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Home  :  Debt Intermediation  :  Debt - Institutional Dealing

Introduction

While the Fixed Income Market in India has attained some depth and maturity in government Securities, the Corporate Bonds Market is yet to reach even close to the same level. However, with a heightened focus on treasury operations by Banks and increase in the number of market participants, the market is in a high growth phase. The Institutional Dealing Team at Darashaw is amongst the Top 3 intermediaries in the secondary market for corporate Bonds, and as knowledge provider, services the investment needs of the participants.

Core Functions of the team

  • Intermediation services in the Secondary Corporate Bond market to Darashaw’s client base which includes around 200 investors comprising Banks, Financial Institutions, Primary Dealers, Mutual Funds, Insurance Companies, Pension & Provident Funds and Corporates.

  • Structured Deals in conjunction with the Investment Banking Team

  • Knowledge sharing through Daily Deal Records & Weekly market Analysis. The Daily Deal Record is used, besides our clients, by News Wires and by CRISIL for its Valuation Matrix.

  • Link between the Wholesale Debt Market and the Retail Market

Future Outlook

The Corporate Bond Market today is only around 3% of the market for Government Securities in India, while Internationally the Corporate Bond Markets are larger than the Treasury Bond Markets. This alone presents a strong argument for high growth. A greater focus on Treasury operations by Banks and faster settlements through dematerialisation of Securities has contributed to the growth of the market.

The investor base is increasing every year with more Mutual Funds, Insurance Companies and Corporates entering the market. One of the largest investors worldwide, the Pension & Provident Funds, need to be recognized as mainstream investors and the norms governing their investments need to be relaxed.

With greater flexibility and freedom of investing, the participants will grow and the Indian Corporate Bonds market will evolve into a stronger, more vibrant & liquid market.

 
 

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