Auction of 8 State Development Loans on 23.10.2012

We wish to bring to your kind notice that Eight State Governments has announced the sale of their dated State Development Loans for an aggregate amount of Rs.5,385.000 crores.

Sr.           State of Auction       Notified Amount      Tenor of SDL         Type

No.           Detail                        (Rs.Crore)                (in years)

01            Andhra Pradesh       750.000                          10                    Yield Based

02            Gujarat *                    800.000                          10                    Yield Based

03            Haryana                     550.000                          10                    Yield Based

04            Jharkand                    500.000                          10                    Yield Based

05            Karnataka *              750.000                           04                    Yield Based

06            Kerala                      1000.000                          10                     Yield Based

07            Sikkum                        35.000                           10                     Yield Based 

08            Tamil Nadu *          1000.000                           10                    Yield Based

                                                  ----------

                            Total             5385.000

                                                ========

Religare Debt Fund Performance (21-Oct-12)

Religare Debt Fund Performance (21-Oct-12)

EPFO likely to pay 8.60% interest for F.Y. 2012-13

Over 50 million subscribers of theretirement fund body EPFO may get 8.6 per cent return on their investment during 2012-13, higher than 8.25 per cent provided in the last fiscal.

"The EPFO has worked out 8.6 per cent rate of return for the current fiscal. Payment of 8.6 per cent interest will not result in any deficit to the organisation," sources said.

The Employees Provident Fund Organisation (EPFO) had paid 9.5 per cent interest in 2010-11, before scaling it down to 8.25 per cent in 2011-12 fiscal.

The organisation, sources said, could even pay higher interest of about 9 per cent by appropriating returns on Rs 22,000 crore corpus lying in inoperative accounts.

Auction of 8 State Development Loans on 16-Oct-2012

With reference to the above subject we wish to bring to your kind notice that Eight State Governments has announced the sale of their dated State Development Loans for an aggregate amount of Rs.7,550.000 crores.

Sr.           State                                      Notified Amount                 Tenor of SDL         Type of Auction
No.         Detail                                      (Rs. Crore)                            (in years)

01           Arunachal Pradesh              50.000                                 10                           Yield Based
02           Gujarat *                                800.000                               10                           Yield Based
03           Karnataka                              1000.000                             Re-issue($)            Price Based
04           Maharashtra                         1000.000                             10                           Yield Based
05           Rajasthan                               500.000                               10                            Yield Based
06           Tamil Nadu *                          1200.000                             10                           Yield Based
07           Uttar Pradesh                        1000.000                              10                           Yield Based
08           West Bengal                           2000.000                              10                           Yield Based
                                                               ------------
                   Total                               7550.000
                                                           ========
* Governments of Gujarat and Tamil Nadu will also have an option to retain additional subscription up to a maximum of Rs.200 Crore (nominal) & Rs.300 Crore respectively over and above the notified amount.

 It may be noted that Government of Karnataka has offered to re-issue 8.67% Karnataka SD Loan 2017 by way of auction.  All State Development Loan auctions will be conducted under multiple price format.


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HUDCO Primary issue (16-Oct-12) : Term Sheet

Please Find below the Final term sheet of Housing & Urban Develpoment Corporation Ltd. (HUDCO) Primary issue:

Issue	HUDCO Series (A) Taxable Bonds
Issue Size	Rs.200 Crores with an option to retain green shoe option
Issue Price per bond	Rs. 10 Lakhs per Bond (Ten Lakhs)
Market Lot	1 Bond
Issue Price	At Par
Minimum Application	Application should be for minimum of ten (10 ) bonds and thereafter in multiples of one (1) bond
Application Money	100% of total value of Bondsapplied along with application form
Security	Unsecured, redeemable non convertible bonds
Rating	AA+ by CARE & FITCH
Maturity/Tenor	5 years with put/call option after 3 years from the date of allotment.
Coupon Rate	8.92% p.a.
Coupon Payment	Annual
Issue Opening Date	16/10/2012
Issue Closing Date	19/10/2012
Pay-in Dates	16/10/2012 to 19/10/2012
Date of Allotment	02/11/2012
Record Date	The record date for interest payment and for the redemption of the bonds will be a day immediately preceding book closure prior i.e., 15 days prior to the interest payment/redemption date.  Interest payment/repayment will be made to the bond holders as appearing in the beneficiary position on the record date.
Interest on application money	Interest shall be payable at the coupon rate from the date of realization of the cheque/draft till one day prior to the date of allotment.
Issue objects	To augment resource base of the corporation
Form of Issuance/Trading	In demat mode only
Listing	Proposed on the WDM segment of National Stock Exchange
Trustee	SBICAP Trustee Company Limited.

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HDFC Securities gets approval to distribute NPS

HDFC Securities granted permission to distribute National Pension System (NPS) products by sector regulator Pension Fund Regulatory Development Authority (PFRDA).

 

The brokerage firm, a subsidiary of the country's second largest private sector lender HDFC Bank, has been appointed as a point of purchase for the products, it said in a statement issued here.

 

PFRDA allowed citizens to participate in the NPS in 2009 to help individuals plan and prepare for post retirement life, which was restricted to central government employees since its inception. It is available to all Indian citizens between 18 to 55 years of age. Subscribers contribute money periodically while returns on it are market determined.

EPF Interest Rate May Rise This Year

The interest offered by the Employees’ Provident Fund Organisation (EPFO) is likely to rise this year, say sources in EPFO. Currently, the interest rate stands at 8.25 per cent.

Earlier, EPFO’s interest rate had seen a steep cut — from 9.5 per cent for 2010-11 to 8.25 per cent for 2011-12. The rate for the current financial year has not been announced yet.

EPFO officials say the entire amount for the year is credited only after April 1, after the deposits for March 31 are received, taking into account the new interest rate. Therefore, while the delay would not affect depositors, those who withdraw their funds early in the year would not benefit in case the interest is raised.

Consumers grapple with delay in PF settlement

The Employees’ Provident Fund Organisation (EPFO), India, claims it is one of the largest provident fund institutions in the world in terms of members and volume of financial transactions.

 

A recent news item revealed there were crores of unaccounted money lying with the EPFO. Various reasons could be attributed to this. Many keep changing jobs frequently and don’t claim the PF amount deducted from their salaries, as the sum would be less and thus, might not be worth the effort. At times, due to misunderstanding with the management, people quit jobs, and in such cases, even if they had worked for four or five years, it becomes difficult to get the PF money, as the management may refuse to sign or delay processing the application. Apart from this, there are instances of inordinate delay on the part of the PF office in dispensing the amount, be it settlement or dispersal of pension.

EPFO yet to decide rate of interest

With half the financial year over, the country’s largest retirement fund manager is yet to announce the interest rate on provident fund contributions by its five crore members for the year 2012-13.

The Employees’ Provident Fund Organisation, which manages a corpus of over Rs 3.5 lakh crore, has been hoping to give an interest of about 8.6 per cent on contributions during the fiscal year 2012-13.

However, the organisation is yet to even start calculations to zero in on the interest rate on the savings in the provident fund account.

“We are yet to start the exercise. It could take another month at least. The issue will be taken up in the next meeting of the Central Board of Trustees,” said an official.

REC Issue - Final Term sheet - 2 Years @ 8.84%

Final Term Sheet

Issuer	Rural Electrification Corporation (REC)
Issue Size	500 cr. with a green shoe option
Instrument	Unsecured Non Convertible Non Cumulative Redeemable Taxable Bond Series -
Issuance/ Trading	In Demat Mode
Credit Rating	‘AAA/Stable’ by CRISIL and ‘LAAA’ by ICRA
Face Value	10 lakh per Bond
Issue Price	At par (10 lakh per Bond)
Redemption Price	At par (10 lakh per Bond)
Tenor	2 Year
Coupon Rate	8.84%
Interest Payment	Annual
Put / Call Option	N.A.
Listing	Proposed on the Wholesale Debt Market (WDM) Segment of the National Stock Exchange of India Ltd. (NSE)
Interest on Application Money *	At the respective coupon rate from the date of credit in REC account  till the day prior to the Deemed Date of Allotment
Indicative Deemed Date of Allotment	15-Oct-12
Indicative issue Opens on	03-Oct-12
Indicative issue Closes on	05-Oct-12

This is an indicative offer and is subject to reconfirmation.