Bank loans mehange hone ki wajah se ab badi-badi PSU companies ne bond market ka rasta pakad liya hai. REC Limited ka example le toh unhone **₹4,000 Crore** ke bonds issue kiye hain kyunki banks ke extra charges ka burden kaafi badh gaya hai.
Bank loan kyun pad rahe hain mehange?
Bank loans ke saath hidden costs ka load bahut zyada hai. Banks sirf standard lending rate nahi lete, balki usme 'credit risk premium' aur 'business strategy premium' bhi chipka dete hain. High-quality borrowers ke liye ye extra charge 50 se 200 basis points tak badh jaata hai. Isi wajah se companies ko lag raha hai ki bank ke chakkar kaatne se achha hai seedha bond market mein utro.
REC Limited ka fresh example
Abhi haal hi mein REC Limited ne ₹4,000 Crore ka fund raise kiya hai, wo bhi 8.3% ke yield par. Agar wahi paisa bank se uthate toh 8.25% base rate ke upar ye extra premiums milakar cost aur upar chali jaati. Isliye bond market ab PSUs ke liye pehli pasand ban gaya hai.
Liquidity ki tight situation
Market mein liquidity ka scene thoda tight hai. September mein surplus funds ₹11 lakh Crore ke upar the, jo ab kaafi ghat gaye hain. Reserve Bank of India ki activities aur tax outflows ki wajah se ye crunch aaya hai. Iska seedha asar yield par pad raha hai; 10-year AAA-rated PSU bonds ab 8.25% se 8.35% ke range mein trade kar rahe hain.
Investors ke liye kya hai insight?
Jo companies borrowing costs ko smart tareeke se manage kar rahi hain, unke margins safe rahenge. Lekin, liquidity tight hone ka matlab hai ki economy mein capital ka cost badh raha hai. Jo chhoti ya kam rating wali companies hain, unke liye aage chal kar dikkat ho sakti hai kyunki unhe bond market ka access aasani se nahi milega.