| Banks want RBI okay to trade in illiquid bonds
MUMBAI: Banks have urged the Reserve Bank of India (RBI) to make arrangements for purchasing illiquid government securities, so that they become more marketable instruments. In a memorandum submitted by the Indian Banks' Association (IBA) to the central bank, the association has stated that a huge stock of illiquid securities held by banks is forcing them to deal only in benchmark securities. Illiquid securities typically are bonds with a higher premium, not traded on a regular basis. Across the same tenor, there is likely to be a difference of up to ten basis points between the actively-traded security and the illiquid ones. On an average, nearly 5-10% of a bank's total bond portfolio could comprise illiquid papers. Out of nearly 100 such securities issued so far, less than 10 of them are actually traded in the market.
Number of hotel rooms within city’s urban center could soon double
If the developers of these hotel projects — some of which are underway and others of which are proposed — are successful, the number of rooms in the downtown-West End corridor will more than double in the next few years.
Davidson County currently has approximately 34,000 hotel rooms, according to industry figures, 2,635 of which are in the city's core. In terms of announced projects alone, Nashville has more than 1,700 new hotel rooms either about ready for occupancy or planned for its central core in the next three years.
“In terms of our ability to grow our market, given our size, Nashville is doing very, very well," said Walt Baker, CEO of the Tennessee Hotel and Lodging Association. “There's an opportunity for new, quality properties that can do very well."
Hampton Inn and Suites, a $20 million project with 154 rooms, will open in SoBro next month.
TXU Has No Bids Topping Kohlberg Kravis, TPG Buyout (Update4)
April 18 (Bloomberg) -- TXU Corp., the largest power producer in Texas, will proceed with a $32 billion buyout by Kohlberg Kravis Roberts & Co. and TPG Inc. after failing to receive a higher bid. The transaction, the largest-ever leveraged buyout with a value of $44 billion including debt, still needs federal regulatory approval and could face continued scrutiny from Texas lawmakers. The deadline passed April 16 for TXU to find higher offers. The Dallas-based company contacted over 70 potential purchasers, according to a statement today. New York-based Kohlberg Kravis and Fort Worth, Texas-based TPG, along with Goldman Sachs Group Inc. and three other banks, so far have headed off legislative efforts that could have blocked the $69.25-a-share purchase. They also promised to cut some rates and scaled back a plan to build coal-fired plants.
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