G-Secs trading dull as fiscal comes to a close
Mumbai: The currency markets and the interbank call market were closed as banks closed accounts for the fiscal year.

G-Secs: The 7.38 per cent 10-year-benchmark paper closed at Rs105.19/20 (6.67 per cent YTM) slightly higher than the Thursday's close of 105.10 (6.68 per cent YTM).
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Karnataka Bank targets Rs20,000 crore turnover for 2005-06
Mangalore: The Karnataka Bank Ltd has announced plans to target a business turnover of Rs20,000 crore for the fiscal 2005-06 by mobilising deposits of Rs12,500 crore and disbursing advances of Rs7,500 crore during 2005-06.

The bank has also said that it plans to bring down its net NPA to within two per cent.

Apart from launching an Internet banking facility, the bank is also planning to introduce demat services and distribute mutual fund products. A product called `Money Quick' for customer-to-customer remittance, through RTGS, is also on the cards, bank officials said.

The bank intends to take the total number of branches to 400 by the end of March 2006.
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RBI: G-Secs sale to raise Rs.8,000 crore
Mumbai: The Central Government has announced that it would raise Rs8,000 crore through the auction of two dated securities using the multiple price auction method. The Reserve Bank of India will conduct the auctions on April 5.

According to an RBI press release, the Government will raise Rs5,000 crore through the sale (re-issue) of 6.85 per cent Government Stock 2012 and Rs3,000 crore through the sale (re-issue) of 7.95 per cent Government Stock 2032.

Up to five per cent of the notified amount of the sale of both the stocks will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the auction of Government Securities.

Both the stocks will qualify for the ready forward facility.
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IRFC raises 13 bn yen through international bond
Mumbai: Indian Railway Finance Corporation Ltd (IRFC) has issued a five-year international bond worth 13 billion yen. This is the first yen-denominated public issue to come out of India since 1991. Priced at par, the five-year bonds carry a coupon of 1.43 per cent to yield, 70 basis points over Yen swap.

According to a release, a broad range of investors took part with 59 per cent of the allocations going to banks, 29 per cent to fund manager and 12 per cent to insurers. Around 15 per cent of the bonds were placed with Japanese investors, 54 per cent with ex-Japan Asia, and 31 per cent with investors in Europe.

Moody's and Standard & Poor's have rated the bonds Baa3 and BB+.

ABN Amro, Daiwa Securities SMBC and UBS Investment Bank were joint book runners and joint lead managers.
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