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Tag:   Debt Funds

7 Top Financial Mistakes That People in Their 20s Make

Here is some financial advice for 20-year-olds.

Being a 20-something feels great. You might think that the world is in your hands and you can do anything. You have finally tasted the power of money after studying and preparing for jobs.

While it is essential to enjoy your newfound independence, it is seen that people make a lot of money blunders in their 20s as they are inexperienced. It is essential to know how to manage money in your 20s. 

Let’s look how to manage money in your 20s

Spending more than you earn:

Generally, people earn less money when they are starting their careers. However, you may be tempted to spend money on luxuries such as fancy gadgets and clothes. While there is no problem with daydreaming, it becomes an issue when money moves away from your bank account.

Today, it is effortless to get a credit card and buy things on credit. Financial institutions charge high interest on the pending amount if you don’t pay the total amount within the last date. This is how most people fall into the debt trap.

So, it is important to live within your means instead of taking credit and living outside your means.

Not making a budget:

Your first job will most likely be in your twenties. We often forget to budget with a new life and, occasionally, a new city. However, a budget is a must when it comes to financial planning, and failing to keep track of expenses can lead to confusion. There are several budgeting apps that can help you to track your expenses. It will help you detect unnecessary expenses so that you can optimise your spending.

Keeping a budget is as easy as keeping track of your income, expenses, setting goals, and modifying your financial activity accordingly.

Relying on parents for money: 

Indian parents are generous with their children. Most parents won’t mind chipping in and paying for rent and other necessary items, especially if the children are working in an expensive city. But is that a good thing? We don’t think so. While there might be exceptions, it is crucial not to rely on parents for money and make adjustments so that it fits your current income.

Make your meals, take public transportation, or spend less money on luxuries if that is what you need to do. It will be a great learning experience as well.

Not having an emergency fund:

Emergencies don’t come knocking, and you can’t prepare for them. We can prepare ourselves for any emergency if we don’t have control over many things in life. An emergency fund might help you get through the tough times till you get back on your feet if your income is abruptly cut off. An emergency fund can be useful in job loss or a medical emergency.

Not saving money

While we understand that you will be tempted to spend your entire salary and not save a single penny as you have the whole life to save money and only a few days to enjoy, isn’t it?

Early planning is crucial. Many young people find it difficult to begin saving since the future appears so far away.

how to manage money in your 20s

However, it is important to save as early as possible as it is the only way to ensure a stable financial future. The benefits of compound interest are the main reason for this. Interest earned on interest is known as compound interest. It aids in the growth of money, but only if the money is kept invested at regular intervals and kept untouched for several years.

Investing money in assets that you don’t understand

One of the most obvious mistakes people in their 20s make is investing in assets they don’t understand. Moreover, we have seen individuals taking loans from their family members to trade in equities and cryptocurrencies. It is a risky affair.

It is imperative to do extensive research and study that asset class before investing in any asset class.

The best way to manage money and let it grow over time is to invest in simple investment options that suit your risk profile and investment time horizon.  

Many young people take on risky endevaours because they are unsure about their financial goals. This brings us to the last financial mistake.

 Not having financial goals

Financial goals are important, just like your career goals. It enables you to create and prioritise objectives that will influence our short- and long-term financial performance.

Short-term financial objectives, such as saving for an emergency fund or a laptop, are different from long-term financial goals, such as saving for a down payment or a retirement fund.

Choose whatever financial goal you want. The essential thing is to get started on making your goals a reality.

To set financial goals, make a plan to identify and attain financial objectives. Conclusion: In this article, we have seen some of the top financial mistakes that people in their 20s make and have also shown you how to manage money in your 20s.

How does the interest rate hike affect your personal finance?

In addition to the equity and debt market, the rate hike will impact loans and fixed deposits. 

In an emergency press briefing on May 04, 2022, the Reserve Bank of India announced a 40 bps hike in the repo rate. Much to investors’ surprise, the central bank increased the rates for the first time in two years to control inflation. Although the move is likely to rein the rising prices of oil and food in the backdrop of a shortage of supplies due to conflict in Europe, it can significantly impact your credit (loans) and investments in fixed deposits and mutual funds. 

Let us see the impact of the rate hike on your day-to-day finances: 

Impact on fixed deposits

If this is the beginning of the interest rate hike cycle, more rate hikes might be coming up. Consequently, this could increase the interest rates of short term fixed deposits. The rates of long-term deposits might also increase gradually. Although the interest rate on FDs might increase, FDs are not tax efficient as the gains from FDs are taxed as per the income slab of the depositor. 

Impact on loans

Lenders (banks and financial institutions) will quickly pass on the hike to borrowers, resulting in a rise in EMI amount or loan tenure extension. Many banks have already started to increase the interest rate on loans. But this applies to those having floating-rate housing loans. The impact will be severe for individuals intending to make fixed-rate loans like car loans or personal loans. 

As the lenders will pass on the interest rate hike to borrowers, the demand for a home loan is likely to slow down, which could further dampen the real estate market.

interest rate hike

Impact on equity 

A hike in interest rate directly affects investor sentiments. For instance, the recent unexpected announcement of the central bank’s rate hike resulted in mayhem in the Indian stock market within an hour. Consequently, Sensex closed with losses on the day of RBI’s announcement. Although instant reaction and panic selling might affect the short-term returns in the equity market, staying invested through this rough patch and keeping an eye on the long-term goal will pay off investors. 

Investing in equity-oriented mutual funds through systematic investment plan (SIP) for a longer duration can average out interest rate risk and generate steady returns over period. As historical data shows, equity has outperformed during times of high inflation in 2014 and 2016. Also, since equity is ideally a suitable asset class for a longer investment horizon, the negative impact of an interest rate hike will be averaged out if stayed invested systematically in this asset class. 

Impact on debt 

Interest rates and debt (fixed income) securities such as corporate and Government bonds have an inverse relationship. When the interest rates rise, bond prices fall and vice versa; thus directly affecting the performance of debt funds. But before we understand the impact of the interest rate hike on debt mutual funds, it is essential to know how debt funds work. 

When the Government or a corporate entity wants to raise funds, they borrow money from investors and agree to repay the borrowed sum along with interest on a timely basis. This loan agreement between the issuer (borrower) and investor (lender) is called debt securities. Since the issuer pre-decides the interest rate and period at the end of which instrument can be redeemed, these are known as ‘fixed-income’ securities. This interest rate is what we call coupon rate, and the pre-defined time is known as maturity. 

However, these debt securities are prone to interest rate risk in the economy and get adversely affected by movement of interest rates. For example, let’s suppose bond A is issued at coupon rate of 6% and prevailing interest rate in the economy is also 6%. But if the interest rate rises to 7%, previously issued bond A will not be worth its face value as it continues to pay 6% only. 

In other words, since the bond’s coupon rate is pre-decided at the time of its issuance, the rise in interest rate above the coupon rate makes the existing bonds look unattractive, which dampens the demand for these bonds. As a result of lower demand, the NAV of debt funds holding these securities/bonds also decline. Therefore, a rise in the interest rate can impact debt funds negatively. 

All in all, an interest rate hike has a different impact on various assets and financial instruments. Thus, it is prudent to diversify your investment portfolio across multiple avenues and seek professional help before making any significant financial decision.

Axis Floater Fund NFO: Dealing with higher interest rate environment

Axis Mutual Fund has announced the launch of their new fund offer – ‘Axis Floater Fund’. The fund offers efficient solutions for short term investors looking to navigate a possible rising interest rate environment and also an ideal parking solution for their investment. The fund will be actively managed by Aditya Pagaria, Fund Manager – Fixed Income. Read on to know more details of the NFO that will open on July 12.

Fund concept

Axis Floater Fund aims to be a well-crafted portfolio with an efficient way to park money. The new fund offer will have a dynamic mix of high-quality instruments & AA issuers. It targets a portfolio average maturity of 6-18 months. This makes it suitable for investors looking to park short-term surplus funds or for those looking to limit the interest rate risks in their debt portfolio.

The fund will attempt to offer better risk reward opportunities over other traditional alternatives in the short term space.

Axis Floater Fund is an actively managed portfolio of floating rate instruments and fixed rate bonds that are swapped for floating rate characteristics through swaps. The floating rate strategies aim to manage interest rate risks by investing in bonds where the coupon is linked to market movements.

The scheme will target 80% AAA/A1 + along with 20% allocation to AA issuers to capture opportunities across the debt market.

Why now

Interest rates are at pivotal junction. With improving macro-economic fundamentals and a strong global economic sentiment, India is poised to gradual get back to becoming one of the fastest growing large economies of the world. As inflation edges higher, we believe that we are at the bottom of the interest rate cycle. As the RBI looks to roll back accommodative momentary policy markets have prompted RBI actions and priced yield curves higher. Historically, such events, have led to a sharp and swift rise in short term rates as seen in the 2008-2011 and 2012-14 interest rate reversals, sys Axis MF.

For investors looking at short to medium term debt investment solutions, floating rate strategies make for an ideal solution to earn market linked inflation beating returns as well as to navigate a rising interest rate scenario. Hence, Axis Floater Fund could be a compelling choice.

Fund-house speak

Announcing the launch of the NFO, Chandresh Nigam, MD & CEO, Axis AMC, said “At Axis AMC, we have always believed in being ahead of time and introducing a product bouquet which gives our investors promising avenues for wealth creation. Every investor holds different goals, risk appetite and a different time horizon to achieve the set goals. Therefore, we aim at personalising and intelligently crafting multiple investment options to fulfil the needs of our investors.”

“The economic fundamentals are improving gradually and returning to normalcy. These are early signs of a pickup in demand and we believe we are the cusp of a new growth cycle. The country is also likely at the bottom of the interest rate cycle and we expect rates to see a gradual rate hike cycle in the medium term. With the launch of this fund, we believe that we will provide an efficient solution for short-term investors looking to navigate a possible rising rate environment.”

Summary

Axis MF believes we are at the cusp of a new growth cycle as well as at the bottom of the interest rate cycle.

Markets tend to price changing economic conditions and policy actions swiftly.

Floating rate strategies aim to manage interest rate risks by investing in bonds where the coupon is linked to market movements.

If you feel uncomfortable about investing in Axis Floater Fund due to it being a new fund, you can look at existing funds such as HDFC Floating Rate Debt, ABSL Floating Rate, Nippon India Floating Rate, ICICI Pru Floating Interest and Kotak Floating Rate.

ITI Ultra Short Duration NFO: To focus on high accrual income

ITI Mutual Fund has launched its fourth debt fund offering titled ITI Ultra Short Duration Fund. This is an open-ended ultra-short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3 months to 6 months.

The investment aim of the scheme is to generate regular income and capital appreciation through investment in a portfolio of short-term debt & money market instruments. To know more, read on.

NFO period

April 19 to May 3

Fund type

Like any other ultra short duration fund, the new product is expected to offer relatively lower volatility compared to schemes having longer maturity.

In the debt risk matrix, ultra short duration funds are positioned between liquid funds and low duration funds.

Though investors target these funds for short-term parking of funds, investing for a holding period of over 3 years, gives an edge over conventional fixed income products due to the benefit of indexation with relatively low credit risk.

Do note that this category’s superior performance in the last one year also came on the back of low volatility and higher risk-adjusted returns.

Why invest now

First, high surplus liquidity is likely to remain because of accommodative stance by RBI, rising FPI flows and low credit-offtake keeping short-term rates benign.

Next, yields are relatively higher compared to traditional savings products.

Currently, high credit quality papers are having decent accruals with lower interest rate risk. Upward sloping yield curve will have faster roll-down benefits.

Fund key features

Liquidity – Majority of the ITI Ultra Short Duration portfolio comprises Certificate of Deposits, Commercial papers, T-Bills and Corporate Bonds which are highly liquid.

Stability – ITI Ultra Short Duration will focus on high accrual income by implementing a Buy and Hold Strategy

Credit quality – ITI Ultra Short Duration’s majority investment will be in AAA/ A1+ or equivalent rated securities; prefer good credit quality papers based on quantitative and qualitative filters

Style – The fund will have an active management style based on credit spread and interest rate outlook

Short term parking of funds – ITI Ultra Short Duration is ideal for investors looking to park their money for a shorter duration. No lock-in and no entry/exit load.

Investment framework

The fund’s investment team follows a process to spot mis-priced credit opportunities and enhance yield with controlled risks. The fund looks to invest in a portfolio mix of issuers with a minimum short-term credit rating of ‘A1+’ and long-term rating of ‘AAA’ to ‘AA.

ITI Ultra Short Duration may take tactical exposure to G-Secs/T-Bills. But note that the fund will maintain a minimum 10% in cash/ sovereign papers.

At present, the fund is targetting average maturity between 0.35-0.50 years. It will not invest in lower rated and illiquid papers.

Fund manager

Vikrant Mehta, Head – Fixed Income

Minimum investment amount

Rs 5,000/ and in multiples of Re. 1/ thereafter.

The fund could be useful for STPs (Systematic Transfer Plans).

Why invest in Ultra short term funds
Ultra short term funds are an alternative to Fixed Deposits from the point of view of returns and taxation. However, there can be rating risks if the underlying papers are not of good quality. Duration risks are low as the ultra short term papers invest in short term papers largely. So do due diligence before investing in an ultra short term fund.
There are 28 funds in the ultra short term funds category. They have been giving 4.5% returns average for one year and 5.5% for three years.

What are money market funds?

Money market funds are mutual funds that help investors manage short-term cash needs. These are open-ended funds and belong to the debt fund category. Money market funds invest in money market securities. These funds usually deal only in shorter term investments, cash or cash equivalents. Money market securities are those investments that have an average maturity of less than one year. 

Money market funds invest in high quality financial securities such as certificate of deposit, treasury bills, repurchase agreements, and commercial papers. These funds have the goal of earning income for the unitholders. Since the investments are for the short term, there will be lesser fluctuations of the Net Asset Value (NAV) of the fund.

What are the kinds of money market investments?

Here are some of the financial securities that are part of the money market funds’ investments.

Certificate of Deposit (CD) – Scheduled commercial banks offer time deposits that are fixed deposits that have a tenure and can be redeemed only at maturity. These might be deposits held by companies and institutions.

Treasury Bills (T-bills) – These are financial securities that are issued by the Government of India. These bills are used to raise money for a tenure of up to 365 days. T-bills are one of the safest investments as they come with sovereign guarantee. The interest rate offered for T-bills is known as the risk-free rate of return. The interest rate is low on T-bills when compared to all other investments. 

Commercial Paper (CPs) – These investments are issued by companies and financial institutions that have a high credit rating. Commercial papers are also known as promissory notes. They are unsecured investments. However, these investments are issued at a discount and are redeemed at face value.

Repurchase Agreements (Repos) â€“ This is an investment that is an agreement under which the Reserve Bank of India (RBI) lends money to commercial banks. 

Who should invest in these funds?

Money market funds invest in diverse short term financial securities and offer income to investors who want an alternative to savings account and fixed deposits. Investors who have a short investment horizon of up to one year can consider investing in these funds.

Any investor who has a low-risk appetite can use money market funds to park their surplus cash that is in their savings bank account. Money market funds have the potential to offer higher returns than a regular savings bank account. Even though many corporates invest in these funds, retail investors can invest their surplus money in these funds.

What to consider when you invest in money market funds?

The first consideration should be the risks involved in money market funds. Money market funds come with interest rate risks, reinvestment risks and low credit risks. Interest rate risk is the risk that the prices of the investment will increase whenever interest rates decline and prices will decrease whenever interest rates rise. Reinvestment risk is the risk that there will be other investments offering higher interest rate when the investment is redeemed. Credit risk is the risk that the credit rating of the investment might be reduced. However, money market funds have very low credit risks as they invest in sovereign guarantee investments.

The second consideration is that the money market funds can offer higher returns than a savings bank account. 

The third consideration is the expense ratio or the fee charged by fund houses to manage the money market fund. The Securities Exchange Board of India has ruled that the expense ratio has to be capped at 1.05%. 

Investors should ensure that the money market fund’s maturity is in line with their own investment horizon. Money market funds are suitable for investment horizons that are three months to one year. For the medium-term, investors can consider other debt funds such as dynamic bond funds. 

What is the capital gains taxation for money market funds?

When you invest in money market mutual funds for three or more years, the gains once you sell will be long-term Capital Gains (LTCG). Short Term Capital Gains or STCG will be when you redeem the money market funds within three years. LTCG is taxed at the flat rate of 20% with indexation benefit. For STCG, the gains are added to your income and taxed according to your income bracket. 

Equity Mutual Funds see positive net inflows after 8 months

Equity oriented mutual funds in March witnessed the first month of positive net inflows after eight continuous months of net outflows. The March 2021 inflow number was at a healthy Rs 9,115 crore, thanks to robust sales of sectoral/thematic, ELSS, midcap, flexicap and focussed schemes. The total AUM of equity funds stood at Rs 9.79 lakh crore across 344 schemes and 6.57 crore folios.

“Net Flows were witnessed across equity fund categories. While it’s too early to make any conclusions, it seems like equity investors waiting on the sidelines for a market correction, have started making allocations taking a long-term investing view on equities, as should be the case. Additionally the quantum of redemptions were lower for the month, suggesting profit booking/reallocation to other asset classes slowed down,” says Kaustubh Belapurkar, Director – Manager Research, Morningstar India.

Explaining the March data, Akhil Chaturvedi, Head of Sales & Distribution, Motilal Oswal Asset Management Company said the industry has seen a reversal in trend of negative sales for past several months into positive sales for the month of March 2021 including hybrid schemes.

“Higher gross sales and lower redemptions for the month is clearly an outcome of faith in subsiding of fear of Covid led slowdown in economy to V shaped recovery in many sectors across the economy. The markets have also been consistently holding up to its gains and really not giving any major correction which investors were looking out for. Lower interest rates and lack of better investment options will certainly bring appetite for equity asset class back and this perhaps could be the turning point in sales trend for equity mutual funds,” added Chaturvedi.

In fixed income schemes, March saw the typical redemptions associated with the quarter end. Put together, fixed income funds as a category saw Rs 52,528 crore net outflows in March 2021. This was driven by redemptions in liquid funds, low duration funds, banking psu funds and money market funds.

“Funds at the shorter end of the curve (Liquid, Low Duration, Ultra Short Duration, Money Market) witnessed outflows as is typically observed during quarter end. Banking & PSU funds witnessed a fair bit of outflows as a result of the new guidelines around valuations and fund exposure norms for AT1 bonds. Floater funds continue to receive net positive flows given the limited probability of interest moving down significantly,” pointed out Belapurkar of Morningstar India.

However, corporate bond fund, dynamic bond and floater fund have seen positive flows owing to investors preferring to take advantage of the flexibility offered by the duration strategy, and RBI preferring accommodative stance to help pursue growth over inflation.

Gold ETFs continue to receive steady inflows from investors. Investors are steadily acknowledging the need for adding gold as a diversifier in portfolios. March 2021 saw a healthy Rs 662 crore net inflows in gold ETFs. In fact, ETFs of all categories have seen positive flows and this list includes other ETFs (Rs 3632 crore).

For FY21 as a whole, MF Industry AUM touched a historic high of Rs 32.17 lakh crore as on March 31, 2021, rising 30 per cent as compared to Rs 24.70 lakh crore as on March 31, 2020.  

“I want to reinforce that mutual funds continue to be preferred investment vehicle to build long term goal-based wealth creation, as is reflected from the number of unique investors across schemes increasing in the last one year, by 10 per cent from 2.08 crore as on March 31, 2020 to 2.28 crore as on March 31, 2021,” said AMFI Chief Executive NS Venkatesh.  

RBI holds rates steady: What should debt fund, fixed income investors do

The first bi-monthly monetary policy for fiscal 2022 kept a status quo on all key policy rates. The Monetary Policy Committee (MPC) of the RBI also reiterated an “accommodative stance” on rates and “surplus liquidity” to help the economy return to a durable growth path. In this backdrop, what should fixed income and debt fund investors do? Here is a low-down. 
Positive for long end tenor
Key measures include a quarter wise OMO calendar, that should help manage the yield curve and the massive borrowing program, with INR 1 trillion scheduled in Q1-FY 22. RBI expects inflation to rise marginally in FY 22 though expects food inflation to soften. “The policy is supportive of long end rates, with some impact at the shorter end owing to longer tenor liquidity absorptions as part of the liquidity management program. We would continue focusing on Banking & PSU, Corporate Bond and Dynamic Bond fund categories, post today’s policy, ” says Kumaresh Ramakrishnan, CIO-Fixed Income, PGIM India Mutual Fund. 
Corp bond spreads remain moderate
Interest rates are likely to remain range bound going forward as RBI is committed to ensure easy liquidity and low repo rates. The increase in Government borrowings are likely to be partially offset by RBI OMOs and secondary market purchases of Government securities. Inclusion of government securities global bond indices will add to the demand.
“Corporate bond spreads are likely to remain at moderate levels on back of restrained supply and continued demand from institutional investors. Unless inflation expectations start increasing in the future, fixed income investors will do well to remain invested in Indian bonds,” says Sandeep Bagla, CEO, TRUST Mutual Fund. 
Dynamic for higher risk takers
RBI’s concerns over inflation was clearly reflected in the governor’s statement. This along with the fact that the RBI has given up on the time based forward guidance to keep monetary policy accommodative, indicate that course of monetary policy could change sooner than expected. 
Says Pankaj Pathak – Fund Manager – Fixed Income, Quantum Mutual Fund: “We expect that the RBI could start hiking policy rates towards end of this year. On the other hand the commitment to buy government bond under the GSAP is a good move to support the long term bond yield. this will support long term bond yields in near term. But medium term trajectory will depend more on the policy outlook.”
Pathak feels investors should expect gradual rise in bond yields over medium term  We also expect very high volatility in interest rate going forward, he added. 
Dynamic bond funds could be an option for investors with long time horizon and higher risk appetite. Conservative investors should stick to liquid funds.

Low single-digit returns

“Today’s RBI policy has reiterated our earlier view that investors should expect low single-digit return from the bond market in FY22 and will have to increase their average maturity in order to optimize their risk-adjusted returns. We wish to highlight that investors at the short-end (up to 2Y) will probably earn
zero or negative real return (inflation-adjusted) in FY22, similar to FY21,” says Dhawal Dalal, CIO-Fixed Income, Edelweiss Asset Management.

Prudent investors are requested to consider investing in high-quality bonds maturing in 5Y or higher through passively-managed target-maturity bond index funds as well as bond ETFs to benefit from diversification, transparency, simple & clear investment objectives and predictability of returns for hold-to-maturity investors in our opinion, Dhawal added.

The move to introduce G-SAP – secondary market GSec acquisition program is a master stroke by the RBI, said many experts. This would reign in sharp spike in GSec bond yields. Introduction of long term VRRR (variable rate reverse repo) is an extension towards normalising liquidity. “Liquidity surplus however will and is likely continue. We expect yield curve to flatten from the current levels with the longer end of the yield curve compressing faster than the short end,” says Lakshmi Iyer, CIO (Debt) & Head Products, Kotak Mutual Fund.

“…with these measures, RBI measures should be able to counter the global adverse backdrop of upward movement in  yields and higher commodity prices. The increase in Long term repo operations over 15 days could see the upto one year yields moving up by 10 to 15 basis points and remaining at that level,” feels Murthy Nagarajan, Head-Fixed Income, Tata Mutual Fund.

Mid-March fortnightly collections for 6 Franklin debt funds halve to Rs 224 cr

The six debt funds proposed to be wound up by Franklin Templeton Mutual Fund have collected Rs 224 crore in the fortnight ended March 15, about 50 percent drop from Rs 475 crore collected in the previous fortnight ended February 26.

The NAVs of all the six schemes were higher as on March 15, 2021 vis-à-vis their respective NAVs on April 23, 2020, the date on which the winding up decision was taken.

The 6 schemes have received total cash flows of Rs 15,272 crore till March 15, 2021 from maturities, coupons and prepayments.

Cash available for distribution in the five cash positive schemes stands at Rs 1,370 crore as on March 15, 2021.

Five cash positive schemes viz. Franklin India Low Duration Fund, Franklin India Ultra Short Bond Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund and Franklin India Short Term Income Plan have previously distributed total cash of Rs 9,122 crore to investors.

The borrowing level in Franklin India Income Opportunities Fund continue to come down steadily and currently stands at less than 1 per cent of AUM (approx. Rs 10 crore).

The court-appointed liquidator, SBI Funds Management Pvt. Ltd. (SBI), is in the process of preparing to liquidate the schemes and distribute proceeds to unitholders at the earliest opportunity.

A statement said that SBI, with support from Franklin Templeton, has finalized the Standard Operating Procedure (SOP) to monetize assets of the schemes under winding up and distribute the proceeds, and has filed the SOP with the Supreme Court.

“We anticipate that SBI will commence active monetization very shortly. Our focus remains on liquidating the portfolio and returning monies at the earliest, while preserving value. We will provide SBI with all possible assistance and cooperation with respect to the liquidation of the holdings,” Franklin Templeton said.

In April last year, Franklin shut down subscriptions and redemptions while proposing to wind up the six debt schemes citing Covid-induced illiquidity in credit markets.

Finance Ministry asks SEBI to withdraw revised valuation norms for perpetual bonds



Markets regulator SEBI’s revised norms for valuing perpetual bonds like Additional Tier-1 (AT1) bonds has caused fears in markets. MFs hold about Rs 35,000 crore in AT1 bonds.  While SEBI has asked mutual funds to treat maturity of perpetual bonds as 100 years compared to current practice of short-term instrument of similar tenure G-Sec, mutual funds say such a change will result in high mark to market loss, abrupt drop in NAVs, panic redemptions and overall corporate bond market being hit. So, the Finance Ministry has asked the SEBI to withdraw the revised perpetual bond valuation norms, as the clause on valuation is “disruptive in nature”.

Referring to the SEBI circular, which we have covered in detail here, the Finance Ministry said the revised norms ask funds to value AT1 bonds as 100 year bonds for which no benchmark exists. 
“Mark to market (MTM) loss will be very high, effectively reducing them to near zero. The abrupt drop in valuation is likely to lead to large NAV swings and potential disruptions in debt markets as MFs will seek to sell those bonds anticipating investor redemptions, causing panic in debt markets. This measure will also take away appetite away from mutual funds for investing in such instruments given the valuation norms,” said a March 11 office memorandum from Finance Ministry addressed to SEBI chairman and Department of Economic Affairs secretary. The SEBI circular was disclosed on March 11.

The Finance Ministry also feared that panic redemptions by mutual funds would impact overall corporate bond market as MFs may resort to selling other bonds to raise liquidity in debt schemes. This could lead to higher borrowing cost for corporates at a time when the economic recovery is nascent, the Ministry said.Also, the Finance Ministry feared that capital raising by PSU banks from the market will be adversely impacted due to limited appetite from other investors. “This would lead to increased reliance on Government for capital raising by PSU banks as AT1 and Tier 2 would need to (be) replaced by core equity,” said the office memorandum referred above. Over the long run, for all banks, not just PSU banks, more equity dilution will take place, which will lead to depressed valuations.

“Considering the capital needs of banks going forward and the need to source the same from the capital markets, it is requested that the revised valuation norms to treat all perpetual bonds as 100 years tenor be withdrawn…,” it said.

Separately, AMFI in a statement released to media said that perpetual bonds or Additional Tier I Bonds are issued without any maturity date but are usually issued with call option(s) and qualify for Tier I capital. Banks have been majority issuers of Perpetual bonds. Perpetual Bond market is reasonably active with regular trades in Large and Higher rated issuances. Most trades in Perpetual Bonds happen on a yield to call basis. “This is based on the established market convention, locally as well as globally, that the issuer will exercise the call option on the due date,” AMFI said.

The statement said that the SEBI had engaged with Association of Mutual Funds in India (AMFI) on treatment of Perpetual Bonds as it is a hybrid instrument and carries a differentiated risk reward ratio than a normal debt instrument. Treatment of Perpetual Bonds was discussed in Mutual Fund Advisory Committee (MFAC) where several members of AMFI participated.  

“AMFI fully supports the need and spirit of the circular in capping exposure to Perpetual bonds. Most of the mutual fund schemes are well below the cap specified in the circular. In few of the schemes where perpetual bond exposure is higher than the SEBI prescribed cap, grand fathering is kindly permitted by SEBI to ensure that there is no unnecessary market disruption,” the MF lobby said.

The above referred SEBI circular continues the tradition of the primacy of traded prices. Perpetual bond market sees active participation from various players viz. Banks, Corporates, Mutual Funds and Individual Investors. “Only in the event of lack of traded prices, the question arises as to whether the bond should be valued to call or to maturity. Given a reasonably active market with regular trades, the issue is narrower than it appears,” AMFI said.

SEBI: A scheme cannot own more 10% of debt papers of single issuer

Following the Franklin Templeton debt funds saga, markets regulator SEBI has reviewed the norms regarding investment in debt instruments with special features. Amongst the changes announced on Wednesday, no mutual fund under all its schemes will own more than 10 per cent of such instruments issued by a single issuer. Also, a mutual fund scheme will not invest more than 10 per cent of its NAV of the debt portfolio of the scheme in such instruments. Such measures comes into effect from April 2021. Here is a quick review.

Mutual funds invest in certain debt instruments with special features such as subordination to equity (absorbs losses before equity capital) and /or convertible to equity upon trigger of a pre-specified event for loss absorption. Additional tier I  bonds and tier 2 bonds issued under Basel III framework are some instruments which may have above referred special features.

Tweaks announced

Presently, there are no specified investment limits for these instruments with special features and these instruments may be riskier than other debt instruments. Therefore, the SEBI has decided the following prudential investment limits have been decided for such instruments.

1. No mutual fund under all its schemes will be able to own more than 10 per cent of such instruments issued by a single issuer.

2. A mutual fund scheme will not invest

– more than 10 per cent of its NAV of the debt portfolio of the scheme in such instruments;

– more than 5 per cent of its NAVof the debt portfolio of the scheme in such instruments issued by a single issuer.

The above investment limit for a mutual fund scheme will be within the overall limit for debt instruments issued by a single issuer, as specified at clause 1 of the  Seventh  Schedule  of  SEBI  (Mutual  Fund)  Regulations, 1996, and other prudential limits with respect to the debt instruments.

3. The investments of mutual fund schemes in such instruments in excess of the limits specified under paragraph 2 above as on the date of this circular may be grandfathered and such mutual fund schemes will not make any fresh investment in such instruments until the investment comes below the specified limits.

Provisions for segregated portfolio

The SEBI said debt schemes which have investment in such instruments referred at para ‘A’ above or debt schemes that have provision to invest in such instruments will ensure that the Scheme Information Document (SID) of the scheme has provisions for segregated portfolio.  

The provision to enable creation of segregated portfolio in the existing schemes will be  subject to compliance with regulations.

If the said instrument is to be written off or converted to equity pursuant to any proposal, the date of said proposal may be treated as the trigger date. However, if the  said instruments are written off or converted to equity without proposal, the date of write off or conversion of debt instrument to equity may be treated as the trigger date.  

On the said trigger date, the SEBI said, AMCs may, at their option, create segregated portfolio in a mutual fund scheme subject to compliance with relevant provisions.

Further, Asset Management Companies/Valuation Agencies will have to ensure that the financial stress of the issuer and the capabilities of issuer to repay the dues/borrowings are reflected in the valuation of the securities from the trigger date onwards.

Valuation of perpetual bonds

As regards the valuation of bonds with call and/or put options, the SEBI clarified that the bonds will be valued in line with the SEBI circular No. MRD/CIR/8/92/2000 dated September18, 2000 irrespective of the nature of issuer.

Further, the maturity of all perpetual bonds will have to be treated as 100 years from the date of issuance of the bond for the purpose of valuation.

The SEBI already permits close ended debt scheme to invest only in such securities which mature on or before the date of the  maturity of the  scheme. Accordingly, close-ended  debt schemes will not invest in perpetual bonds.

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