Webinar - India states’ finances and borrowings: The other half of the story
Standard Chartered Bank are sponsoring a series of Euromoney webinars on DCM & securities services tackling the latest industry challenges. Sign up below.
Date: July 19 (Wed)
Time: 9:30 AM (BST) / 2:00 PM (IST) / 4:30 PM (SGT/HKT)
Rashmi Kumar, Editor, GlobalCapital Asia
Rashmi Kumar has been the editor of GlobalCapital Asia since September 1, 2015. Rashmi has worked for the publication since January 2013 when she joined as a loans reporter. She worked her way up through the ranks to becoming senior equity reporter, before being appointed editor. Before joining GlobalCapital Asia, Rashmi worked for Campden Wealth in London as a senior staff writer covering family businesses, family offices and wealth management.
Anubhuti has been providing macroeconomic research for the India economics team since joining the Bank in 2007. She was ranked the best forecaster for India by Bloomberg in 2013 and the second-best forecaster in 2011. She was named the ‘No. 1 Research Person in India' by Asset Benchmark research in 2009. Previously, Anubhuti was with the Securities and Exchange Board of India covering policy research, and was an analyst covering southern European companies for Morgan Stanley Capital International. She holds a Master’s in economics from the Delhi School of Economics.
Nagaraj is a Senior Rates strategist covering Asian Rates markets, based in Singapore. Before joining Standard Chartered in 2010, Nagaraj worked at Barclays Capital, ICICI Bank and CRISIL (an Indian subsidiary of Standard & Poor’s). He has held a variety of roles across financial markets – analytics, structuring and trading. Since 2011, Nagaraj has consistently ranked among the top analysts for India rates research in client surveys such as The Asset Benchmark Survey and the Asiamoney fixed income poll. He is a mechanical engineer and has a Master’s degree in Management from the Indian Institute of Science, Bangalore.
Devesh covers South and Southeast Asia FX strategy, based in Singapore. He provides views on the latest developments in FX markets and recommends trade ideas. He also contributes regularly to media coverage of financial-market developments. Prior to this, Devesh focused on G10 currencies and was responsible for calls on the JPY, AUD and NZD. Standard Chartered was ranked as the No.2 most accurate JPY forecaster by Bloomberg in 2014. Devesh joined the Bank in 2010. He holds a Bachelor’s degree in Computer Science from the Indian Institute of Technology, Guwahati, and an MBA from the Indian Institute of Management, Calcutta.
Understanding where Indian state fiscal deficits are headed is crucial to forming an accurate view of India’s sovereign debt dynamics and assessing implications for the rates market. States’ market borrowing (known as SDLs) is now similar in size to central government issuance and widening state deficits have offset much of the consolidation seen at the central level in recent years.
In this context, we discuss the following issues:
The rise in SDLs issuance: Deteriorating finances and shift in sources of financing
How stressed is FY18 fiscal health amidst farm loan waivers, salary revisions, interest burden and GST?
Not all states finances are equal
SDL yields: Disconnected with fundamentals. Why?
Policy changes: The need of the hour
Is the INR overvalued?
This material has been prepared by Standard Chartered Bank (SCB), a firm authorised by the United Kingdom’s Prudential Regulation Authority and regulated by the United Kingdom’s Financial Conduct Authority and Prudential Regulation Authority. It is not independent research material. This material has been produced for information and discussion purposes only and does not constitute advice or an invitation or recommendation to enter into any transaction.
Some of the information appearing herein may have been obtained from public sources and while SCB believes such information to be reliable, it has not been independently verified by SCB. Information contained herein is subject to change without notice. Any opinions or views of third parties expressed in this material are those of the third parties identified, and not of SCB or its affiliates.
SCB does not provide accounting, legal, regulatory or tax advice. This material does not provide any investment advice. While all reasonable care has been taken in preparing this material, SCB and its affiliates make no representation or warranty as to its accuracy or completeness, and no responsibility or liability is accepted for any errors of fact, omission or for any opinion expressed herein. You are advised to exercise your own independent judgment (with the advice of your professional advisers as necessary) with respect to the risks and consequences of any matter contained herein. SCB and its affiliates expressly disclaim any liability and responsibility for any damage or losses you may suffer from your use of or reliance on this material.
SCB or its affiliates may not have the necessary licenses to provide services or offer products in all countries or such provision of services or offering of products may be subject to the regulatory requirements of each jurisdiction. This material is not for distribution to any person to which, or any jurisdiction in which, its distribution would be prohibited.
You may wish to refer to the incorporation details of Standard Chartered PLC, Standard Chartered Bank and their subsidiaries at http://www.standardchartered.com/en/incorporation-details.html.
© Copyright 2017 Standard Chartered Bank. All rights reserved. All copyrights subsisting and arising out of these materials belong to Standard Chartered Bank and may not be reproduced, distributed, amended, modified, adapted, transmitted in any form, or translated in any way without the prior written consent of Standard Chartered Bank