Indian Banks & Financials
Indian banks and financial issuers.
The Indian banks and financial sector screen exceptionally well for institutional portfolios seeking robust dollardenominated emerging market yield, with current topdecile opportunities clustering firmly in the mid7% to mid8% range across liquid maturities out to 2030. Value is particularly pronounced in mediumduration paper, highlighted by select December 2029 maturities from issuer CPRGLC trading at yields approaching 8.70% at a discount to par. Credit tiers offer attractive dispersion for relativevalue allocators, ranging from high7% yields on shorterdated BB rated issues like IHFLIN's August 2028 notes up to low8% yields on B+ rated paper such as IIFOIN's July 2030 bonds.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Capri Global Capital Ltd | …AA11 | 7.55 | 8.694 | 96.8625 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 2 | Capri Global Capital Ltd | …AA75 | 7.55 | 8.689 | 96.875 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 3 | IIFL Finance Ltd. | …MP79 | 7.6 | 8.395 | 97.5 | 2030-07-10 | B+ | USD | 300MM | |
| 4 | Sammaan Capital Ltd. | …9232 | 7.5 | 8.287 | 97.38 | 2030-10-16 | BB- | USD | 450MM | |
| 5 | Fairfax India Holdings Corporation | …AA69 | 5 | 8.129 | 96.125 | 2028-02-26 | 2027-12-26 | No Rating | USD | 500MM |
| 6 | IIFL Finance Ltd. | …MD40 | 7.6 | 8.07 | 98.75 | 2029-09-10 | B+ | USD | 500MM | |
| 7 | Sammaan Capital Ltd. | …9400 | 8.95 | 7.816 | 101.88 | 2028-08-28 | BB- | USD | 300MM | |
| 8 | Sammaan Capital Ltd. | …2053 | 9.7 | 7.739 | 101.25 | 2027-07-03 | BB- | USD | 306MM | |
| 9 | IIFL Finance Ltd. | …ET83 | 8.75 | 7.562 | 101.88 | 2028-07-24 | B+ | USD | 412MM | |
| 10 | Axis Bank Ltd. | …2552 | 6.875 | 7.433 | 97.625 | 2176-06-30 | 2031-12-30 | BB- | USD | 600MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.