Finance
Aditya Birla And Bajaj Finance Set For Major Bond Issuance
What’s going on here?
Aditya Birla and Bajaj Finance are gearing up to raise substantial funds through the issuance of AAA-rated bonds, tapping into investor interest with high coupon rates.
What does this mean?
Aditya Birla Housing Finance plans to raise 9.50 billion rupees (around $113.8 million) through multiple bond issues. These include a 5 billion rupee bond with a tenor of three years and one month at a coupon rate of 8.1701%, and a 4.50 billion rupee bond with a longer tenor of four years and ten months at a rate of 8.1168%. Bajaj Finance is also in the game, with three separate bond issues. They’re offering 5 billion rupees with a two-year tenor at 8.10%, 11.40 billion rupees for three years and one month at 8.12%, and a significant 17.80 billion rupees with a tenor of four years and ten months at 8.04%. Both sets of bonds are attracting attention ahead of their respective bidding dates in early July 2024, thanks to their solid AAA ratings by Icra, India Ratings, and Crisil.
Why should I care?
For markets: Seeking stable returns.
High-rated bonds like those from Aditya Birla and Bajaj Finance are appealing to risk-averse investors, offering stable returns amidst uncertain market conditions. With coupon rates hovering around 8.10% to 8.17%, these bonds present an attractive yield, especially given their AAA ratings, which indicate top-notch creditworthiness.
The bigger picture: Strengthening financial stability.
The issuance of these bonds is more than just a fundraising activity. It reflects the strength and stability of India’s financial sector. With global investors watching closely, such high-profile issuances could bolster confidence in India’s economic landscape, further attracting foreign capital and highlighting the robust regulatory framework governing Indian bonds.
MEDINA, Ohio — In an effort to ensure the city has funds available for capital improvements, the city’s finance committee has agreed to amend the allocation of income tax dollars.
“After spending time talking about sidewalk improvements, I think it makes sense that we need to have money in our account for capital improvements,” Council President John Coyne said.
Coyne said that the city’s current income tax collection is around $21 million and 40 percent of that collection, or roughly $8.4 million goes to the police department. Coyne recommended changing the allocation to the police department to 38 percent and reallocating an additional 1 percent to the general fund and the other 1 percent to general purpose capital expenses.
“The police department would still get an ample amount for their budget, and they do have ample saved up in carry forward funds,” he said.
Coyne said he wants to make sure all departments are properly funded but added that with income tax revenue increasing over the years, he thinks it makes sense to put some money aside for capital improvement projects.
“We need to take a look at this every year and make sure we plan correctly going forward so we don’t reach financial issues in the future,” he said.
Mayor Jim Shields said he has talked to Police Chief Ed Kinney, and he said they understand the reasoning behind the reallocation.
“We used to have a list of all the capital improvement projects we wanted to focus on and there are other things in the city I want to start getting in front of you,” Shields told council.
Coyne said he thought it makes sense to spend the next couple of months to schedule committee of the whole meetings so council can discuss potential capital improvement projects that are needed in the city.
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