House Hunting

State pension funds are eyeing long term housing bank debenture issues in an attempt to correct their assets and liability mismatch.

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rnState controlled Employees Provident and the Trust
quote s fund managers are in discussions with three housing banks to purchase their debentures.rn

rnState Mortgage and Investment Bank, Housing Development Finance Corporation and NDB Housing Bank are planning debenture issues.rn

rnThe first tranche of the debentures are expected before the end of the year.rn

rnCentral bank, the managers of the employees
quote provident fund, says the initial tranche is likely to be around Rs. 150 mn with the three housing banks issuing 50 million worth of debentures each.

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rnThe provident funds depending on the success of the first issue are considering subscribing to further tranche of housing bank debentures.rn

rnThe larger EPF has invested most of its assets in government-backed securities.rn

rnThe longest tenure available in gilt is six years.rn

rnAsset backed Securiti