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[ad_1] Explainer: Part of the U.S. yield curve just inverted – Does that mean a recession is coming? [ad_2] Source link

[ad_1] PSU coal miner Coal India (CIL) is likely to open FY23 with a pithead stock of 60 million tonne (mt) as against 99 mt in the last fiscal year. Despite such large pithead stocks at the opening of the last fiscal, the country had to face a power crisis. The miner had to despatch coal on an emergency basis to the power plants and cut down on its non-core and e-auction supplies.But CIL is confident that coal shortage won’t lead to power cuts in the current fiscal. The average stockpile at the power plants is expected to rise to around 25 mt by the close of the fiscsal and an additional 4.5 mt would be available at goods sheds, washeries, and ports. Power houses without power purchase agreements (PPA), already eligible for participation under a separate auction window called SHAKTI B(viii-a), would be able to get the supplies of coal from that window, a CIL executive said, adding the company was focused on meeting its despatch commitment to the country’s power stations as the supply numbers indicate. Indigenous coal stock at power houses stood at 23.7 mt as of March 24, according to the Central Electricity Authority (CEA)-monitored figures. In fact, after a supply crunch to the power sector, when coal stocks were at an average of 10.37 mt in September and 8.07 mt in October last year, CIL offered a total of an additional11.2 mt of coal in two rounds on an ‘as is where is’ basis to boost coal stocks at the generating units. The offer was made to 12 central and state gencos from CIL’s highly-stocked mines through a road-cum-rail mode. The CEA mandated a new coal stock norm of 17 days at the pithead plants and 26 days of coal stock norms at non-pithead stations, and CIL starting to build up stocks gradually took the country’s 136 power plants’ stock position to an average of 18.95 mt in November last year, an average of 9.5 days. With an average 25 mt of stock, power plants would have a little above 12 days stock, much below the mandated 17 days and 26 days by the fiscal end. However, CIL said it would meet 98% of the projected coal demand of power plants and would continue to supply the regulated sector on a priority basis. The state-owned coal miner, till March 24 of the ongoing fiscal, has supplied an all time high of 528 mt of coal to the country’s power utilities. This is 98.5% of the prorated demand of 536 mt projected by the power ministry and the CEA. “CIL is cognizant of the importance of meeting increased coal demand of power sector as the generation will step into higher orbit with the advent of summer. With sufficient coal in the system and stepping up its production, CIL is geared to meet the summer demand,” a CIL executive said. With 35 mt of coal lifted through special forward e-auction window, meant for power sector, the year-on-year growth was 53% till date. “CIL’s priority is ensuring adequate supplies to the power sector and see that the nation gets power at just price. The aim is to securitise energy at least cost,” CIL’s executive said. [ad_2] Source link

[ad_1] As the end of the first quarter of 2022 approaches, the expected blossoming of the non-QM lending space in the private label market is well underway.  Some three dozen non-QM securitizations sponsored by about two dozen different entities have made their way to bond-rating firms so far in 2022. This year’s non-QM volume numbers are impressive, up nearly threefold over the first three months of this year, compared with 2021. The figures are drawn from the prime and nonprime (or non-QM) residential mortgage-backed securities deals tracked by Kroll Bond Rating Agency (KBRA).  Year to date as of March 25, a total of 29 non-QM securitizations were completed or underway valued at $12 billion, compared to 17 deals valued at $4.8 billion over the first full three months of 2021, the most recent KBRA’s data show. An additional eight non-QM securitization offerings were active over the first three months of this year as well but didn’t show up among the deals tracked by KBRA — although they were rated by other agencies, such as Fitch Ratings.  If those eight non-QM private label transactions are added into the mix, the total number of deals over the period rises to 37 valued at $15.2 billion.  With mortgage rates now hovering around 5%, compared with 3% or lower for much of last year, the low-hanging fruit of the refinancing market is now pretty much picked over. Consequently, the hunt is on for opportunities in the purchase market, and that’s why non-QM lending is expected to become a sweet spot in the mortgage market, according to industry observers. In fact, executives at several legacy lenders in the non-QM market said they fully expect competition in the space to heat up across the mortgage arena. “Everyone, in one form or another, will look into the non-QM sector [in 2022] and figure out where their tolerances are in terms of trying to do the business, and across the board that will happen,” said Thomas Yoon, president and CEO of non-QM lender Excelerate Capital, based in Newport Beach, California. “I think the mega-platforms, like the loanDepots, Rocket Mortgages and UWMs — they will get into non-QM, but they will do it in a very small sector because of the manual nature [of underwriting non-QM loans] and the expertise needed.  “It’s virtually impossible for them to do that at scale,” Yoon added. “They would have to reinvent a different department, a different company to actually do that properly.” The sponsors and loan aggregators in the private label securities (PLS) deals that have come to market so far this year include affiliates of real estate investment trusts, private equity firms as well as more familiar names in the non-QM space, such as Verus Mortgage Capital, Ellington Financial, Angel Oak and Deephaven Mortgage. Not on the list of PLS dealmakers so far are the large, publicly traded originators that Yoon referred to, like United Wholesale Mortgage(UWM) or Homepoint — both of which recently announced new non-QM product launches. UWM recently rolled out bank statement loans targeting the self-employed as well as investor loans. Likewise, Homepoint is unveiling bank-statement loans as well as non-QM cash-flow loans for real estate investors. (Several other big nonbanks have investor loan products as well.) Non-QM mortgages include loans that cannot command a government, or “agency,” stamp through Fannie Mae or Freddie Mac. Non-QM loans typically make use of alternative-income documentation because borrowers cannot rely on conventional payroll records or otherwise fall outside agency credit guidelines. The pool of non-QM borrowers includes real estate investors, property flippers, foreign nationals, business owners, gig workers and the self-employed, as well as a smaller group of homebuyers facing credit challenges, such as past bankruptcies.  “Non-QM guidelines iterate on a quarterly basis, sometimes on a monthly basis,” Yoon said. “Unlike agency loans that stay pretty stagnant for a period of time, non-QM is ever-changing as the market evolves.  “So, that requires a lot of manpower and expertise. Imagine a mega-platform having to dive into that and move. It would be virtually impossible.” Unlike the smaller nonbank lenders and investment firms specializing in non-QM lending, however, large platform lenders like UWM and Homepoint have a different agenda in pursuing that market. They see non-QM as an expansion of the product menu, not the main course.  “I think people talk about non QM because it’s something different, but … run the numbers … and you’ll see that it’s like less than 5% to 10% of business,” said Mat Ishbia, president and CEO of Pontiac, Michigan-based UWM, in a recent HousingWire podcast interview. “…We’re not going to be doing $30 billion in non-QM, but at the same time, if it moves the needle a little bit and helps brokers succeed, then we’re going to do it.” Will Pendleton, senior managing director and head of the non-agency segment for Ann Arbor, Michigan-based Home Point Financial, which does business as Homepoint, offered a similar take on why the lender is expanding its reach in the non-QM market. In a recent online interview, Pendleton agreed with Yoon in describing non-QM lending as “a very complex product set.” A major goal for Homepoint in expanding in the segment, he added, is to “nurture and protect” its relationships with its business partners, which include brokers, and to be a “one-stop shop” for them “to capture more of the marketplace.”   “When you trust us with your loans, we’re going to deliver great service and execution, even if we have a very complex product set, and let’s face it, non-QM products are inherently complex,” Pendleton said. Spokespersons for UWM and Homepoint each said company executives did not wish to comment further for this story. For smaller shops specializing for years now in non-QM lending, the story is different. Non-QM loans are their lifeblood, not a simply a segment of a much larger product mix. “The vast majority of the borrowers we offer financing solutions to are self-employed borrowers that are in small businesses,” said Mack Walker, vice president of capital markets for Deephaven Mortgage, a longtime non-QM lender based in Charlotte. “So, each business is slightly different and has a different story to

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[ad_1] Deepak Hooda and Ayush Badoni smashed belligerent half-centuries to help Lucknow Super Giants post 158 for 6 against Gujarat Titans in their maiden Indian Premier League match here on Monday. Gujarat Titans pacer Mohammed Shami  (3/25) bowled a fiery opening spell to knock the wind out of the Super Giants’ top order before Hooda (55 off 41 balls) and Badoni (54 off 41 balls) smashed fifties to help their team cross the 150-run mark. Varun Aaron picked two wickets (2/45) while Rashid Khan (1/27) accounted for one batter. [ad_2] Source link

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[ad_1] Bharartiya Vidya Bhavan’s S P Jain Institute of Management and Research (SPJIMR ), has launched a post graduate programme in General Management (PGP-GM) for working professionals at its Mumbai campus.  The programme has been approved by the All India Council for Technical Education (AICTE).  The programme is designed for working professionals with over five years of experience and on completion of the weekend courses, candidates will be awarded AICTE approved Post Graduate Diploma in Management, (PGDM) or Executive Management Programme.  PGP-GM programme aims to create versatile professionals with a strong functional foundation and a general management perspective. The PGP-GM is also being offered to professionals in the Delhi-NCR region who can attend classes at the SPJIMR Delhi campus. “Executives wishing to upskill and continue their learning journey do not constitute a single segment. Many executives desire to pursue a traditional post-graduate programme but are unable to travel and commit the large amounts of contiguous time required for modular programmes like the PGEMP. SPJIMR’s AICTE-approved weekend PGP-GM programme addresses this segment.”  Preeta George, associate dean, executive education, said. Read Also: IIT Mandi organizes workshop on mental health and Indian Knowledge System [ad_2] Source link

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