Category Archives: Treasury Bonds and Bills

Monthly Economic Watch – October 2017

Content Briefing

  • Monetary Policy Review
  • IMF
  • Inflation
  • M2B & Sector Credit
  • Reserves & Liquidity
  • Currency Movement
  • Government Securities
  • Finance Sector Rate Movement
  • External Sector
  • Tourist Arrivals
  • Global Markets

Read the full report here: Monthly Economic Watch – October 2017

The comments on this report are provided by the Capital Markets Research Unit of First Capital Holdings PLC an investment bank in Sri Lanka.

The company operates in the capital markets of Sri Lanka proving services to invest in Sri Lanka through fixed income securities such as investments in government securities– treasury bills and bonds, stock brokering and share market investments, asset management, private wealth management, retirement planning, personal financial planning, unit trust, margin trading, capital market research, trustee services, corporate finance advisory services including corporate debt structuring (debentures, trust certificates, commercial papers), valuations, restructuring, mergers and acquisitions, initial public offerings (IPOs) and project advisory.

The First Capital Group consists of First Capital Treasuries PLC, First Capital Limited, First Capital Markets Limited, First Capital Asset Management Limited and First Capital Equities (Private) Limited covering Colombo, Negombo, Matara, Kandy and Kurunegala.

MARKET UPDATE ON ADA DERANA ENGLISH NEWS – 15.10.2017

Stock-Brokers-in-Sri-Lanka

First Capital’s Dimantha Mathew with the Market Review on Ada Derana

The comments on this report are provided by the Capital Markets Research Unit of First Capital Holdings PLC an investment bank in Sri Lanka.

The company operates in the capital markets of Sri Lanka in government securities – treasury bills and bonds, stock brokering and share market investments, asset management, private wealth management,  retirement planning, personal financial planning, unit trust, margin trading, capital market research, trustee services, corporate finance advisory services including corporate debt structuring (debentures, trust certificates, commercial papers), valuations, restructuring, mergers and acquisitions, initial public offerings (IPOs) and project advisory. 

The First Capital Group consists of First Capital Treasuries PLC, First Capital Limited, First Capital Markets Limited, First Capital Asset Management Limited and First Capital Equities (Private) Limited covering Colombo, Negombo, Matara, Kandy and Kurunegala.

First Capital’s A- rating reaffirmed by ICRA Lanka

The issuer rating of SL[A-] with stable outlook was reaffirmed for First Capital Holdings PLC (First Capital) by ICRA Lanka Limited, a subsidiary of ICRA Limited, a group company of Moody’s Investors Service.  ICRA Lanka also reaffirmed the issuer rating [SL]A- with stable outlook for First Capital’s standalone primary dealer First Capital Treasuries PLC.  

Investment banks in Sri Lanka, Investment banking in Sri Lanka, Investment companies in Sri Lanka, Share market Investment in Sri Lanka
Investment banks in Sri Lanka, Investment banking in Sri Lanka, Investment companies in Sri Lanka, Share market Investment in Sri Lanka

First Capital Holdings PLC is the holding company for other entities in the financial services space, engaged in making investments and managing its subsidiaries i.e. First Capital Treasuries PLC an authorised Primary Dealer in Government Securities, First Capital Limited involved in structuring and placement of corporate debt and corporate finance advisory services and investments, First Capital Asset Management Limited involved in unit trust and portfolio management; First Capital Markets Limited involved in providing margin trading facilities and dealing and broking of listed debts, First Capital Trustee Services (Pvt) Limited a trustee services provider for corporate debt securities and First Capital Equities (Pvt) Limited engaged in stock broking activities.

However, First Capital Treasuries accounts for 70% of the consolidated assets and 80% of the consolidated net trading income of First Capital for FY2017. The ratings take note of First Capital’s efforts to expand the business and financial performances of the other subsidiaries, which are engaged in corporate debt structuring, corporate finance, asset management, stock broking, extending margin trading facilities and trustee services; however their scale of operations continues to remain moderate. First Capital’s borrowings are largely short term in nature and are used for investment and lending to group entities. The rating factors the First Capital group’s established relationships with banks and financial institutions, providing access to funding. Further, ICRA Lanka expects timely funding support from First Capital Treasuries, considering the liquid nature of its assets.

First Capital, being a holding company derives its income from the dividends from the group entities and income from its investments, which includes interest income and profit from investments. For the FY2017 stand-alone income from investment activities improved (LKR 774 Mn total income in FY2017 vis-a-vis LKR 336 Mn in FY2016), while the share of profit from Subsidiaries increased steeply (LKR 194 Mn in FY2017 vis-à-vis 14 Mn in FY2016).

MARKET UPDATE ON ADA DERANA ENGLISH NEWS – 24.09.2017

Stock-Brokers-in-Sri-Lanka

First Capital’s Senior Analyst Atchuthan Srirangan with the market update – between 19.23 mins to 19.55 mins

The comments on this report are provided by the Capital Markets Research Unit of First Capital Holdings PLC an investment bank in Sri Lanka.

The company operates in the capital markets of Sri Lanka in government securities – treasury bills and bonds, stock brokering and share market investments, asset management, private wealth management,  retirement planning, personal financial planning, unit trust, margin trading, capital market research, trustee services, corporate finance advisory services including corporate debt structuring (debentures, trust certificates, commercial papers), valuations, restructuring, mergers and acquisitions, initial public offerings (IPOs) and project advisory. 

The First Capital Group consists of First Capital Treasuries PLC, First Capital Limited, First Capital Markets Limited, First Capital Asset Management Limited and First Capital Equities (Private) Limited covering Colombo, Negombo, Matara, Kandy and Kurunegala.

MARKET UPDATE ON ADA DERANA ENGLISH NEWS – 17.09.2017

Stock-Brokers-in-Sri-Lanka

First Capital’s Hansanee Baddage with the market update – between 19.31 mins to 19.58 mins

The comments on this report are provided by the Capital Markets Research Unit of First Capital Holdings PLC an investment bank in Sri Lanka.

The company operates in the capital markets of Sri Lanka in government securities – treasury bills and bonds, stock brokering and share market investments, asset management, private wealth management,  retirement planning, personal financial planning, unit trust, margin trading, capital market research, trustee services, corporate finance advisory services including corporate debt structuring (debentures, trust certificates, commercial papers), valuations, restructuring, mergers and acquisitions, initial public offerings (IPOs) and project advisory. 

The First Capital Group consists of First Capital Treasuries PLC, First Capital Limited, First Capital Markets Limited, First Capital Asset Management Limited and First Capital Equities (Private) Limited covering Colombo, Negombo, Matara, Kandy and Kurunegala.

MARKET UPDATE ON ADA DERANA ENGLISH NEWS – 10.09.2017

Stock-Brokers-in-Sri-Lanka

First Capital’s Senior Research Analyst Atchuthan Srirangan with the market update – between 23.02 mins to 23.42 mins.

The comments on this report are provided by the Capital Markets Research Unit of First Capital Holdings PLC an investment bank in Sri Lanka.

The company operates in the capital markets of Sri Lanka in government securities – treasury bills and bonds, stock brokering and share market investments, asset management, private wealth management,  retirement planning, personal financial planning, unit trust, margin trading, capital market research, trustee services, corporate finance advisory services including corporate debt structuring (debentures, trust certificates, commercial papers), valuations, restructuring, mergers and acquisitions, initial public offerings (IPOs) and project advisory. 

The First Capital Group consists of First Capital Treasuries PLC, First Capital Limited, First Capital Markets Limited, First Capital Asset Management Limited and First Capital Equities (Private) Limited covering Colombo, Negombo, Matara, Kandy and Kurunegala.

MARKET UPDATE ON ADA DERANA ENGLISH NEWS – 27.08.2017

Stock-Brokers in Sri Lanka

First Capital’s Head of Research Dimantha Mathew with the market update – between 29.23 mins to 29.55 mins.

The comments on this report are provided by the Capital Markets Research Unit of First Capital Holdings PLC an investment bank in Sri Lanka.

The company operates in the capital markets of Sri Lanka in government securities – treasury bills and bonds, stock brokering and share market investments, asset management, private wealth management,  retirement planning, personal financial planning, unit trust, margin trading, capital market research, trustee services, corporate finance advisory services including corporate debt structuring (debentures, trust certificates, commercial papers), valuations, restructuring, mergers and acquisitions, initial public offerings (IPOs) and project advisory. 

The First Capital Group consists of First Capital Treasuries PLC, First Capital Limited, First Capital Markets Limited, First Capital Asset Management Limited and First Capital Equities (Private) Limited covering Colombo, Negombo, Matara, Kandy and Kurunegala.

First Capital Fixed Income Recommendation – August 2017

  • Economic Health Score

  • Recommendation

  • Recap of Dec 2016 Economic Wrap

Read the full report – First Capital Fixed Income Recommendation August 2017

 

The comments on this report are provided by the Capital Markets Research Unit of First Capital Holdings PLC an investment bank in Sri Lanka.

The company operates in the capital markets of Sri Lanka proving services to invest in Sri Lanka through fixed income securities such as investments in government securities– treasury bills and bonds, stock brokering and share market investments, asset management, private wealth management,  retirement planning, personal financial planning, unit trust, margin trading, capital market research, trustee services, corporate finance advisory services including corporate debt structuring (debentures, trust certificates, commercial papers), valuations, restructuring, mergers and acquisitions, initial public offerings (IPOs) and project advisory.

The First Capital Group consists of First Capital Treasuries PLC, First Capital Limited, First Capital Markets Limited, First Capital Asset Management Limited and First Capital Equities (Private) Limited covering Colombo, Negombo, Matara, Kandy and Kurunegala.

MARKET UPDATE ON ADA DERANA ENGLISH NEWS – 13.08.2017

Stock-Brokers in Sri Lanka

First Capital’s Head of Research Dimantha Mathew with the market update – between 19.22 mins to 19.59 mins.

The comments on this report are provided by the Capital Markets Research Unit of First Capital Holdings PLC an investment bank in Sri Lanka.

The company operates in the capital markets of Sri Lanka in government securities – treasury bills and bonds, stock brokering and share market investments, asset management, private wealth management,  retirement planning, personal financial planning, unit trust, margin trading, capital market research, trustee services, corporate finance advisory services including corporate debt structuring (debentures, trust certificates, commercial papers), valuations, restructuring, mergers and acquisitions, initial public offerings (IPOs) and project advisory. 

The First Capital Group consists of First Capital Treasuries PLC, First Capital Limited, First Capital Markets Limited, First Capital Asset Management Limited and First Capital Equities (Private) Limited covering Colombo, Negombo, Matara, Kandy and Kurunegala.

Monthly Economic Watch – August 2017

Monetary Policy Review – Aug 2017

Policy rates unchanged

  • The recovery of the agriculture related activities and the positive performance of the industry and services related activities together with the reinstatement of GSP+ facility are expected to contribute to economic growth. Headline inflation moderated at a faster pace to 4.8% in Jul 2017.
  • Private sector credit growth further decelerated to 18.6% in June 2017 compared to 18.9% in May 2017 owing to high nominal and real interest rates prevailed in the market.
  • Despite improved export performance, a sustained increase in import expenditure resulted in a trade deficit of USD 4.2Bn till May 2017
  • Gross official reserves dipped to USD 6.7Bn in July from USD 7.0Bn in Jun 2017. Sri Lanka received the third tranche of the IMF-Extended Fund Facility (EFF) amounting to USD 167.2Mn. Both the government securities market and the Colombo Stock Exchange experienced noticeable foreign inflows.
  • Accordingly policy rates were decided to be maintained at,
    • Standing Deposit Facility Rate – 7.25%
    • Standing Lending Facility Rate – 8.75%
    • Statutory Reserve Ratio (SRR) – 7.50%

Read the full report here: Monthly Economic Watch – August 2017

The comments on this report are provided by the Capital Markets Research Unit of First Capital Holdings PLC an investment bank in Sri Lanka.

The company operates in the capital markets of Sri Lanka proving services to invest in Sri Lanka through fixed income securities such as investments in government securities– treasury bills and bonds, stock brokering and share market investments, asset management, private wealth management,  retirement planning, personal financial planning, unit trust, margin trading, capital market research, trustee services, corporate finance advisory services including corporate debt structuring (debentures, trust certificates, commercial papers), valuations, restructuring, mergers and acquisitions, initial public offerings (IPOs) and project advisory.

The First Capital Group consists of First Capital Treasuries PLC, First Capital Limited, First Capital Markets Limited, First Capital Asset Management Limited and First Capital Equities (Private) Limited covering Colombo, Negombo, Matara, Kandy and Kurunegala.