMO can best motivate PDs to perform. It is also
best placed to support market-making activity by adapting its issuance policy to
create liquid markets and by offering PDs a securities lending facility that they
can use to cover their short positions12.
Selection Criteria Applying for the status of PD can be subject to a number of
eligibility conditions. Some strategic issues are raised in the process.
Main Eligibility Conditions (i) Financial strength:
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A large number of DMOs are thus differentiating between their PDs, either for a
specific instrument (single market PDs) or for a specific activity (market
specialists). Some DMOs also have repo and or retail specialists. PDs are
generally allowed to overlap different market segments, with some exceptions.
4.2. Inventory of Duties Most PD obligations are relatively standard. PDs are
generally assigned six duties: (i) to bid on the primary market, (ii) to place
government securities with final investors, (iii) to enhance the liquidity of the
secondary market, (iv) to be the counterpart of the DMO for certain debt
management operations, (v) to advise the DMO on its debt management
strategy, and (vi) to report on their activity in the secondary market.
The common feature of these six duties is that they are all related to the funding
of the government. They are connected to its amount, its stability, its cost and
its management.
The obligations of PDs tend to be materialized in a similar manner by most
DMOs. However, two duties in particular tend to have some country specific
features: the obligation to bid at auctions and the commitment to quote prices on
the secondary market. To Bid at Auctions By bidding at the auctions, PDs
function as a channel between the DMO and final investors. They build a
portfolio of securities that they will sell in the secondary market. The obligation
of PDs to participate in auctions decreases the execution risk of the issuer.41 the
introduction of fixed auction calendars has further increased the usefulness of
PDs. The issuer is in the market less often and for larger amounts.
The obligation to bid at auctions generally includes the obligation for PDs to
submit a certain minimum amount of bids and/or successful bids. In both cases,
the minimum amount is generally expressed as a certain percentage of the total
amount auctioned.
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The PDs obligation to bid at the auctions can be structured in different ways,
with respect to both the submission of bids and the submission of successful
bids.
As regards the submission of bids, PDs may be obliged either to participate
regularly at auctions or to submit bids at every auction for a certain minimum
amount or threshold.
The two ways of articulating the PDs obligation pursue the same objective. In
both cases, a PD is actually expected to participate in every auction. In the first
wording, however, a PD is not formally breaking a commitment if it has
exceptionally missed participating in an auction.
The minimum threshold level, if any, should be set with care. A threshold too
low entails the risk of a shortfall in underwriting. A threshold too high might
strain the PDs financial capacity.
As regards the submission of successful bids, the minimum amount to be
accepted is always expressed as a certain percentage of the total amount issued
on a competitive basis. However, it can either be a minimum amount at every
auction or a minimum amount over a certain period, usually one calendar year
or the length of the appointment period.
In both cases, the minimum bidding commitment can be quantified, either as a
percentage discretionarily set by the relevant DMO or as a function of a certain
reference, such as the number of appointed PDs, the relative size of the PDs
balance sheet, or the amount of the PDs trading activity in the secondary
market. To Place Securities with Final Investors PDs can be an efficient
securities distribution mechanism to their customer base. In the process of
carrying out this duty, PDs effectively act as a government securities subdepositary. The duty of placing securities with final customers includes doing
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(iv) To change the reference for assessing the quality of a PDs price quoting
performance: Initially, the reference most often used by DMOs was the amount
traded by the relevant PD on the secondary market. The amount traded was
considered to be both the easiest and the best index of the quality and of the
timing of the quoted prices. Since the beginning of 2007, however, the
prevailing view amongst DMOs in the EU is that the most important
contribution of their PDs in unsettled markets is to enhance price transparency
(i.e., the permanent availability of firm prices being displayed on screens),
irrespective of the amount actually traded. The assessment by DMOs of the
quality of the performance of their PDs has therefore shifted from volume to
pricing.
(v) To increase the rewards offered to PDs: This has most often taken the form
of more generous post-auction non-competitive subscriptions, either by
increasing the maximum amount of the authorized allocation or by lengthening
the period during which non-competitive subscriptions can be submitted.
To Advise the DMO DMOs expect PDs to advise them on their debt
management strategy and on the organization of the market. This duty includes
keeping the DMO informed of market developments.
To be the DMOs Counterpart in Debt Management Operations Being the
DMOs counterpart in its debt management operations is both a duty and a
privilege. It is a duty in the case of operations that offer PDs no profit
opportunity, such as being counterpart in the trades done by a DMO in the
money market to manage its daily liquidity position. It is a privilege in the case
of profitable debt management operations that are sought after by PDs . To
Report on their Activity Reporting to the DMO on its activity in the secondary
market is typically part of a PDs agreement. These reports help DMOs in
evaluating developments in the market and in individual institutions
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A DMO also needs to receive qualitative reports from its PDs in order to be
informed of their business strategy and implementation, and about the research
and marketing efforts they have made to that effect.
Other Obligations PDs can assume a number of other commitments in addition
to the above mentioned main duties. As an example, PDs can be required (i) to
contribute to an automatic securities lending facility in the clearing house by
allowing the clearing house to lend on their behalf some of their securities held
in inventory, (ii) to quote prices for government securities at the closing of the
market for publication purposes, and (iii) to facilitate an effective retail
distribution. The latter commitment applies when authorities perceive that there
could be significant demand for government securities from individuals.
The direct sale of government securities in the retail market is a complex issue,
particularly when PDs are involved. Operating in the retail market significantly
increases costs for PDs. It also creates competition between the banks products
and government instruments within the sales network of the banks.
In any case, PDs commit to conduct their business in a correct and ethical
manner. This includes avoiding disrupting their auction participation by bidding
too aggressively.
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CHAPTER 7
COMPANIES WORKING AS A PRIMARY DEALER IN INDIA
TYPES OF PRIMARY DEALERS
Primary dealers can be classified as:
i) Bank Primary Dealers and
ii) Stand Alone Primary Dealers
Bank PDs are those which take up primary dealer business departmentally as
part of the bank itself. On the other hand, Stand Alone Primary Dealers are
NBFCs that exclusively take up primary dealer business At present there are 20
primary dealers doing business of primary dealership as listed below:
Stand Alone Primary Dealers Bank Primary Dealers
1. ICICI Securities Primary Dealership
Limited
2. Morgan Stanley India Primary Dealer
Pvt. Ltd.
3. Nomura Fixed Income Securities Pvt.
4. PNB Gilts Ltd.
5. SBI DFHI Ltd
6. STCI Primary Dealer Limited
7. Goldman Sachs (India) Capital Markets
Pvt. Ltd.
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1. Bank of Baroda
2. Canara Bank
3. Citibank N.A
4. Corporation Bank
5. HDFC Bank Ltd
6. Hongkong and Shanghai Banking
Corporation Ltd.(HSBC)
7. J P Morgan Chase Bank N.A, Mumbai
Branch
8. Kodak Mahindra Bank Ltd.
9. Standard Chartered Bank
10. Axis Bank Ltd.
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CHAPTER 8
OBJECTIVES OF PRIMARY DEALERS
Primary dealers are expected to play an active role in the government securities
market, both in its primary and secondary market segments. The system of
Primary Dealers in government securities market was introduced with the
objectives to:
I. strengthen the infrastructure in the government securities market in order to
make it
ii. Vibrant, liquid and broad based
iii. Commit participation as Principals in Government of India issues through
bidding in auctions.
iv. Provide underwriting services
v. offer firm buy - sell / bid ask quotes for T-Bills & dated securities
vi. Improve Secondary Market trading system
vii. Make PDs an effective conduit for conducting open market operations.
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CHAPTER 9
SEBI GUIDELINE
SEBI said the debt segment would provide separate trading, reporting,
membership,
clearing
and
settlement
rules
Mumbai: Continuing with its efforts to develop the country's corporate debt
market, Securities and Exchange Board of India (SEBI) issued elaborate
guidelines for setting up a separate debt segment on stock exchanges where
entities like banks and pension funds can execute trades, reports PTI.
The decision to have separate debt segment on the bourses was taken at market
regulator SEBI's board meeting last week.
SEBI said the debt segment would provide separate trading, reporting,
membership, clearing and settlement rules.
In the proposed debt segment, trading would be from 0900 hours to 1700 hours.
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According to the regulator, the market for debt securities differs from equity
markets in several ways such as risk, returns, liquidity, and type of participants
and method of trading.
"While publicly issued debt securities are listed, traded and settled in a manner
similar to equity, privately placed debt is usually traded between institutional
investors on 'over the counter' (OTC) basis. Such OTC transactions are
mandatorily reported on reporting platforms at FIMMDA, BSE and NSE," SEBI
said.
The regulator said an existing stock exchange or new bourse willing to set up
debt segment is required to make an application with SEBI providing
operational, regulatory and any other necessary details.
"With the view to infuse liquidity in the market, market makers shall be
permitted in the debt segment. Market making may be provided by merchant
bankers, issuers through brokers or any other entity as may be specified," it said.
The debt segment has to list all the securities and debt instruments and has
offer electronic, screen-based trading system.
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As per SEBI, the trading facility for the bond market can make use of access
methods such as internet and mobile trading. Further, the segment should have
separate trading platforms for retail as well as institutional players.
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CHAPTER:-10
.ROLE OF PRIMARY DEALER
PDs are expected to play an active role in primary the government securities
market, both in its primary and secondary segments. A Primary Dealer will be
required to have a standing arrangement with RBI based on the execution of an
undertaking and the authorization letter issued by RBI covering inter-alia the
following aspects:
(i) A Primary Dealer will have to commit to aggregative bid for Government of
India dated securities on an annual basis of not less than a specified amount and
auction Treasury Bills for specified percentage for each auction. The agreed
minimum amount/ percentage of bids would be separately indicated for dated
securities and Treasury Bills.
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recognized Stock Exchange of India and deal in the secondary market for
Government securities and take principal positions.
(vi) A Primary Dealer shall maintain the minimum capital standards at all
points of time.
(vii) A Primary Dealer shall achieve a sizeable portfolio in government
securities before the end of the first year of operations after authorization.
(viii) The annual turnover of a Primary Dealer in a financial year shall not be
less than 5 times of average month end stocks in government dated securities
and 10 times of average month end stocks in Treasury Bills.
Of the total, turnover in respect of outright transactions shall not be less than 3
times in respect of government dated securities and 6 times in respect of
Treasury Bills. The target should be achieved by the end of the first year of
operations after authorization by RBI.
(ix) A Primary Dealer shall maintain physical infrastructure in terms of office,
computing equipment, communication facilities like Telex/Fax, Telephone, etc.
and skilled manpower for efficient participation in primary issues, trading in the
secondary market, and to advise and educate the investors.
(x) A Primary Dealer shall have an efficient internal control system for fair
conduct of business and settlement of trades and maintenance of accounts.
(xi) A Primary Dealer will provide access to RBI to all records, books,
information and documents as may be required,
(xii) A Primary Dealer shall subject itself to all prudential and regulatory
guidelines issued by RBI.
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CHAPTER: - 11
RECOMMANDATION
I have highlighted the criticality of corporate bond market in the economy as it
allocates resources efficiently and enables long-term resource raising to sectors,
such as, infrastructure. A vibrant corporate bond market provides an alternative
to conventional bank finances and also mitigates the vulnerability of foreign
currency sources of funds. From the perspective of financial stability, there is a
need to strengthen the corporate bond market. Limited investor base, limited
number of issuers and preference for bank finance over bond finance are some
of the other obstacles faced in development of a deep and liquid corporate bond
market. I have also briefly discussed the growth and structure of Indian
corporate bond market and outlined measures taken by the regulators, in
particular the Reserve Bank of India to develop the market. I have flagged some
of the issues and challenges faced by this market and the approach to be adopted
to address them in order to enable the market to reach its potential.
The task before us is to improve liquidity, enhance transparency, provide safe
and sound market infrastructure, enable appropriate institutional structure, such
as, robust bankruptcy framework, etc. The regulators have taken proactive steps
and provided the market with tools of risk management. Efforts are on to enable
wider participation the market and create scope for market making. The
regulators, like Reserve Bank, have always followed a consultative approach
and welcomed suggestions from the stakeholders. It is also expected that the
market participants need to be more active and participate in corporate bond
market and make use of risk management tools/financial products. This would
enable growth of the corporate bond market and cater to the needs of the real
economy and the financial sector. I am sure that the panellists of the next
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session would deliberate on some of the issues raised above and other related
issues and provide useful and implementable suggestions to meet the challenges
of developing a more vibrant corporate bond market in India
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CHAPTER:-12
CONCLUSION
The Federal Reserve introduced the primary dealer credit facility in March 2008
to protect the repo market and other u.s.funding markets from disruption
following the near-bankruptcy of bear Stearns. Six months later, in the wake of
new strains in the repo market, the fed enhanced the facility by broadening the
types of collateral acceptable for pdcf loans. The facility provedto be a critical
recourse for primary dealers at the time of thelehman brothers bankruptcy. As a
source of emergency credit, the pdcf is parallel to the Federal Reserves
discount window for banks, but it specifically addresses the needs of the
institutions most at risk in modern financial crises. The Federal Reserve
introduced the primary dealer credit facility in March 2008 to protect the repo
market and other us. Funding markets from disruption following the nearbankruptcy of bear Stearns. Six months later, in the wake of new strains in the
repo market, the fed enhanced the facility by broadening the types of collateral
acceptable for pdcf loans. The facility provedto be a critical recourse for
primary dealers at the time of the Lehman brothers bankruptcy. As a source of
emergency credit, the pdcf is parallel to the Federal Reserves discount window
for banks, but it specifically addresses the needs of the institutions most at risk
in modern financial crises.
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CHAPTER:-13
WEBLOGRAPHY
WWW.RBI.ORG.IN
WWW.MONEYCONTROL.COM
WWW.WIKIPEDIA.ORG.IN
WWW.SEBI.GOV.IN
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