ABN-AMRO STRIPS GE CAP's DEBT ISSUE

Article Abstract:

ABN-Amro and GE Capital Services (GECS) have collaborated to develop India's first Separate trading of registered interest and principal of securities (STRIPS) debenture. The Rs25 crore debt issue of GECS is to be solely managed by ABN-Amro. The STRIPS programme permits the breaking up of an instrument into simpler instruments with characteristics resembling bullet bonds or fixed deposits. GECS is to offer its STRIPS debenture for a 3 year period with a semi-annual coupon rate of 13.25 percent. The company will issue 7 detachable STRIPS, with each being separately listed and traded on the National Stock Exchange. (khr)

Electrical & Electronic Equip, Electrical Equipment, Appliance, and Component Manufacturing, Strategic alliances, General Electric Co., GE, ABN AMRO Bank N.V. (Amsterdam, Netherlands)

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RBI LOSES RS1,150 CR IN OPEN MARKET OPERATIONS

Article Abstract:

The Reserve Bank of India has lost about Rs1150 crore through interest differentials in open market operations in 1997-98. The loss is due to its decision to convert Rs20,000 crore special government of India securities of infinite maturity with a coupon rate of 4.6 percent into dated securities and 4-10 year maturity periods with a coupon rate of 11-13 percent. It then sold them to banks through its open market operations. (khr)

Comment:

Has lost about Rs1,150 crore through interest differentials in open market operations in 1997-98

Securities issued, listed, Reserve Bank of India, Article

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