ICICI BUYS BACK 2% OF ITS YANKEE BONDS

Article Abstract:

Around two percent of the $150 million Yankee bonds of the Industrial Credit and Investment Corporation of India (ICICI) has been bought back from the US market. This is because the 10- year bonds with an interest rate of 7.55 percent are trading at a sharp discount to the issue price on bad sentiments following Moody's double downgrade of India's sovereign rating. ICICI can buy back around 20 percent of its overseas bonds, as the Reserve Bank of India allows financial institutions to buy back their own overseas debt and debt of other Indian corporates. This 20 percent works out to two percent of the total outstanding stock of Yankee bonds, which have residual maturity of around nine years. (gsh)

Comment:

Purchases back around 2% of $150 mil Yankee bonds from US market

United States

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ICICI APPOINTS KPMG TO IMPLEMENT IT PACKAGE

Article Abstract:

Management consultant, KPMG Peat Marwick, has been appointed by Industrial Credit and Investment Corporation of India (ICICI) to implement an information technology package to integrate its back-office functions of all units. ICICI has already divided its business into three groups-major clients, growth clients and personal finance based on the earlier report of KPMG. The IT package will enable the front end offices of ICICI to quote rates on-line across its entire range of products and undertake on-line risk management by tracking exposures in counter party risks, inflows and borrowing limits. The IT package will also help ICICI to implement its common client strategy and group selling of products. (gsh)

Comment:

Gets contract from ICICI to implement an information technology package to integrate its back-office functions of all units

New orders received, Use of materials & supplies, In-House Computers Services, Computer Systems Design Services, Information technology services, KPMG Peat Marwick

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GECSI LAUNCHES SECOND FLOATING RATE BONDS

Article Abstract:

GE Capital Services India (GECSI) has launched a Rs25 crore bond issue with greenshoe option of Rs25 crore. The bond issue will be open for one year and it will carry a monthly call and put option. The investors have the option to return the bonds to the company at the end of a month if they are not satisfied with the performance of the bonds. GESCI will also have the option to pay the debt on monthly basis if it finds the interest rates moving against it. It has selected National Stock Exchange's average call rates as the benchmark for the issue. (gs)

Comment:

Launches a Rs25 crore bond issue with greenshoe option of Rs25 crore

GE Capital Services (India)

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