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19 Sept 2013.Pdf Improving Access to Capital Market through Municipal Bonds PEARL Programme JNNURM Workshop Proceedings 19 September 2013, Multipurpose Hall, India International Center New Delhi Improving Access to Capital Market through Municipal Bonds PEARL Programme JnNURM P R O C E E D I N G S 19 September, 2013 Multipurpose Hall, India International Center, New Delhi Organised By Ministry of Urban Development, Government of India National Institute of Urban Affairs, New Delhi Page 0 Acknowledgement The Institute wishes to express its sincere appreciation to the following individuals for their guidance and support: Ministry of Urban Development, Government of India: 1. Ms. Nisha Singh, JS, MoUD & Mission Director, JNNURM 2. Mr. Anand Mohan, Director, MoUD 3. Technical Cell, JNNURM, MoUD Team at NIUA: Advisor: Prof. Jagan A. Shah, Director, NIUA Project Coordinator: Dr. Debjani Ghosh, NIUA Compilation: Ms. Nilanjana Dasgupta Sur, NIUA Rapporteurs: 1. Ms. Shilpi Madnawat 2. Mr. A Nanda Kishore 3. Ms. Rita Dey 4. Ms. Aastha Joshi IT Support: 1. Ms. Indu Senan 2. Ms. Sangeeta Vij 3. Ms. Supreet Narang 4. Ms. Santosh Admin Help: 1. Mr. Diwan Singh 2. Mr. H.P.Pandy, 3. Mr. Ajoy Kashep Page 1 Content Acknowledgement 1 Contents 2 Abbreviations 5 6 Introduction to Workshop The Event Inaugural Session 7 Welcome Note Inaugural Address Key note Address Points for Discussion Vote of Thanks Technical Session 1: Importance of Credit Rating and Financial 11 Management Opening Remarks by the Chairperson Panelist 1: Ms. Aditi Nayar, AVP, ICRA Panelist 2: Mr. Shameek Ray, Head, Debt Capital Markets, ICICI Securities Primary Dealership Ltd. Panelist 3: Mr. Alok Shiromani, Head, Technical Cell, JNNURM, MoUD Technical Session 2: Role of Credit Rating in Accessing Capital 17 Market Opening Remarks by the Chairperson Panelist 1: Mr. Nagarjan Narasimhan, Senior Director- Ratings, CRISIL Limited Panelist 2: Mr. Madan Sabnavis, Chief Economist, Credit Analysis and Research Limited (Care) Panelist 3: Mr. Tarun Bansal, Regional Head – North India, India Ratings and Research Private Limited Concluding Remarks by the Chairperson Page 2 Technical Session 3: Experience of ULBs in Securing Good Rating 25 in Accessing Bond Market Opening Remarks by the Chairperson Panelist 1: Mr. S. S. Hastak, Exe. Engineer and Nodal Officer (CBUD), Nagpur Municipal Corporation, Maharashtra Panelist 2: Mr. Rahul Joshi, Chief Operating Officer, Powertec Engineering Pvt Ltd Points for Discussion Technical Session 4: Regulators and Investors Response to 32 Constraints in Issuing Municipal Bonds Opening Remarks by the Chairperson Panelist 1: Mr. Ananta Barua, Executive Director (Bonds), SEBI Panelist 2: Mr. Ashish Sable, SVP & Head, SBI Capital Markets Limited Points for Discussion Concluding Remarks by Chair Technical Session 5 - Concluding Remarks and Way Forward 38 Concluding Remarks and Way Forward: Mr. A.S. Bhal, Economic Advisor, MoUD Vote of Thanks: Ms. Shyamala Mani, Prof. NIUA Annexure 1: Agenda of the Workshop 39 Annexure 2: List of Participants 41 Annexure 3: Profile of Chairperson and Speakers 43 Annexure 4: Presentations 47 Importance of Credit Rating and Financial Management in Accessing Capital Markets : Aditi Nayar‐ ICRA Limited Need for Credit Rating and Financial Management Reforms in JnNURM Cities: Alok Shiromany, Team Leader Technical Cell Leader, Cell, JnNURM, MoUD Improving access to capital markets to Municipals - Role of credit rating: Madan Sabnavis, Chief Economist, CARE Ratings Page 3 Role of Credit Rating in Accessing Capital Markets for Urban Local Bodies: Nagarajan Narasimhan, Senior Director, CRISIL Ratings Experience of ULBs in Securing Good Rating in Accessing Bond Market: Rahul Joshi, Chief Operating Officer, Powertec Engineering Pvt Ltd Nagpur Experience on Accessing Bond Market: S. S. Hastak, Nagpur Municipal Corporation, Nagpur Fund raising through Municipal Bonds Investors response to constraints in issuing municipal bonds: Ashish Sable, SVP & Head , SBI Capital Markets Ltd. Page 4 Abbreviations AMC Ahmadabad Municipal Corporation AT&C Aggregate Technical and Commercial CREF Credit Rate Enhancement Fund DPR Detailed Project Report FRBM Fiscal Responsibility and Budget Management Act, 2003 FSDC Financial Stability and Development Council GDP Gross Domestic Product GSFS Gujarat State Financial Services Ltd. GST Goods and Services Tax HPEC High Power Executive Council HUDCO Housing and Urban Development Corporation Limited ICRA Information and Credit Rating Agency of India ICRIER Indian Council for Research on International Economic Relations JnNURM Jawaharlal Nehru National Urban Renewal Mission LBT Local Body Tax MoUD Ministry of Urban Development MPL Miscellaneous Professional Liability Bonds NIUA National Institute of Urban Affairs PEARL Peer Experience and Reflective Learning Programme PPP public private partnership PSU Public Sector Undertaking RBI Reserve Bank of India SEBI Securities and Exchange Board of India SLNA State Level Nodal Agency SME Small and medium enterprises SPV Special Purpose Vehicle T&D Transmission and Distribution TNUIFSL Tamil Nadu Urban Infrastructure Financial Services Limited UIG Urban Infrastructure and Governance ULBs urban local bodies VMC Vishakhapatnam Municipal Corporation Page 5 Improving Access to Capital Market through Municipal Bonds The Event The Workshop on “Improving Access to Capital Market through Municipal Bonds” was organised under the leadership of Ministry of Urban Development (MoUD) in collaboration with National Institute of Urban Affairs (NIUA), who is the National Coordinator of the Peer Experience and Reflective Learning (PEARL) Programme. The one day event was organised at the Multipurpose Hall, India International Center, New Delhi on 19 September 2013. The workshop covered topics like credit Issues with municipalities in the light of the flagship programme “Jawaharlal Nehru National Urban Renewal Mission” (JnNURM) experience, challenges with investment grade urban local bodies (ULBs) in issuing bonds, case studies on credit enhanced structures done by municipalities till date in India and so on. It also focused on areas like Ahmedabad, Nagpur and Hyderabad’s experience on accessing bond market, challenges faced by Indore ULB in accessing the capital market despite having good rating, constraints in issuing municipal bonds according to the regulators and Investors and approach to overcome these challenges. The Agenda of the workshop is enclosed as Annexure -1. The workshop was attended by officials from Ministry of Urban Development, Ministry of Finance, mission cities, SLNA, experts and other dignitaries (Annexure 2). The distinguished Chairpersons and Speakers were successful in bringing about some lessons learnt from each of the session at the workshop (Annexure – 3). The presentations made at the workshop are enclosed as Annexure – 4. Page 6 Inaugural Session Welcome Note: Dr. Debolina Kundu, Associate Professor, NIUA Inaugural Session of the workshop on ‘Improving access to capital market through municipal bonds’ started with an opening note by Dr. Debolina Kundu, Associate Professor, NIUA highlighting the agenda of the workshop which included issues and importance of credit rating and financial management, role of credit rating and accessing capital market, experiences of urban local bodies in securing good rating and accessing bond market and regulators and investors response to constraints in issuing municipal bonds. Dr. Kundu welcomed Dr. Isher Judge Ahluwalia, Chairperson, ICRIER and Ms. Nisha Singh, JS and Mission Director, MoUD and requested Dr. Ahluwalia to give inaugural session address. Inaugural Address: Dr. Isher Judge Ahluwalia, Chairperson, ICRIER Dr. Ahluwalia started by mentioning that the current discourse on external finance is usually directed towards bonds and leverage funding through public private partnership (PPP) as two available options. In India, getting funds through PPP in urban sector has few success stories like Tamil Nadu and Ahmedabad and it is often related to availability of JnNURM funds as soft options that encouraged ULBs to stop looking at capital markets because accessing capital market means exercising certain disciplines in terms of a credible and transparent revenue model. Taking a cue from HPEC report recommendations, she shared some of observations and suggestions reported - introduction of local bodies finance list in constitution and need for devolution of part of Goods and Service Tax (GST) to urban local bodies; need for an agreed program with state government to recover all operation and maintenance costs through user charge recovery over a period of given time frame; need for a municipal commissioner or a Page 7 municipal body to know its assets and liabilities and preparation of a medium term framework; need for timely audits to facilitate financial transparency and accountability considering the tenure of typical municipal commissioner and demanding better governance. Connecting the above notes from HPEC report to the conference theme she said, while the subject of workshop today is finance, underlying it really is governance and role of market in bringing discipline to ULBs. And there is also greater need for a regulatory framework and credible revenue model to give comfort to lender. Extending the discourse on PPP and capital market funding, she said they are often discussed together. In case of PPP the pace at which it unravels from signing a contract to arrangements falling apart is rapid mainly due to
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