Leading fund house Axis Mutual Fund on Monday said it has garnered over Rs 600 crore from the New Fund Offering (NFO) of its debt scheme, Axis Fixed Term Plan Series 118 (100 days).
The fund, a close-ended debt scheme with a moderate interest rate risk and moderate credit risk, opened on Nov. 28 and closed on Dec. 4, Axis Mutual Fund said in a statement.
"The strong response received by the fund reflects the opportunities currently available in the Indian money market space. Fixed maturity products aim to provide a degree of stability to investors as we head into Q4, often a volatile period for debt markets," Axis AMC MD and CEO B Gopkumar said.
Several events like the upcoming US Fed announcement, advance tax season and the Union Budget for 2024 are likely to keep rates volatile over the next three months.
The current yield curve, spreads on high quality money market instruments and the prevailing market sentiments offer an ideal opportunity for fixed income investors looking for short-term parking solutions.
Fixed-term plans invest in debt and money market instruments such as Treasury Bills (T-bills) Commercial Papers (CPs), Certificates of Deposit (CDs) government and corporate bonds.
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