Indian Banks & Financials
Indian banks and financial issuers.
The Indian financials sector offers compelling hardcurrency yield opportunities for fixedincome investors seeking exposure to a resilient emergingmarket growth story, with dollardenominated issuances trading at notable discounts to par across the mediumterm curve. Investors can capture high singledigit yieldstoworst spanning approximately 7.4% to 8.6% in select maturities, led by names such as IIFOIN offering 7.6% yields on its July 2030 notes and CPRGLC printing an 8.626% YTW on December 2029 paper. Shorterdated paper from issuers like IHFLIN provides attractive riskadjusted carry, with 2027 and 2028 maturities delivering robust yields between 7.7% and 7.9% supported by steady underlying credit profiles.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Capri Global Capital Ltd | …AA11 | 7.55 | 8.626 | 97.03125 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 2 | Capri Global Capital Ltd | …AA75 | 7.55 | 8.626 | 97.03125 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 3 | IIFL Finance Ltd. | …MP79 | 7.6 | 8.479 | 97.2301137 | 2030-07-10 | B+ | USD | 300MM | |
| 4 | Sammaan Capital Ltd. | …9232 | 7.5 | 8.354 | 97.15625 | 2030-10-16 | BB- | USD | 450MM | |
| 5 | Fairfax India Holdings Corporation | …AA69 | 5 | 8.22 | 96 | 2028-02-26 | 2027-12-26 | No Rating | USD | 500MM |
| 6 | IIFL Finance Ltd. | …MD40 | 7.6 | 8.137 | 98.575 | 2029-09-10 | B+ | USD | 500MM | |
| 7 | Sammaan Capital Ltd. | …9400 | 8.95 | 7.906 | 101.7441288 | 2028-08-28 | BB- | USD | 300MM | |
| 8 | Sammaan Capital Ltd. | …2053 | 9.7 | 7.752 | 101.2708334 | 2027-07-03 | BB- | USD | 306MM | |
| 9 | IIFL Finance Ltd. | …ET83 | 8.75 | 7.603 | 101.8284804 | 2028-07-24 | B+ | USD | 412MM | |
| 10 | Manappuram Finance Ltd. | …7364 | 7.375 | 7.44 | 99.9001774 | 2028-05-12 | BB- | USD | 270MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.