Indian Banks & Financials
Indian banks and financial issuers.
The Indian financial sector offers compelling dollardenominated yields for fixedincome investors seeking emergingmarket exposure, with the topscreened cohort trading at attractive discounts to par. Yields to worst across the basket span from the low 7% range up to the mid8% territory, led by credits such as CPRGLC offering 7.55% coupons priced around 97.58 to yield 8.417%. Relative value is further highlighted by strong midduration opportunities, including IIFOIN 7.6% notes maturing in 2030 yielding 8.246% and highcoupon IHFLIN paper delivering robust returns north of 7.6%.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Capri Global Capital Ltd | …AA11 | 7.55 | 8.417 | 97.578125 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 2 | Capri Global Capital Ltd | …AA75 | 7.55 | 8.417 | 97.578125 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 3 | IIFL Finance Ltd. | …MP79 | 7.6 | 8.246 | 97.9417414 | 2030-07-10 | B+ | USD | 300MM | |
| 4 | Fairfax India Holdings Corporation | …AA69 | 5 | 8.175 | 96 | 2028-02-26 | 2027-12-26 | No Rating | USD | 500MM |
| 5 | Sammaan Capital Ltd. | …9232 | 7.5 | 8.118 | 97.925 | 2030-10-16 | BB- | USD | 450MM | |
| 6 | IIFL Finance Ltd. | …MD40 | 7.6 | 7.976 | 98.9734848 | 2029-09-10 | B+ | USD | 500MM | |
| 7 | Sammaan Capital Ltd. | …2053 | 9.7 | 7.674 | 101.359375 | 2027-07-03 | BB- | USD | 306MM | |
| 8 | Sammaan Capital Ltd. | …9400 | 8.95 | 7.646 | 102.211875 | 2028-08-28 | BB- | USD | 300MM | |
| 9 | IIFL Finance Ltd. | …ET83 | 8.75 | 7.477 | 102.0574616 | 2028-07-24 | B+ | USD | 412MM | |
| 10 | Axis Bank Ltd. | …2552 | 6.875 | 7.252 | 98.375 | 2176-06-30 | 2031-12-30 | BB- | USD | 600MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.