Optimism is building ahead of the listing of National Highways Authority of India (NHAI) ~10,000-crore bond issue. Market players are expecting a repeat of the bumper profits seen last year when State Bank of India (SBI) bonds were listed.
High net worth individuals (HNIs) who'd failed to get their desired quantity of bonds due to the huge oversubscription are still trying off-market deals. The HNI saw demand worth ~8,120 crore against ~3,000 crore of bonds on sale. The institutional category saw demand for ~24,533 crore against ~4,000 crore for sale.
The grey market premium for NHAI bonds, ~5 when the issue closed for subscription on January 6, has now jumped to ~22. This means punters expect the bond to list at least ~22 above its face value of ~1,000, with considerable volumes in the market.
Similarly, the grey market premium for the ~5,000-crore Power Finance Corporation (PFC) bond has also rallied from ~5 to ~17- 18, dealers from broking firms here said. The NHAI listing will be followed with PFC's in mid-February.
Both had closed well before the last subscription date, due to heavy over-subscription.
The markets are excited about NHAI bonds, expected to list next Monday or Tuesday. It should be a repeat of the SBI bond listing. Also, bond holders are likely to get more money, as the cut-off date of interest payment, March 31, is near. HNIs do not want to let go of this opportunity.
The premium being offered in the grey market for SBI bonds then was ~320 per bond with a face value of ~10,000. The SBI Bond 'N' series was listed at a premium of ~365 on the National Stock Exchange against the face value of ~10,000. During the day, the counter also touched a high of ~10,385 before it closed at ~10,250.
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