Interbank call money rates remained below the RBI’s repo rate of 6.50% during most of the month. Sporadic tightness in systemic liquidity prompted the central bank to conduct regular repo auctions and keep call rates in check. The RBI also conducted reverse repo auctions to prevent the rates from dipping too low and to provide banks with opportunities to park idle funds.
Currency in circulation rose 19.1% on-year in the wee
Interbank call money rates hovered above the RBI’s repo rate of 6.25% for most parts of the month owing to tightness in systemic liquidity. To ease the liquidity situation and provide funds for banks’ liquidity requirements, the central bank sporadically conducted repo auctions and later in the month also notified that it will conduct additional term repo auctions in March for a total amount of Rs 1 trillion.
Read the full document to know more
Interbank call money rates remained below the RBI’s repo rate of 5.75% during most parts of the month as systemic liquidity remained in surplus amid periodic repo auctions conducted by the central bank. The RBI also conducted frequent reverse repo auctions to drain away excess liquidity and give the opportunity to banks to park their idle funds.
Read the full document to know more.
Interbank call money rates found itself below the Reserve Bank of India (RBI)’s repo rate of 6.00% for most parts of the month as systemic liquidity remained comfortable amid periodic repo auctions conducted by the RBI. However, intermittent tightness in call rates was seen on fund demand from banks to meet their mandatory reserve requirements. Meanwhile, the apex bank sporadically offered banks the opportunity to park funds through some reverse repo auctions. Read the full document to know more.
Interbank call money rates hovered above the RBI’s repo rate of 6.25% for most parts of the month owing to tightness in systemic liquidity. To ease the liquidity situation and provide funds for banks’ liquidity requirements, the central bank sporadically conducted repo auctions and later in the month also notified that it will conduct additional term repo auctions in March for a total amount of Rs 1 trillion.
Read the full document to know more
Interbank call money rates remained below the RBI’s repo rate of 5.75% during most parts of the month as systemic liquidity remained in surplus amid periodic repo auctions conducted by the central bank. The RBI also conducted frequent reverse repo auctions to drain away excess liquidity and give the opportunity to banks to park their idle funds.
Read the full document to know more.
Interbank call money rates found itself below the Reserve Bank of India (RBI)’s repo rate of 6.00% for most parts of the month as systemic liquidity remained comfortable amid periodic repo auctions conducted by the RBI. However, intermittent tightness in call rates was seen on fund demand from banks to meet their mandatory reserve requirements. Meanwhile, the apex bank sporadically offered banks the opportunity to park funds through some reverse repo auctions. Read the full document to know more.
Interbank call money rates remained below the RBI’s repo rate of 6.25% during the month as the RBI conducted periodic repo auctions to infuse liquidity in the system. Meanwhile, the central bank accepted the $5 billion it targeted from banks at its currency swap auction to ease liquidity as against the bids received worth $16.31 billion.
Read the full document to know more.
The Benchmark 10-Year Gsec yield closed at 7.41% up by 6 bps based on month end values. The yields hardened despite
the Monetary Policy Committee (MPC) delivering a 25bps rate-cut in the month of April. This upward movement of yields
clearly highlights that, in addition to the rate cut market was anticipating a change in the policy stance.
Read the full document to know more.
ICICI Prudential Mutual Fund | Impact analysis iciciprumf
Going forward, RBI may have to do a fine balancing act. On one hand, support for growth trajectory is needed due to the second wave and on the other hand, RBI would need to keep an eye on upside risk to inflation.
We believe, as the RBI gains comfort with growth picking-up, the first nudge would be to move the short-term rates closer to the mid-point of the policy rate corridor.
RBI reduced the Repo rate by 25 basis points to 6.25%
Reverse Repo rate stands adjusted to 6.00%
Marginal Standing Facility (MSF) rate and the Bank rate stands
adjusted to 6.50%
Cash Reserve Ratio (CRR) remains unchanged at 4%
Statutory Liquidity Ratio (SLR) stands adjusted to 19.25%
Debt Valuation Index (July 2021) | ICICI Prudential Mutual Fundiciciprumf
We remain very cautious on duration as the interest rates are expected to remain volatile due to RBI normalizing liquidity conditions and upside risk to inflation due to economic recovery.
Valuations are not cheap, Business Cycle remains in the nascent stage. We believe, the current macro-economic scenario is much more conducive for a Business Cycle Recovery due to Global and domestic policy response.
We believe valuations are not cheap, but business cycle remains in the nascent stage. Prefer middle-of-the-road approach and recommend investing in schemes with higher flexibility.
Index Performance: Indian equity indices S&P BSE Sensex and Nifty 50 tanked 23% each in March 2020 due to worries about the rapid spread of Covid19 in the country and the government’s lockdown decision. The benchmark
indices also logged their biggest one-day fall on March 23 and hit their lower circuits twice in the month, triggering trading halts for 45 minutes.
Inflation: Retail inflation, based on Consumer Price Index (CPI), fell to 6.58% in February 2020 from a 68-month high of 7.59% in January, because of a decline in food prices and the base effect.
Invest in products that make up your daily routine and aim to be a part of their growth with ICICI Prudential FMCG ETF. Start investing today and include diverse and innovative companies to your portfolio.
Hurry! NFO closes on 2nd August 2021.
Know more at https://bit.ly/3zfR0f8
Our ‘VCTS’ framework (Valuations, Cycle, Trigger, Sentiments) is currently indicating that market Valuations are not cheap. Business Cycle remains in the nascent stage.
Equity investing can be looked at only from a long term perspective coupled with “Dynamic Asset Allocation Scheme’ that aims to manage market volatility.
RBI policy highlights:
- RBI reduced the Repo rate by 25 basis points to 5.75%
- Reverse Repo rate stands adjusted to 5.50%
- Marginal Standing Facility (MSF) rate and the Bank rate stands adjusted to 6.00%
- Cash Reserve Ratio (CRR) remains unchanged at 4%
- Statutory Liquidity Ratio (SLR) stands adjusted to 19.00%
Read the full document to know more.
Annual Outlook 2022 | ICICI Prudential Mutual Fundiciciprumf
The current environment is akin to shifting sands, where dynamism is at its peak. Hence, it would be prudent to have an active management approach. Read our annual outlook 2022, to know more.
• Interbank call money rates remained mostly below the RBI’s repo rate of 4% in June as overall systemic liquidity remained surplus.
• Currency in circulation rose 20.6% on-year in the week ended June 19, 2020, compared with 12.7% growth a year ago. The RBI, via its liquidity window, absorbed Rs 3770.33 billion on a net daily average basis in June 2020, compared with net liquidity absorption of Rs 5114.71 billion in May 2020.
• Bank credit growth rose 6.2% on-year in the fortnight ended June 5, 2020, compared with 6.5% on-year growth reported in the fortnight ended May 8, 2020.
Interbank call money rates remained below the RBI’s repo rate of 6.25% during the month as the RBI conducted periodic repo auctions to infuse liquidity in the system. Meanwhile, the central bank accepted the $5 billion it targeted from banks at its currency swap auction to ease liquidity as against the bids received worth $16.31 billion.
Read the full document to know more.
The Benchmark 10-Year Gsec yield closed at 7.41% up by 6 bps based on month end values. The yields hardened despite
the Monetary Policy Committee (MPC) delivering a 25bps rate-cut in the month of April. This upward movement of yields
clearly highlights that, in addition to the rate cut market was anticipating a change in the policy stance.
Read the full document to know more.
ICICI Prudential Mutual Fund | Impact analysis iciciprumf
Going forward, RBI may have to do a fine balancing act. On one hand, support for growth trajectory is needed due to the second wave and on the other hand, RBI would need to keep an eye on upside risk to inflation.
We believe, as the RBI gains comfort with growth picking-up, the first nudge would be to move the short-term rates closer to the mid-point of the policy rate corridor.
RBI reduced the Repo rate by 25 basis points to 6.25%
Reverse Repo rate stands adjusted to 6.00%
Marginal Standing Facility (MSF) rate and the Bank rate stands
adjusted to 6.50%
Cash Reserve Ratio (CRR) remains unchanged at 4%
Statutory Liquidity Ratio (SLR) stands adjusted to 19.25%
Debt Valuation Index (July 2021) | ICICI Prudential Mutual Fundiciciprumf
We remain very cautious on duration as the interest rates are expected to remain volatile due to RBI normalizing liquidity conditions and upside risk to inflation due to economic recovery.
Valuations are not cheap, Business Cycle remains in the nascent stage. We believe, the current macro-economic scenario is much more conducive for a Business Cycle Recovery due to Global and domestic policy response.
We believe valuations are not cheap, but business cycle remains in the nascent stage. Prefer middle-of-the-road approach and recommend investing in schemes with higher flexibility.
Index Performance: Indian equity indices S&P BSE Sensex and Nifty 50 tanked 23% each in March 2020 due to worries about the rapid spread of Covid19 in the country and the government’s lockdown decision. The benchmark
indices also logged their biggest one-day fall on March 23 and hit their lower circuits twice in the month, triggering trading halts for 45 minutes.
Inflation: Retail inflation, based on Consumer Price Index (CPI), fell to 6.58% in February 2020 from a 68-month high of 7.59% in January, because of a decline in food prices and the base effect.
Invest in products that make up your daily routine and aim to be a part of their growth with ICICI Prudential FMCG ETF. Start investing today and include diverse and innovative companies to your portfolio.
Hurry! NFO closes on 2nd August 2021.
Know more at https://bit.ly/3zfR0f8
Our ‘VCTS’ framework (Valuations, Cycle, Trigger, Sentiments) is currently indicating that market Valuations are not cheap. Business Cycle remains in the nascent stage.
Equity investing can be looked at only from a long term perspective coupled with “Dynamic Asset Allocation Scheme’ that aims to manage market volatility.
RBI policy highlights:
- RBI reduced the Repo rate by 25 basis points to 5.75%
- Reverse Repo rate stands adjusted to 5.50%
- Marginal Standing Facility (MSF) rate and the Bank rate stands adjusted to 6.00%
- Cash Reserve Ratio (CRR) remains unchanged at 4%
- Statutory Liquidity Ratio (SLR) stands adjusted to 19.00%
Read the full document to know more.
Annual Outlook 2022 | ICICI Prudential Mutual Fundiciciprumf
The current environment is akin to shifting sands, where dynamism is at its peak. Hence, it would be prudent to have an active management approach. Read our annual outlook 2022, to know more.
• Interbank call money rates remained mostly below the RBI’s repo rate of 4% in June as overall systemic liquidity remained surplus.
• Currency in circulation rose 20.6% on-year in the week ended June 19, 2020, compared with 12.7% growth a year ago. The RBI, via its liquidity window, absorbed Rs 3770.33 billion on a net daily average basis in June 2020, compared with net liquidity absorption of Rs 5114.71 billion in May 2020.
• Bank credit growth rose 6.2% on-year in the fortnight ended June 5, 2020, compared with 6.5% on-year growth reported in the fortnight ended May 8, 2020.
We remain positive on the bond markets. A good strategy may be to create a portfolio with maturity in the range of 2-5 years along with accumulating spread assets to give better carry to the portfolio. Read our Fixed Income Update for Aug 2020
Interbank call money rates remained mostly below the RBI‟s repo rate of 4% in May owing to comfortable liquidity in the system. However, some pressure was seen on the rates following intermittent spike in demand for funds from banks.
Currency in circulation rose 18.4% on-year in the week ended May 22, 2020, compared with 14.2% growth a year ago. The RBI, via its liquidity window, absorbed Rs 5114.71 billion on a net daily average basis in May 2020, compared with net liquidity absorption of Rs 4751.55 billion in April 2020.
Bank credit growth rose 6.5% on-year in the fortnight ended May 8, 2020, compared with 7.2% on-year growth reported in the fortnight ended April 10, 2020.
Benchmark 10 year treasury yields remained flat as they averaged at 6.50% in November (5bps lower vs. October avg.).
System liquidity remained in surplus on the back of bank deposits growing faster than credit, government spending and
RBI forex purchases.
Read the full document to know more.
Interbank call money rates were mostly below the RBI’s repo rate of 6.50% during the month. However, some stress was witnessed in the rates on reversal of repo auctions conducted in earlier sessions and following outflows towards payment of goods and services tax (GST).
Interbank call money rates remained below the RBI’s repo rate for most of the month amid comfortable liquidity in the system. The central bank periodically infused funds via discretionary term repo auctions and targeted long-term repo auctions (TLTRO), though overall liquidity remained in surplus. It also announced TLTRO of three-year duration for a total notified Rs 250 billion to be conducted on April 3, and notified it would be extending fixed rate reverse repo and the Marginal Standing Facility (MSF) window to provide eligible market participants greater flexibility in their liquidity management.
Currency in circulation rose 12.2% on-year in the week ended March 20, 2020, compared with 17.5% growth a year ago. The RBI, via its liquidity window, absorbed Rs 2990.81 billion on a net daily average basis in March 2020, compared with net liquidity absorption of Rs 2931.09 billion in February 2020.
Bank credit growth rose 6.1% on-year in the fortnight ended March 13, 2020, compared with 6.4% on-year growth reported in the fortnight ended February 14, 2020.
Benchmark 10 year treasury yields averaged at 6.55% in October (12bps lower vs. September avg.). System liquidity
during the month was at ease majorly due to the following factors: 1. RBI’s dividend and surplus reserve transfers, 2.
Government Ways and Means Advances (WMA) and 3. RBI intervening in the FX markets by buying dollar and receiving
forwards.
Read the full document to know more.
ICICI Prudential Mutual Funds Fixed income updateiciciprumf
These are interesting times. We have seen the worst growth contraction in decades but interest rates still remains higher than lows seen during other crisis.
• RBI kept the Repo rate unchanged to 5.15%
• Reverse Repo rate remains adjusted to 4.90%
• Marginal Standing Facility (MSF) rate and the Bank rate remains adjusted to 5.40%
• Cash Reserve Ratio (CRR) remains unchanged at 4%
• Statutory Liquidity Ratio (SLR) stands adjusted to 18.25%
Fixed Income Update | ICICI Prudential Mutual Fundiciciprumf
A changing macro-environment warrants a more active management of fixed income portfolio that continually balances duration and accrual. We recommend the following strategies: Accrual strategy and Active duration strategy. It may be an opportune time to invest in floating rate bond in this interest rate scenario to dodge interest rate volatility.
RBI policy highlights:
- RBI reduced the Repo rate by 35 basis points to 5.40%
- Reverse Repo rate stands adjusted to 5.15%
- Marginal Standing Facility (MSF) rate and the Bank rate stands adjusted to 5.65%
- Cash Reserve Ratio(CRR) remains unchanged at 4%
- Statutory Liquidity Ratio (SLR) stands adjusted to 18.75%
Read the full document to know more.
Interbank call money rates remained mostly below the RBI’s repo rate of 5.40% in the month owing to comfortable liquidity in the system, prompting the central bank to conduct frequent reverse repo auctions and provide banks with idle funds an opportunity to invest for a short period.
Read the full document to know more.
2020 was an eventful year for Fixed income space with RBI providing 135 bps rate cut, supporting the system with ample
liquidity in the second half of the year, RBI’s shift from OMO’s for liquidity to Operation Twist to reduce term premiums,
RBI’s unexpected pause in policy rate cuts in December etc. In the midst of all this, the benchmark 10 year treasury yield
ended the year lower by ~87 bps as compared to last year and settled at 6.55%.
Read the full document to know more.
We expect growth and inflation to come down which may provide further headroom to RBI to continue its accommodative stance. On the fiscal side, we are comfortable with Govt. taking measures to combat COVID-19 impact due to absence of private credit demand (No crowding-out
effect) Keeping the above in mind, we believe the near term appears to be bullish for bond markets. Hence, we have added duration across our
portfolios. Our tactical call seeks to benefit from our bullish view in the short term by taking tactical positions on the longer end of the yield curve. Hence, we believe that the best strategy may be to create a portfolio with maturity in the range of 2-5 years with combination of short term assets and long term assets. Focus should be on accumulating spread assets to give better carry to the portfolio with tactical exposure towards longer term assets to give the capital appreciation flavour.
RBI policy highlights:
- RBI reduced the Repo rate by 25 basis points to 6.00%
- Reverse Repo rate stands adjusted to 5.75%
- Marginal Standing Facility (MSF) rate and the Bank rate stands adjusted to 6.25%
- Cash Reserve Ratio (CRR) remains unchanged at 4%
- Statutory Liquidity Ratio (SLR) stands adjusted to 19.25%
Read the full document to know more.
Similar to Fixed Income Update - February 2019 (20)
Does your portfolio have a blend of reasonable stability and potential growth?
Just as how a Sturdy Suspension and Powerful Engine together contribute to a smoother car ride, investing in a combination of Large and Mid cap stocks can offer the best of both worlds – Reasonable Stability + Potential Growth.
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The rising sun of 2024 brings new hope for global markets! This sun shines a little brighter on the Indian economy as it gets off the tag of a 'fragile economy' to emerge as a robust one. The world economy is headed towards a 'Paradigm Shift' with India leading the way.
Explore this shift further with our Annual Outlook Report 2024!
#ICICIPrudentialMutualFund #AnnualOutlook #ETF
Equity Valuations Perspective | January 2024iciciprumf
Navigate Equity Markets better through our VCTS (Valuations, Cycle, Triggers and Sentiments) framework. The document below highlights the impact of various dynamic variables on the equity market across time periods. Read on to know more!”
#ICICIPrudentialMutualFund #Equity #Investments #MutualFunds
Stepping into 2024 with resilience and foresight!
New year has begun with a Paradigm Shift in trends of global and domestic macros.
While the global economies remain fragile, the Indian economy emerges as robust, defying the label of a fragile economy.
Explore the 2024 Outlook for insights on this Paradigm Shift!
#ICICIPrudentialMutualFund #MutualFunds #Investments #NewYear #2024
While there is some decline in China, there are positive market situations for India. What does that mean for an investor like you? See in December's Monthly Market Outlook here.
#ICICIPrudentialMutualFund #Investment #December2023 #MonthlyMarketOutlook #MutualFunds
Amidst global tensions, the global economies might be taking the strain but Indian economy continues the Goldilocks streak. Take a holistic view at what that might mean for you as an investor with the Monthly Market Outlook.
#ICICIPrudentialMutualFund #MonthlyMarketOutlook
ICICI Prudential Equity Valuation Index | Nov 2023 iciciprumf
Our latest Equity Valuation Index remains in the Neutral Index even after market corrections. But how do you smartly navigate through the market's volatility? Allocating your funds across different classes may help you. Have a look to understand better!
#ICICIPrudentialMutuaFund #Equity #EquityValuationIndex #Market #Investments
How can we prepare for the mood of the market? Use micro indicators for a comprehensive look at the market in this month's Market Outlook!
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Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
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
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@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
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 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
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
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
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
1. Fixed Income Update
February 2019
Month Overview as on 31 January, 2019
Average Liquidity Support by RBI
Rs 380.97 billion (Includes: LAF, MSF, SLF &
Term Repo)
Bank Credit Growth Bank Deposit Growth
14.5% 9.9%
Money Market Change in basis points (bps)
Tenure CD Change CP Change
1M 6.60 -25 6.90 -35
3M 7.20 -35 7.68 -57
6M 7.60 -5 8.30 5
12M 7.90 -10 8.70 -15
Bond Market Change in basis points
Tenure G-Sec Change
AAA
CB
Change
1Y 6.76 -5 8.01 -16
3Y 6.98 -11 8.15 -9
5Y 7.28 4 8.27 1
10Y 7.48 11 8.46 7
Macro Economy Data Release
Indicator
Latest
Update
Previous
Update
IIP 0.5% (Nov) 8.4% (Oct)
GDP
7.1%
(2QFY19)
8.2%
(1QFY19)
USD/INR 71.09 (Jan) 69.78 (Dec)
WPI 3.80% (Dec) 4.64% (Nov)
CPI 2.19% (Dec) 2.33% (Nov)
Credit Spread Data in basis points
Tenure AAA AA A
1Y 1.32% 1.84% 2.40%
3Y 1.02% 1.57% 2.46%
5Y 0.84% 1.47% 2.49%
10Y 0.77% 1.51% 2.56%
Data Source – RBI, Mospi.Nic.in, CRISIL Fixed Income Database, LAF –
Liquidity Adjustment Facility, MSF – Marginal Standing Facility, SLF –
Standing Liquidity Facility, CP - Commercial Paper, CD – Certificate of
Deposit, CB – Corporate Bond, IIP – India Industrial Production, CPI –
Consumer Price Index, WPI – Wholesale Price Index, CAD – Current
Account Deficit, GDP – Gross Domestic Product
Market Update
Interbank call money rates remained below the RBI’s repo rate of 6.50% during
most of the month. Sporadic tightness in systemic liquidity prompted the central
bank to conduct regular repo auctions and keep call rates in check. The RBI also
conducted reverse repo auctions to prevent the rates from dipping too low and to
provide banks with opportunities to park idle funds.
Currency in circulation rose 19.1% on-year in the week ended January 18, 2019,
compared with 75.5% growth a year ago. The RBI, via its liquidity window,
injected Rs 380.97 billion on a net daily average basis in January 2019, compared
with net liquidity injection of Rs 1.03 trillion in December 2018.
Bank credit growth rose 14.5% on-year in the fortnight ended January 4, 2019,
versus 15.1% on-year in the fortnight ended December 7, 2018.
Source: CRISIL
Macro Update
Crude: Brent crude oil prices surged 15% in January to close at $61.89 per barrel
on January 31, 2019 vis-à-vis $53.80 per barrel on December 31, 2018, mainly due
to – a) on Saudi Arabia’s output cuts, b) data indicated further fall in global crude
production and c) the US’ decision to impose sanctions on Venezuelan state-
owned oil firm PDVSA.
Inflation: Consumer Price Index (CPI)-based inflation declined to an 18-month low
of 2.19% in December 2018 on negative food inflation and softening fuel inflation,
besides a high base of the previous year.
Currency: The rupee weakened against the US dollar, with the exchange rate
settling at Rs 71.09 per dollar on January 31 as against Rs 69.78 per dollar on
December 31. The local currency was put under pressure due to month-long
dollar demand from importers and tracking sporadic rises in global crude oil
prices Concerns that India’s current account deficit may widen, and intermittent
declines in Asian units over fears about a slowdown in the Chinese economy also
pulled the rupee down.
Gilts: Gilts declined in the month with yield on the 10-year benchmark 7.17%
2028 paper ending at 7.48% on January 31, 2019, compared with 7.37% on
December 31, 2018. Yield on the new 10-year 7.26% 2029 paper settled at 7.28%
on January 31, 2019, as against 7.26% on January 11 when it was issued. Prices
declined on concerns over the domestic fiscal situation amid speculation that the
government was considering a relief package for farmers.
Source: CRISIL
Our Outlook
Interim Budget 2019 had a few good surprises for the farmer and salaried
community but made debt markets nervous on account of the announcement of a
slew of packages as concerns about the declining fiscal situation abound. The 10-
yr G-sec, which was volatile during the second half of 2018, ended Budget day at
7.61% and ended January 2019 at 7.28%.
Debt markets in January were guided by global events such as rising oil prices,
the US Federal Reserve’s decision to hold rates, and domestically by events such
as lower inflationary pressures and hopes of an easing in the RBI’s monetary
policy meet (to be held on February 7, 2019). Bond markets also remained
nervous on account of the upcoming general elections and the system liquidity
crisis.
We believe the Budget is mildly expansionary and could lead to recurring
expenditure for the government and create pressure on the government’s
worsening fiscal condition. However, from the point of view of the rural economy,
the government’s announcement of a Rs 75,000 crore package for small and
marginal farmers (with landholdings up to 2 hectares of land) could provide relief
to the distress in the agriculture sector.
Fiscal deficit target for FY19 being revised to 3.4% could see some upside risk to
the fiscal next year. Further, the announcement of a slew of packages for the
farmer community and sops for the middle class could push inflation higher and
2. Fixed Income Update
February 2019
cause the current inflation levels at 2.5%, being within the RBI’s comfort zone, could still prompt action from the central bank. The
rally in duration seen in the last couple of months has put yields at the lower end of our estimates. So going forward, we recommend
going long on low/short duration schemes and short on long duration schemes. We have also moved our outlook to the neutral zone
from cautious as our model parameters have moved into the orange zone. Therefore, investors could look at gradual incremental
addition of duration.
Next year, the bond market could see higher borrowing and there is a possibility that the RBI may not be present in a big way. Bond
yields could rise higher on these supply worries along with uncertainty about elections later this year. Worries on the supply-side,
fiscal deficit, and election uncertainty could create pressure on the duration side. Therefore, we are cautious on the longer end of the
duration. We would recommend low/short duration schemes which could mitigate interest rate volatility, accrual schemes which
provide better carry, and dynamic duration schemes which are flexible enough to benefit out of interest rate volatility. We remain
watchful on any fiscal slippages, reversal in prices of any perishable food items, uncertainty regarding global events and escalating
trade tensions between US and China.
Debt Valuation
Debt Valuation Index considers WPI, CPI, Sensex YEAR-ON-YEAR returns, Gold YEAR-ON-YEAR returns and Real
estate YEAR-ON-YEAR returns over G-Sec yield, Current Account Balance and Crude Oil Movement for calculation.
Our Recommendation
For new allocations we recommend short to medium duration, accrual based schemes or dynamically managed schemes.
Our Recommendations
Cash Management
Solutions
ICICI Prudential Floating Interest Fund
(An open ended debt scheme predominantly
investing in floating rate instruments (including fixed
rate instruments converted to floating rate exposures
using swaps/derivatives)
ICICI Prudential Ultra Short Term Fund
(An open ended ultra-short term debt scheme
investing in instruments such that the Macaulay
duration of the portfolio is between 3 months and 6
months)
ICICI Prudential Savings Fund
(An open ended low duration debt scheme investing
in instruments such that the Macaulay duration of the
portfolio is between 6 months and 12 months.)
These schemes benefit from
better risk adjusted returns
Short Duration Scheme ICICI Prudential Short Term Fund (An
open ended short term debt scheme investing in
instruments such that the Macaulay duration of the
portfolio is between 1 Year and 3 Years)
These schemes benefit from
mitigating interest rate volatility
Agressively in
high Duration
High Duration
Medium Duration
Low Duration
Ultra Low Duration
2.39
3. Fixed Income Update
February 2019
ICICI Prudential Banking & PSU Debt
Fund (An open ended debt scheme predominantly
investing in Debt instruments of banks, Public Sector
Undertakings, Public Financial Institutions and
Municipal Bonds)
ICICI Prudential Corporate Bond Fund
(An open ended debt scheme predominantly
investing in AA+ and above rated corporate bonds.)
Accrual Schemes ICICI Prudential Medium Term Bond
Fund (An open ended medium term debt scheme
investing in instruments such that the Macaulay
duration of the portfolio is between 3 Years and 4
Years. The Macaulay duration of the portfolio is 1
Year to 4 years under anticipated adverse situation)
ICICI Prudential Credit Risk Fund (An
open ended debt scheme predominantly investing in
AA and below rated corporate bonds)
These schemes benefit from
capturing yields at elevated
levels.
Dynamic Duration
Scheme
ICICI Prudential All Seasons Bond
Fund (An open ended dynamic debt scheme
investing across duration)
This scheme benefits from
volatility by actively managing
duration.
None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their
financial advisors before investing.
Note: The Macaulay duration is the weighted average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the
present value of the cash flow by the price.
ICICI Prudential Ultra Short Term Fund is suitable for investors who are seeking*:
Short term regular income
An open ended ultra-short term debt scheme investing in a range of debt
and money market instruments
*Investors should consult their financial advisers if in doubt about whether the
product is suitable for them.
ICICI Prudential Savings Fund is suitable for investors who are seeking*:
Short term savings
An open ended low duration debt scheme that aims to maximize income by
investing in debt and money market instruments while maintaining optimum
balance of yield, safety and liquidity
*Investors should consult their financial advisers if in doubt about whether the
product is suitable for them.
ICICI Prudential Short Term Fund is suitable for investors who are seeking*:
Short term income generation and capital appreciation solution
A debt fund that aims to generate income by investing in a range of debt
and money market instruments of various maturities
*Investors should consult their financial advisers if in doubt about whether the
product is suitable for them.
4. Fixed Income Update
February 2019
ICICI Prudential Medium Term Bond Fund is suitable for investors who are seeking*:
Medium term savings
A debt scheme that invests in debt and money market instruments with a
view to maximize income while maintaining optimum balance of yield,
safety and liquidity
*Investors should consult their financial advisers if in doubt about whether the
product is suitable for them.
ICICI Prudential All Seasons Bond Fund is suitable for investors who are seeking*:
All duration savings
A debt scheme that invests in debt and money market instruments with a
view to maximize income while maintaining optimum balance of yield,
safety and liquidity
*Investors should consult their financial advisers if in doubt about whether the
product is suitable for them.
ICICI Prudential Corporate Bond Fund is suitable for investors who are seeking*:
Short term savings
An open ended debt scheme predominantly investing in highest rated
corporate bonds
*Investors should consult their financial advisers if in doubt about whether the
product is suitable for them.
ICICI Prudential Credit Risk Fund is suitable for investors who are seeking*:
Medium term savings
A debt scheme that aims to generate income through investing
predominantly in AA and below rated corporate bonds while maintaining the
optimum balance of yield, safety and liquidity
*Investors should consult their financial advisers if in doubt about whether the
product is suitable for them.
ICICI Prudential Floating Interest Fund is suitable for investors who are seeking*:
Short term savings
An open ended debt scheme predominantly investing in floating rate
instruments
*Investors should consult their financial advisers if in doubt about whether the
product is suitable for them.
5. Fixed Income Update
February 2019
ICICI Prudential Banking & PSU Debt Fund is suitable for investors who are seeking*:
Short term savings
An open ended debt scheme predominantly investing in Debt instruments of
banks, Public Sector Undertakings, Public Financial Institutions and
Municipal Bonds
*Investors should consult their financial advisers if in doubt about whether the
product is suitable for them.
Disclaimer
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
In the preparation of the material contained in this document, the AMC has used information that is publicly available, including information
developed in-house. Information gathered and material used in this document is believed to be from reliable sources. The Fund however does
not warrant the accuracy, reasonableness and/or completeness of any information. For data reference to any third party in this material no such
party will assume any liability for the same. All recipients of this material should before dealing and or transacting in any of the products
referred to in this material make their own investigation, seek appropriate professional advice and carefully read the scheme information
document. We have included statements in this document, which contain words, or phrases such as "will", "expect", "should", "believe" and
similar expressions or variations of such expressions that are "forward looking statements". Actual results may differ materially from those
suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to,
exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our services
and / or investments, the monitory and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange
rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in domestic and foreign
laws, regulations and taxes and changes in competition in the industry. All data/information used in the preparation of this material is dated and
may or may not be relevant any time after the issuance of this material. The AMC takes no responsibility of updating any data/information in this
material from time to time. The AMC (including its affiliates), the Fund and any of its officers directors, personnel and employees, shall not liable
for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of
profit in any way arising from the use of this material in any manner. The recipient alone shall be fully responsible/are liable for any decision
taken on the basis of this material.