{"id":4523,"date":"2020-04-24T00:40:47","date_gmt":"2020-04-24T00:40:47","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=4523"},"modified":"2021-12-15T11:25:50","modified_gmt":"2021-12-15T11:25:50","slug":"franklin-winds-6-debt-funds-due-to-covid-impact","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/franklin-winds-6-debt-funds-due-to-covid-impact\/","title":{"rendered":"Franklin winds 6 debt funds due to COVID impact"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69f267e85e9f0\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69f267e85e9f0\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/franklin-winds-6-debt-funds-due-to-covid-impact\/#The_six_schemes_are\" title=\"The six schemes are:\">The six schemes are:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/franklin-winds-6-debt-funds-due-to-covid-impact\/#Why_wind_up_a_scheme\" title=\"Why &#8220;wind up&#8221; a scheme?\">Why &#8220;wind up&#8221; a scheme?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/franklin-winds-6-debt-funds-due-to-covid-impact\/#So_what_just_happened_-_is_this_same_as_a_bank_run\" title=\"So what just happened &#8211; is this same as a &#8220;bank run&#8221;?\">So what just happened &#8211; is this same as a &#8220;bank run&#8221;?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/franklin-winds-6-debt-funds-due-to-covid-impact\/#What_happens_next\" title=\"What happens next?\">What happens next?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/franklin-winds-6-debt-funds-due-to-covid-impact\/#When_will_I_get_my_money\" title=\"When will I get my money?\">When will I get my money?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/franklin-winds-6-debt-funds-due-to-covid-impact\/#Interested_in_how_we_think_about_the_markets\" title=\"Interested in how we think about the markets?\">Interested in how we think about the markets?<\/a><\/li><\/ul><\/nav><\/div>\n<p><a class=\"c-link\" href=\"https:\/\/kuvera.in\/explore\/funds\/franklin\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"slack-kit-tooltip\">Franklin Templeton AMC<\/a> \u00a0announced yesterday that it will wind up six bond funds that took credit risk. As per the fund house &#8211;<\/p>\n<p>&nbsp;<\/p>\n<blockquote><p>&nbsp;<\/p>\n<p>There has been a dramatic and sustained fall in liquidity in certain segments of the corporate bonds market on account of<br \/>\nthe Covid-19 crisis and the resultant lock-down of the Indian economy which was necessary to address the same. At the<br \/>\nsame time, mutual funds, especially in the fixed income segment, are facing continuous and heightened redemptions.<\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p>In short, Franklin Templeton is finding it difficult to sell existing portfolio credits required for redemption demands. The fund house has thus decided to wind up the entire scheme.<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"The_six_schemes_are\"><\/span>The six schemes are:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><a class=\"c-link\" href=\"https:\/\/kuvera.in\/explore\/franklin-india-low-duration-growth--492-GR\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"slack-kit-tooltip\">Franklin India Low Duration Fund<\/a><br \/>\n<a class=\"c-link\" href=\"https:\/\/kuvera.in\/explore\/franklin-india-ultra-short-bond-super-institutional-growth--485-GR\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"slack-kit-tooltip\">Franklin India Ultra Short Bond Fund<\/a><br \/>\n<a class=\"c-link\" href=\"https:\/\/kuvera.in\/explore\/franklin-india-short-term-income-retail-growth--436-GR\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"slack-kit-tooltip\">Franklin India Short Term Income Plan<\/a><br \/>\n<a class=\"c-link\" href=\"https:\/\/kuvera.in\/explore\/franklin-india-credit-risk-growth--494-GR\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"slack-kit-tooltip\">Franklin India Credit Risk Fund<\/a><br \/>\n<a class=\"c-link\" href=\"https:\/\/kuvera.in\/explore\/franklin-india-dynamic-accrual-growth--444-GR\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"slack-kit-tooltip\">Franklin India Dynamic Accrual Fund<\/a><br \/>\n<a class=\"c-link\" href=\"https:\/\/kuvera.in\/explore\/franklin-india-income-opportunities-growth--491-GR\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"slack-kit-tooltip\">Franklin India Income Opportunities Fund<\/a><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Why_wind_up_a_scheme\"><\/span>Why &#8220;wind up&#8221; a scheme?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>First a quick recap (and a simplistic scenario) of why a fund house can find it difficult to sell existing portfolio bonds? Say a fund has 60% in liquid bonds and 40% in slightly more obscure and less liquid bonds. The fund manager holds 40% in obscure bonds because there is investor demand for extra yield. The extra yield comes at a price &#8211; by going down the quality curve. The manager plans to hold all to maturity and believes that there will be no defaults.<\/p>\n<p>When markets turn sour as they have during the COVID led crisis, those 40% bonds go from being less liquid to completely illiquid &#8211; there are no buyers for them. If during that time there is redemption demand, then the AMC will first sell from the 60% of liquid bonds to pay the investors leaving the fund. Once that 60% pool is exhausted, the AMC now has no choice but to deny redemptions and wind up the scheme so that whatever portfolio is left can be equally shared amongst all unit-holders.<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"So_what_just_happened_-_is_this_same_as_a_bank_run\"><\/span>So what just happened &#8211; is this same as a &#8220;bank run&#8221;?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>No, this is not a bank run. In a bank run more people ask for their money than is in the bank&#8217;s lockers &#8211; a situation that can arise because of how fractional reserve banking works. In a bank run, there is a significant chance you will never see your money again &#8211; at least the portion above deposit insurance limits. This is different, the asset backing your units are with the fund house but the current environment makes it hard for them to sell those assets.<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_happens_next\"><\/span>What happens next?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>1\/ Pursuant to SEBI rules, Franklin will ask unitholder approval for winding up. Winding up is the best outcome here to avoid further adverse selection.<\/p>\n<p>2\/ The above 6 schemes are closed for all transactions. As and when Franklin can redeem the bonds or they mature, the money will come to the scheme to be distributed to the unitholders proportionally.<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"When_will_I_get_my_money\"><\/span>When will I get my money?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Franklin has communicated that they will return money to unitholders as and when they realize a sale or a bond matures. From Franklin,<\/p>\n<p>&nbsp;<\/p>\n<blockquote><p>&nbsp;<\/p>\n<p>It will be our endeavour to liquidate the portfolio holdings at the earliest opportunity, to enable an equitable exit for all investors in these unprecedented circumstances. We would also continue to explore opportunities to monetize assets through secondary transactions, once the market stabilizes. <strong>We will aim, subject to the limitations under Regulation 41, to make regular payments to investors from portfolio maturities, coupon and pre-payments, once the borrowings in the funds have been paid back.\u00a0<\/strong><\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p>If you are a unitholder, you will get detailed communication from Franklin Templeton.<\/p>\n<p>&nbsp;<\/p>\n<p>Here is the complete circular from Franklin:\u00a0<a href=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/04\/FT-notice-of-winding-up-final-230420.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">FT notice-of-winding-up-final-230420<\/a><\/p>\n<p>More here: <a href=\"http:\/\/view.e.franklintempleton.com\/?qs=cf2325d3075f60b0c088499ac053914b1fb480eb2bfe5eb6b40e4e12a9599caa0638a59603ea9e492a6e0240f68b7673a7d05dc2e76c8f4b97df7701f9d07f72ece9af37a4610efe67472c8d0f2d9e23\" target=\"_blank\" rel=\"noopener noreferrer\">FT-email<\/a><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Interested_in_how_we_think_about_the_markets\"><\/span>Interested in how we think about the markets?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Read more:\u00a0<a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><\/p>\n<p>Watch\/hear on YouTube:<\/p>\n<p><iframe loading=\"lazy\" title=\"CNN News 18 presents The Journey Of Kuvera.in - The Platform Which Makes Investing Simple\" src=\"https:\/\/www.youtube.com\/embed\/Og0RK-8oY6k?feature=oembed\" width=\"640\" height=\"480\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit\u00a0<a href=\"https:\/\/www.kuvera.in\/\"><strong>kuvera.in<\/strong><\/a>\u00a0to discover\u00a0<a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans <\/strong><\/a>and\u00a0<a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><\/p>\n<p>#MutualFundSahiHai, #KuveraSabseSahiHai!<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Franklin Templeton AMC \u00a0announced yesterday that it will wind up six bond funds that took credit risk. As per the fund house &#8211; &nbsp; &nbsp; There has been a dramatic and sustained fall in liquidity in certain segments of the corporate bonds market on account of the Covid-19 crisis and the resultant lock-down of the [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/franklin-winds-6-debt-funds-due-to-covid-impact\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":4528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[91],"tags":[327,268,252,77],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Franklin winds 6 debt funds due to COVID impact - Kuvera<\/title>\n<meta name=\"description\" content=\"Franklin Templeton accounced that it will wind six debt funds that took credit risk. 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