Whalesbook
Dekho, ab tak India ka bond market, khaas kar corporate bonds wala, thoda slow tha. Liquidity ki problem thi, matlab shares ko kharidna-bechna mushkil hota tha. Investors apna paisa maturity tak hold karte the, jisse exit karna tough ho jaata tha. Isliye companies ko long-term funding milne mein bhi dikkat aati thi. Aur municipal bonds ka toh scene hi alag tha, cities ko infrastructure ke liye paisa chahiye tha par bond issue karna unke liye bhi challenging tha.
Issi ko theek karne ke liye Budget mein bola gaya hai ki ab corporate bonds ke liye market-making framework layenge. Isse price discovery achhi hogi aur trading continuous chalegi. Plus, corporate bond indices par Total Return Swaps (TRS) jaise derivatives bhi aayenge. Ye kya hai? Simple bhasha mein, investors direct bond khareede bina uske returns enjoy kar sakte hain. Isse risk manage karna easy hoga aur bade institutional investors jaise insurers, pension funds bhi aa sakte hain. Aim hai ki bid-ask spread kam ho aur liquidity ki problem solve ho.
Aur cities ke infrastructure ke liye bhi good news hai! Agar koi municipal bond issue ₹1,000 Crore se upar ka hoga, toh uske liye ₹100 Crore ka incentive milne wala hai. Isse Mumbai, Bengaluru, Delhi jaise bade shehron ko madad milegi. Purani scheme, AMRUT 2.0, bhi chalti rahegi, jismein chote ULBs ko bond issue karne par ₹13 Crore per ₹100 Crore tak ka interest subvention milega, jo ₹26 Crore tak capped hai. Green bonds ke liye bhi provision hai.
Toh overall, yeh saare changes bond market ko aur lively aur strong banayenge. Companies ke liye funding ka cost kam ho sakta hai aur zyada investors aa sakte hain. Municipalities ko borrowing easy hogi infrastructure projects ke liye. Yeh government ke ₹12.2 lakh crore ke capital expenditure plan for FY27 ke saath bhi match karta hai. Haan, apna bond market abhi bhi equity market ya global markets ke comparison mein thoda chota aur less mature hai, toh abhi develop hone ki kaafi scope hai.