Tullett Prebon Information (TPI), a leading provider of independent real-time price information from the global OTC financial and commodity markets, has announced it will provide Thomson Reuters with Indian bond data.
The data will afford Thomson Reuters' customers exceptional transparency on intraday pricing and price curves.
The agreement involves usage rights across the whole of Thomson Reuters for around 400 debt instruments. This represents a substantial proportion of the Indian bond universe covering Government and Corporate bonds (including benchmark curves for both), Commercial paper, and Certificates of Deposit. The deal builds on an already strong relationship of more than 20 years between the two companies. Tullett Prebon Information is a part of Tullett Prebon, one of the world's leading inter-dealer brokers.
The Indian bond market has seen significant growth in recent years. Foreign investment in Indian debt has increased from Rs18.95 billion in 2008-09 to Rs283.34 billion in 2012-13, and mutual funds' investment in corporate bonds has almost doubled since 2009. Regulatory reforms are expected to accelerate this trend in the future. The process of opening up to the world has left the Indian economy more susceptible to international flows, evidenced by the current period of intense volatility which is in turn driving demand for accurate independent data.
Commenting on the deal, Sriram Ramnarayan, Vice President - Financial & Risk, Thomson Reuters, India, said, "This unique dataset will enhance transparency and liquidity in the Indian corporate bond market. The exclusive partnership with Tullett Prebon reinforces the fact that Thomson Reuters is committed to deliver best-in-class content for the development of the Indian debt capital market."
Commenting further, Andrew Reeve, Head of Asia Pacific, Middle East and Africa at Tullett Prebon Information, said: "This is a rather unusual dataset on an up and coming market. India's bond universe is traditionally regarded as opaque, but this has to change as it grows and matures. Given the current period of market volatility, as well as the dearth of prices from the banks, transparency is needed more than ever. This is where we come in, with our ability to provide accurate, independent, and relevant intraday data. The deal confirms our status as a premium provider of market information: the global go-to for OTC data. It underlines our ability to stay ahead of the pack, providing intelligence on the markets of the future, now."