Mumbai: India Inc continued to lap up debt in the January-March quarter, with proceeds touching USD 14.9 billion, a 29.9 percent jump from a year ago.
This is the highest bond sale in the quarter under review since 2013 when companies had scooped up a whopping USD 21.4 billion in debt.
Of the total pie, offshore US dollar-denominated bond market reached the USD 3.1 billion mark during the reporting period, a 52.6 percent increase from a year earlier. In terms of number of issuance, the same doubled, according to Thomson Reuters data.
Reliance Industries led the pack with a 10-year US dollar bond, raising USD 990 million at 4.125 percent rate in January. A few weeks later, RIL raised USD 741.5 million more from a 30-year US-dollar bond sale.
At USD 10.8 billion, the financial sector accounted for 72 percent market share during the quarter in question, a 34.5 percent jump in proceeds as against the first quarter of 2014.
Out of the total the rupee bonds dominated the scene with Power Finance Corp raising Rs 4,440 crore, Rural Electrification Corp Rs 2325 crore and Power Grid Corp 2580 crore.
In total the rupee-denominated bonds touched Rs 76,820 crore in the January-March quarter, up 33.3 per cent compared to the same period last year when it had stood at Rs 57630 crore.
This is the highest first quarter period since 2013 when proceeds reached a record high of Rs 85,760 crore.
The financials sector accounted for 77.4 percent of the rupee bonds market with Rs 59,470 crore, which was a 64 percent in increase from a year ago period when it had stood at Rs 36260 crore.
Issuance from energy & power firms with Rs 8680 crore, increased 103.6 percent compared to the quarter last year, accounting for 11.3 percent of the market share.
Axis Bank topped the ranking in underwriting, with related proceeds of USD2.3 billion from 49 deals, accounting for 15.3 percent market share.
However, in terms of fees, Citi took the lead with USD3.4 million of the total fees of USD23.1 million, which rose 87.3 percent year-on-year.
