The bond market in Sri Lanka began actively developing in the 1990s with the issuance of medium and long-term bonds by both the government and corporate sector. Over time, reforms shifted government borrowing towards marketable Treasury bonds to develop a benchmark yield curve. While the government bond market is well developed, the corporate bond market remains relatively small due to high costs, a small corporate sector, and availability of alternative funding. Further initiatives aim to improve market infrastructure and attract foreign investment to develop both markets.
The webinar will provide enriching insights of Credit appraisal, why it is required and the advantages of the same. The key areas of elucidation will include banker's preference for credit appraisal, traditional method Vs current trends, understanding various business models. The discussion shall also include the role of Chartered Accountants in credit appraisal, the edge CA's have over others and also the added advantages it brings in to their professional practise.
The webinar will provide enriching insights of Credit appraisal, why it is required and the advantages of the same. The key areas of elucidation will include banker's preference for credit appraisal, traditional method Vs current trends, understanding various business models. The discussion shall also include the role of Chartered Accountants in credit appraisal, the edge CA's have over others and also the added advantages it brings in to their professional practise.
All related information about capital market instruments such as debt instruments, equity instruments, insurance instruments, hybrid instruments, swaps etc.
This has been prepared a business coach who gives finance training to corporate. This is for a more informal set up/ audience as it includes more colors, themes, images and less of text.
All related information about capital market instruments such as debt instruments, equity instruments, insurance instruments, hybrid instruments, swaps etc.
This has been prepared a business coach who gives finance training to corporate. This is for a more informal set up/ audience as it includes more colors, themes, images and less of text.
The most important piece of the need for a better developed bond market in India is access to capital for more firms. Currently only the top-rated borrowers have access to the corporate bond market. To know more @ http://theindianeconomist.com/india-developed-bond-market/
Presentation on "Capital Market"
1.definition and characteristics
2.function and players
3.importance/role and types
4.factor and structure
5.reforms and development
Singapore Government’s borrowing is fiscally sustainable. This can be partly attributed to the following features:
1. Borrowings are not for spending.
2. Borrowing proceeds are invested.
3. The Singapore Government has a strong balance sheet that has assets well in excess of its liabilities.
Read the report to understand the unique nature of the borrowing of the Singapore Government. http://www.mof.gov.sg/Resources/Feature-Articles/SG-Borrowings
Indian debt market mainly comprises trading of bonds.
In finance, a bond is a debt security, in which the issuer owes the holders a debt and is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity.
Critically examine the features of various common money market instruments av...Bilal Ahmed Bhatti
Critically examine the features of various common money market instruments available in corporate sector of Pakistan. Also give theoretical background of the topic
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
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Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. BOND MARKET IN SRI LANKA
By : - NITISH KAUSHIK (Roll No. 776)
2. INTRODUCTION
The bond market in Sri Lanka commenced its active operations in 1990‟s with
the issuance of medium and long-term bonds, both by the government and the
corporate sector.
This process has been accelerated in line with the financial sector reforms and
restructuring programme implemented in the last decade. The debt management
policy of the government has substantially reformed by shifting from issuing non-
marketable instruments (such as Rupee loans) and short-term marketable
instruments (such as Treasury bills) to medium and long-term marketable
instruments. As a result, the government compelled to introduce a long-term
marketable and fixed income type new debt instrument; Treasury bond in 1997 to
raise funds from the domestic market to finance the government budgetary
operations. Subsequently, government borrowings through non- marketable
instruments and short-term marketable instruments have been gradually reduced
over the period.
3. Furthermore, the government has exercised the early retirement facility
or “call option” of the existing stock of non-marketable securities to
replace them by Treasury bonds to accelerate the development of the bond
market.
The gradual increase of the maturity structure of the Treasury bonds
enabled the market to establish a medium-term yield curve which has
provided a benchmark for the domestic corporate bond market.
4. The improvement of primary and secondary markets, computerisation of
market infrastructure, scrip less form issuing system and improvement of
payments and settlements systems.
The required reforms have also been brought into the legal framework,
appropriate to the development of the bond market for the smooth
transformation towards the market based debt management.
The authority strengthened the monitoring and regulatory work at the
central level, in order to ensure the safety and security of investment made
by the public and stability of the overall financial system.
The authority’s continuous commitments on this process and fairly
developed domestic money market operations helped develop the bond
market, specially government bond market within a relatively shorter time
period.
5. The government has recognized the importance of developing the
corporate bond market to diversify the funding sources in order to reduce
the high reliance on the banking system and the equity market.
Further, it would lower the vulnerability of the corporate sector to
unforeseen forces as experienced by some of Asian countries during the
Asian Financial Crisis. In this regard, a number of policy measures have
been implemented with a view of developing the corporate bond market.
They include mandatory requirement of credit rating and publication of
such rating for all varieties of debt instruments, registration requirement of
all corporate bonds, entrust regulatory functions of corporate bonds to the
Colombo Stock Exchange (CSE) and providing facilities to trade corporate
bonds in the stock market.
6. This development process has to be continued with a well-designed
awareness programme to educate both corporate players and investors
about the important role that could be played by the bond market
providing alternative options for investors to invest their savings and for
corporate players to reduce the vulnerability to the system risks by
diversifying their alternative funding sources.
7. In Sri Lanka, bonds issued in the domestic market could be broadly
divided into three types in terms of the issuers‟ ownership; government
bonds, debentures issued by public enterprises and debentures issued by the
corporate sector.
The domestic bond market commenced its active operations only after the
issuance of medium and long term tradable government bonds: Treasury
bonds in 1997. It is a product of the new public debt management strategy
envisaged by the government towards the issuance of medium and long term
marketable securities to raise funds for government budgetary operations.
The issuance of a marketable, liquid and long term debt instrument such
as Treasury bonds was a long felt need in the domestic market enabling local
investors to match their supply of long-term funds with the demand for long-
term funds from the government.
8. In line with this process, necessary steps have been taken to improve the
market infrastructure and streamline the regulatory framework to enhance the
liquidity and efficiency in the bond market operation.
In addition, government has extended series of concessions specially tax
concessions to the participants in the bond market to popularize government
bonds among local investors.
Although, the corporate bond market is relatively small, the development of
government bond market and establishment of the long term yield curve with
liquid secondary market play as benchmark role and guide the activities of the
corporate bond market.
9. A rupee denominated government bond market is represented by Treasury
bonds and accounted for over 60 per cent (Rs 890 bn or US$ 8.3 bn) of
government domestic debt stock at end 2006.
Treasury bonds are tradable, medium and long term fixed income securities
issued under the Registered Stock and Securities Ordinance (RSSO) carrying
semi-annual coupon (interest) payments. These bonds are issued under
multiple bidding auction basis in scrip less form.
The coupon rate is announced by the Central Bank prior to each auction
and the market at the auction in the primary market determines yield of the
bond. Treasury bonds are considered as a liquid asset and opened for Central
Bank window for outright sales and purchases and Repo and Reverse Repo
transactions since 1998.
The opening of the government Treasury bond market for foreign investors
in 2006 could be considered as a major milestone to improve the
competitiveness and expand the investor-base in the bond market.
10. In addition, the Central Bank introduced a new foreign currency denominated
debt instrument, called Sri Lanka Development Bonds (SLDBs) in 2001 to
finance growing fiscal deficit thereby lower the pressure on the domestic rupee
market.
The issues of SLDBs, are made under the Foreign Loan Act and issues are in
scrip form. It is a floating rate bond and the interest rate is linked to LIBOR plus a
competitive margin. However, there is no regular issuing pattern as in the
Treasury bond market.
Due to these features, SLDBs are not considered as an active, tradable and
liquid debt instrument. The outstanding SLDB stock as at end 2006 amounted to
US$ 580 mn.
11. In the past, few public enterprises (such as Housing Development Finance
Corporation (HDFC)) have issued debentures to raise funds for their long-
term resource requirement and lower their dependency to the government
budget. However, this process was gradually abandoned in the recent past
and outstanding stock of debentures issued by public enterprises is now at a
negligible level.
In addition, Sri Lanka government issued its debut sovereign bonds to
international capital market in 2007. The issuance size determined at US$
500 million to make it bench mark size, in order to get the highest appetite
from the investor comments.
The bond has a maturity period of 5 years and a coupon rate of 8.25%.
The bond issue was over subscribed amounted to US$ 1.62 billion and
investors‟ profile shows its attractiveness across the entire global capital
markets.
12. The corporate bond market mainly consists of debentures issued by
financial institutions and few large corporate players in the domestic market.
Although, the corporate bond market is relatively small, recent debenture
issues have vast differences in their features such as fixed and variable
interest bonds, unsecured and secured bonds, capital guaranteed bonds,
subordinated bonds, convertible bonds and callable bonds.
However, high degree of financial intermediation, a complex issuance
process of corporate bonds, lack of proper risk reward structure and high
issuance cost specially for small corporate hinder the issuance of corporate
bonds in the domestic market.
13. Recognising the benefits of developing the bond market, a series of
measures and policy initiation have been introduced to facilitate the
activities in the Treasury bond market as well as corporate bond market.
In order to improve the attraction of Treasury bonds, several measures
were implemented to improve the liquidity in the bond market. These
include the reduction of high fragmentation in the bond market,
introduction of re-opening system for selected on-the-run liquid bonds,
extending the yield curve and introduction of index- link bonds.
Since the primary dealers have exclusive rights to participate to the
primary auction of the bond market, several measures were taken to
strengthen the primary dealer system. These measures include the gradual
increase of minimum capital requirement, (currently Rs. 300 million)
introduction of dedicated primary dealer system and imposition of risk-
weighted capital adequacy (8%) framework.
14. In addition, a close monitoring system was also introduced for Primary
dealers by conducting regular on-site supervision and off-site surveillance
in order to ensure the stability of the primary dealer system in the financial
system of the economy. Recent institutions include the PD diversification
process which is expected to be implemented in two stages in 2008.
Introduction of Scrip less Securities Settlement System (SSSS), Real
Time Gross Settlement System (RTGS), Central Depository System (CDS)
and Delivery Versus Payment (DVP) System were major initiatives to
improve the clearing and settlement system in the bond market.
The provision of Intra day Liquidity Facility (ILF) through the Central
Bank and allowing PD to access to the Central Bank repo window was
considered as new developments to improve the liquidity and eliminate the
settlement risk in the market.
15. Specially in 2007, Central Bank has conducted an aggressive
awareness campaign. This programme mainly covered by issuing
newspaper advertisements, printed documents, conducting seminars and
media discussions targeting prospective investors.
Until 2006, rupee denominated government securities market was
restricted for foreign investors. Recognising the advantages of attracting
foreign investment into this market, Treasury bond market was opened
for foreign investors in 2006 with limited access facility.
In the corporate bond market, the government has initiated series of
measures to improve the infrastructure and provided several concessions
for investors in order to develop the bond market. Among them, major
initiatives include improvements of the infrastructure in trading bonds in
the market. In addition, a decision taken by the SEC to open a training
college to improve the capacity of market players would help to create an
efficient corporate bond market.
16. The bond market in Sri Lanka shows an imbalanced development, more
developments in the government bond market and slow progress of the
corporate bond market.
The continuation of the deficit budget policy, which requires funds largely
from the domestic market, compelled the authorities to develop the
government bond market. The Central Bank plays a vital role in developing
the government bond market.
Further, extension of bond trading to the stock market helps further
development of liquidity in the bond market. This development helped to
raise funds at a lower cost while providing investors a market based
investment environment.
In the corporate bond market, relatively small corporate sector, high cost
of issuing bond under complex mechanism and limited investors coupled
with the availability of funds from alternative sources at a rate closer to
interest of government securities could be cited as main factors that
prevented the development of the corporate bond market.