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.
Global Markets posted gains in the month of April cheering the fiscal stimulus measures of Global Central Banks along with flattening of COVID-19 infection curve. Indian Markets (Nifty 50 Index) too ended in positive territory with 14.7% returns. A rebound in oil prices, encouraging early results from COVID-19 treatment trial and expectations of further stimulus measures by the governments contributedto the global market gains.
Our „VCTS‟ framework is currently indicating that, Valuations - are reasonable for long term investments, Cycle – Business Cycle has bottomed out, Trigger would be the trajectory of COVID-19 growth curve and vaccine development and Sentiments – around equity as an asset class is negative due to muted past returns and relatively low FPI flows. We recommend that it is a good time to accumulate equities and stay invested for long term across market cycles.
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
• Historically, financial crisis have generally occurred due to endogenous factors – economic imbalances like high crude prices, high inflation, etc. This time it is different since macros being stable, the current crisis is the result of an external factor i.e. COVID-19
• India’s long term growth story remains intact since it is better placed in terms of fundamentals
• We believe, Emerging Markets have the potential to recover better than Developed Markets & that Value as a theme performs better than Growth during recovery phase. Hence, we recommend investing in ICICI Prudential Value Discovery Fund
• Owing to the temporary economic crisis due to COVID-19, we recommend investing in ICICI Prudential India Opportunities Fund
• Given further uncertainty regarding the spread of COVID-19, volatility is expected to prevail. We recommend investing in ICICI Prudential Balanced Advantage Fund to manage volatility • We remain positive on the Smallcap space as valuations are reasonable & recommend investing in ICICI Prudential Smallcap Fund
• Post any crisis, sectoral leadership has changed in the past. Aim to invest in future potential leaders through ICICI Prudential Focused Equity Fund
We believe that the divergence between Value and Growth stocks continues to prevail, & that volatility is a factor which is inherent in equity as an asset class.
• 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.
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
Global Markets posted gains in the month of April cheering the fiscal stimulus measures of Global Central Banks along with flattening of COVID-19 infection curve. Indian Markets (Nifty 50 Index) too ended in positive territory with 14.7% returns. A rebound in oil prices, encouraging early results from COVID-19 treatment trial and expectations of further stimulus measures by the governments contributedto the global market gains.
Our „VCTS‟ framework is currently indicating that, Valuations - are reasonable for long term investments, Cycle – Business Cycle has bottomed out, Trigger would be the trajectory of COVID-19 growth curve and vaccine development and Sentiments – around equity as an asset class is negative due to muted past returns and relatively low FPI flows. We recommend that it is a good time to accumulate equities and stay invested for long term across market cycles.
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
• Historically, financial crisis have generally occurred due to endogenous factors – economic imbalances like high crude prices, high inflation, etc. This time it is different since macros being stable, the current crisis is the result of an external factor i.e. COVID-19
• India’s long term growth story remains intact since it is better placed in terms of fundamentals
• We believe, Emerging Markets have the potential to recover better than Developed Markets & that Value as a theme performs better than Growth during recovery phase. Hence, we recommend investing in ICICI Prudential Value Discovery Fund
• Owing to the temporary economic crisis due to COVID-19, we recommend investing in ICICI Prudential India Opportunities Fund
• Given further uncertainty regarding the spread of COVID-19, volatility is expected to prevail. We recommend investing in ICICI Prudential Balanced Advantage Fund to manage volatility • We remain positive on the Smallcap space as valuations are reasonable & recommend investing in ICICI Prudential Smallcap Fund
• Post any crisis, sectoral leadership has changed in the past. Aim to invest in future potential leaders through ICICI Prudential Focused Equity Fund
We believe that the divergence between Value and Growth stocks continues to prevail, & that volatility is a factor which is inherent in equity as an asset class.
• 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.
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
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.
Currently, valuations seem reasonable for long term investment, Business Cycle has bottomed out and relatively low FII flows have been recorded. Our framework suggests that it is time to accumulate equities and stay invested for long term.
Indian equities surged in the month of March in a catch-up rally after months of range-bound trading on the back of easing inflation giving rise to expectation of lower interest rates, strengthening rupee and record foreign investor flows. Indian equities rose by 7.8 per cent during the month.
Read the full document to know more.
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.
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.
Monthly market outlook (July 2021) | ICICI Prudential Mutual Fundiciciprumf
Valuations are not cheap but the business cycle remains in the nascent phase. Read our Monthly Market Outlook for July 2021 to understand more about Equity Markets and Fixed Income Markets.
Indian equity indices ended lower in May 2020 owing to
concerns about rise in domestic Covid-19 cases and extension of the nationwide lockdown. Benchmarks S&P BSE Sensex and Nifty 50 declined 3.84% and 2.84%, respectively in May 2020.
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 that the divergence between Value & Growth stocks continues to prevail. Currently, fundamentally sound value stocks are available at inexpensive valuations & have better earnings visibility. Read our Equity Update for August 2020
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.
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.
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.
In its effort to breathe new life into the Indian corporate bond market, the Reserve Bank of India (RBI) announced a slew of measures. RBI’s measures included, allowing corporate bonds to be accepted under the liquidity adjustment facility, higher ceiling on credit enhancements, providing Foreign Portfolio investors (FPIs) direct access to bond trading platforms and increasing the risk weightages for non-rated corporate borrowers. These measures are intended to further market development, enhance participation, facilitate greater market liquidity and improve communication.
In the current issue of Economy Matters, the Focus of the month is on ‘Towards a Vibrant Corporate Bond Market & Developments in State Finances’. In Domestic Trends, we present analysis of the trends emanating out of the recent releases on GDP, IIP, Inflation, Trade, Balance of payment and Monsoon progress. Corporate performance in 1QFY17 has been analysed as well. In Policy Focus, we present the highlights of the key policy documents released during August-September 2016. Analysis of monetary policy stance of central banks of US, Japan and UK is covered in Global Trends.
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.
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.
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.
Currently, valuations seem reasonable for long term investment, Business Cycle has bottomed out and relatively low FII flows have been recorded. Our framework suggests that it is time to accumulate equities and stay invested for long term.
Indian equities surged in the month of March in a catch-up rally after months of range-bound trading on the back of easing inflation giving rise to expectation of lower interest rates, strengthening rupee and record foreign investor flows. Indian equities rose by 7.8 per cent during the month.
Read the full document to know more.
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.
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.
Monthly market outlook (July 2021) | ICICI Prudential Mutual Fundiciciprumf
Valuations are not cheap but the business cycle remains in the nascent phase. Read our Monthly Market Outlook for July 2021 to understand more about Equity Markets and Fixed Income Markets.
Indian equity indices ended lower in May 2020 owing to
concerns about rise in domestic Covid-19 cases and extension of the nationwide lockdown. Benchmarks S&P BSE Sensex and Nifty 50 declined 3.84% and 2.84%, respectively in May 2020.
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 that the divergence between Value & Growth stocks continues to prevail. Currently, fundamentally sound value stocks are available at inexpensive valuations & have better earnings visibility. Read our Equity Update for August 2020
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.
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.
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.
In its effort to breathe new life into the Indian corporate bond market, the Reserve Bank of India (RBI) announced a slew of measures. RBI’s measures included, allowing corporate bonds to be accepted under the liquidity adjustment facility, higher ceiling on credit enhancements, providing Foreign Portfolio investors (FPIs) direct access to bond trading platforms and increasing the risk weightages for non-rated corporate borrowers. These measures are intended to further market development, enhance participation, facilitate greater market liquidity and improve communication.
In the current issue of Economy Matters, the Focus of the month is on ‘Towards a Vibrant Corporate Bond Market & Developments in State Finances’. In Domestic Trends, we present analysis of the trends emanating out of the recent releases on GDP, IIP, Inflation, Trade, Balance of payment and Monsoon progress. Corporate performance in 1QFY17 has been analysed as well. In Policy Focus, we present the highlights of the key policy documents released during August-September 2016. Analysis of monetary policy stance of central banks of US, Japan and UK is covered in Global Trends.
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.
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.
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.
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.
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.
Fixed Income Update (September 2021) | ICICI Prudential Mutual Fundiciciprumf
As highlighted in our earlier communication, we continue to believe in the gradual withdrawal of monetary stimulus and recommend following Accrual Strategy and Active Duration strategy.
Interbank call money rates remained near the RBI’s repo rate of 5.40% in the month due 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 the short term.
Read the full document to know more.
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.
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.
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.
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.
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
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.
"Tide is Turning" aims to simplify key pointers pertaining to the recent RBI's policy. It details newly introduced Standing Deposit Facility (SDF) and how with SDF, LAF (Liquidity Adjustment Facility) corridor will be restored back to pre-pandemic levels. Floating rate bonds can provide necessary cushion in such an rising rate environment.
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
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.
Know more: https://bit.ly/3UuS9x8
#ICICIPrudentialMutualFund #LargeCapFund #MidCapFund #MutualFunds #Investment
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!
#ICICIPrudentialMutualFund #MonthlyMarketOutlook #October #Investment #MutualFunds
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
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
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@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
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
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
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
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
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
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
1. May 2020
Interbank call money rates remained below the RBI’s repo rate of 4.4% in April,
amid surplus liquidity in the system. The central bank periodically infused funds
through targeted long-term repo auctions (TLTRO), primarily aimed at providing
liquidity to small- and mid-sized companies impacted by the Covid-19 disruptions.
Currency in circulation rose 14.5% on-year in the week ended April 17, 2020,
compared with 15.8% growth a year ago. The RBI, via its liquidity window,
absorbed Rs 4751.55 billion on a net daily average basis in April 2020, compared
with net liquidity absorption of Rs 2974.92 billion in March 2020.
Bank credit growth rose 7.2% on-year in the fortnight ended April 10, 2020,
compared with 6.1% on-year growth reported in the fortnight ended March 13,
2020.
Source: CRISIL, data as on Apr 30, 2020
Macro Update
Macro Economy Data Release
Indicator Latest Update Previous Update
IIP 4.50% (March) 2.08% (February)
GDP 4.7% (3QFY20) 5.1% (2QFY20)
USD/INR 75.12 (April) 75.68 (March)
WPI 1.00% (March) 2.26% (February)
CPI 5.91% (March) 6.58% (February)
Credit Spread Data in basis points
Tenure AAA AA A
1Y 2.32% 2.80% 3.36%
3Y 1.30% 1.85% 2.74%
5Y 1.17% 1.80% 2.82%
10Y 1.01% 1.76% 2.81%
Average Liquidity Support by RBI
Rs -4751.55 billion (Includes: LAF, MSF, SLF & Term Repo)
Bank Credit Growth Bank Deposit Growth
7.2% 9.5%
Money Market
Tenure CD Change* CP Change*
1M 4.20 -40 5.25 -45
3M 4.40 -25 6.00 30
6M 5.10 -35 6.40 -25
12M 5.30 -30 6.80 -40
Bond Market
Tenure G-Sec Change* AAA CB Change*
1Y 3.93 -69 5.90 0
3Y 4.72 -63 6.08 -7
5Y 5.17 -42 6.40 0
10Y 6.11 -1 7.22 10
* Change in basis points (bps) 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 – Certificateof Deposit, CB – Corporate Bond, IIP – India Industrial Production, CPI
– Consumer Price Index, WPI – Wholesale Price Index, CAD – Current Account Deficit, GDP – Gross
Domestic Product
Crude: London Brent crude oil prices rose 11% in April to close at $25.27 per
barrel on 30th day of the month vis-à-vis $22.74 per barrel on March 31, 2020 on
the International Petroleum Exchange (IPE). Oil prices started the month on a
positive note after President Donald Trump tweeted about expectations that Saudi
Arabia and Russia will sign production cut agreement. Further hopes that OPEC
and its allies (OPEC+) would deliver an output cut and end the price war between
Saudi Arabia and Russia also kept price elevated. Gains were, however, capped
mainly on the back of – a) doubts that OPEC+ output cut deal will not be enough
to offset losses in demand caused by rapid spread of coronavirus pandemic and b)
oversupply woes due to scarcity of storage place in response to drying demand.
Inflation: Retail inflation, based on Consumer Price Index (CPI) fell for the second
consecutive month to 5.9% in March 2020, from 6.6% in February 2020. Food
inflation was back in single digits.
Currency: The rupee strengthened towards the end of April, ending the month at
Rs 75.12 against the US dollar, vis-à-vis Rs 75.68 to a dollar on March 31, 2020.
Gilts: Gilts ended April little changed despite volatility throughout the month. Yield
on the 10-year benchmark 6.45% 2029 paper settled at 6.11% on April 30, 2020,
compared with 6.12% on March 31, 2020.
Source: CRISIL, data as on Apr 30, 2020
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
FIXED INCOME UPDATE
Fixed Income Update
2. The Benchmark Government Security ended the month at 6.11% lower by 65 bps from a month ago. While, the 3 year AAA, AA and A rated
corporate bond yields ended at 6.08%, 6.63% and 7.08% respectively.
The month saw a slew of measures from the RBI to help ease financial conditions and preserve financial stability.
First, effective policy rates have been cut 115 bps.
Second, a large quantum of interbank liquidity has been added (~Rs 3 trillion) to the large surplus that already existed, taking the surplus
to over Rs. 7 trillion. Together, these actions have meant the effective overnight interbank rate (TREPS) has fallen by about 150 bps
compared to mid-March.
Furthermore, to try and direct system liquidity to different parts of the financial system, the RBI announced targeted long term repos
(TLTROs) via banks for corporate bonds and NBFCs.
Also, in response to mutual fund redemption pressures, a temporary window for banks to lend to mutual funds has also been opened.
Separately, a moratorium of repayments to end borrowers for three months was announced, which is outside the three-month NPA
definition, effectively providing a six-month reprieve.
(Source: ww.rbi.org)
While monetary policy has ensured adequate surplus liquidity, the fiscal will also have an important role to play to help reduce the risk aversion
in the banking system through partial loan guarantees, absorbing the first loss on these loans and bank recapitalisation. Going forward, we
expect to see fiscal and monetary policy to combine astutely to prevent amplification of the shocks to the economy in the near term while
avoiding distortions in the medium term.
These measures are mainly intended to reduce term and spread premium which is prevalent across the yield curve and across various credit
instruments. In the short run, most likely this will result in a spread compression of the most credit-worthy names, and thereby exacerbate the
“flight to quality” that is a common phenomenon during periods of crisis. However, once the risk capital improves, market participants will start
their search for yields and this will result in corporate securities rated below AAA to see spread compression, till that time investors can benefit
from the higher carry on such spread assets. RBI’s introduction of TLTROs may nudge banks to participate in the corporate bond market which
may further help in the normalization of the credit spread.
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.
We continue to re-emphasize that accrual space remains attractive due to Valuation comfort (Spread between accrual schemes and repo),
Negative Sentiments associated with the accrual space and negative industry flows and all time high spread over repo in the accrual space
provides a good margin of safety. We continue to stick to our strong Credit selection process and we remain cognizant of managing the
liquidity, concentration, credit and duration in our accrual portfolios to provide investors with better risk adjusted returns. We recommend
investors who wish to benefit from volatility to invest in Dynamic Duration Schemes.
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.
Debt Valuation Index
Our Outlook
3. Our Recommendation
Our Recommendations
Cash
Management
Schemes
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 Macau- lay duration of the portfolio is between 6 months and 12
months.)
These schemes aim
to benefit from better
risk adjusted returns
Short Duration
Schemes
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)
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.)
These schemes aim
to benefit from
mitigating interest
rate volatility
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 aim
to 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 aims to
benefit 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.
Riskometers
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.
4. 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.
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. 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.
Mutual Fund investments are subject to market risks, read all scheme related documents
carefully.
In preparation of the material contained in this document, ICICI Prudential Asset Management Company Limited (the AMC) has used information that is
publicly available, including information developed in-house. Some of the material used in the document may have been obtained from members/persons other
than the AMC and/or its affiliates and which may have been made available to the AMC and/or to its affiliates. Information gathered and material used in this
document is believed to be from reliable sources. The AMC, however, does not warrant the accuracy, reasonableness and / or completeness of any
information. We have included statements / opinions / recommendations 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
monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or
prices etc. The AMC (including its affiliates), the Mutual Fund, the trust and any of its officers, directors, personnel and employees, shall not be 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 this material. All figures
and other data given in this document are dated and the same may or may not be relevant in future. The information contained herein should not be construed
as a forecast or promise nor should it be considered as an investment advice. Investors are advised to consult their own legal, tax and financial advisors to
determine possible tax, legal and other financial implication or consequence of subscribing to the units of ICICI Prudential Mutual Fund. The sector(s)/stock(s)
mentioned in this communication do not constitute any recommendation of the same and ICICI Prudential Mutual Fund may or may not have any future
position in these sector(s)/stock(s). Past performance may or may not be sustained in the future. The portfolio of the scheme is subject to changes within the
provisions of the Scheme Information document of the scheme. Please refer to the SID for more details.
The information contained herein is only for the purpose of information and not for distribution and do not constitute an offer to buy or sell or solicitation of any
offer to buy or sell any securities or financial instruments in the United States of America ("US") and/or Canada or for the benefit of US persons (being persons
falling within the definition of the term "US Person" under the US Securities Act, 1933, as amended) or persons residing in Canada.
Disclaimer