Analyst Research Report Snapshot

Title:

Spark Capital: Banking Weekly – Update for the week ended Feb 15, 2013

Price:

$92.00

Provider:

Spark Capital Advisors(India) Private Limited

Date:

20 Feb 2013

Pages:

9

Type:

AcrobatPDF

Companies referenced:

AXBK.NS BOB.NS BOI.NS CHLA.NS CNBK.NS CRBK.NS CTBK.NS FED.NS HDBK.NS HDFC.NS ICBK.NS IDFC.NS INBA.NS INBK.NS IOBK.NS KARU.NS KTKM.NS LICH.NS LTFH.NS MMFS.NS MNFL.NS MUTT.NS PNBK.NS PWFC.NS RURL.NS SBI.NS SIBK.NS SRTR.NS UNBK.NS VYSA.NS YESB.NS

Available for Immediate Download
Summary:

Banking Weekly – Update for the week ended Dec 28, 2012 What's Inside BSE Bankex performance Bond market update Key news flow during the week Key trend charts on bond yields, yield curve, CDS trends, AAA spreads, TED spreads, CD rates, money market trends and forex market trends Valuation summary of the bank stocks and NBFCs in our coverage Key Takeaways As of Dec 14, 2012, deposit growth stood at 13.35% yoy ending at Rs. 64.3trn, while non-food credit The 10Y is down by 1bps wow ending at 7.83% while 5Y bond yield is down by 2bps wow ending at 7.93%. Spread between 10Y and 6M G-sec yields decreased to (13)bps compared to (9)bps last week . The decrease in spread was led by 2bps increase in the 6M G-Sec yield to 7.96% while 10Y bond yield fell by 1bps wow. 10Y bond yields moved up across the world. US 10Y bond yield moved up by 5bps wow, UK 10Y bond yield was up by 10bps while Chinese 10Y bond yield ended higher by 2bps. Brazil 10Y bond was up by 7bps wow. The 10Y & 5Y AAA spreads were higher by 3bps & 4bps wow respectively ending at 1.10% and 0.95% respectively. CDS rates moved lower for ICICIBC by 8bps while remaining flat for SBIN wow. CD rates moved higher across the tenors wow. The 3M rate was up by 39bps wow; 6M rate was up by 33bps; and 12M rate is up by 44bps respectively. The CD rates for 3M, 6M and 12M tenors currently stand at 9.32%, 9.43% and 9.43% respectively. Liquidity was in deficit during the week with average repo balances averaging Rs. 1.20trn compared to Rs. 0.81trn the week before. Spread between overnight rate and 12M OIS rate stood at 24bps suggesting that market is looking at ~24bps lower rates 12 months from now. The rupee depreciated against the dollar by ~1.2% wow Gold was down wow in INR terms by 1.2% & 2.6% in USD terms.

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