Indian Banks & Financials
Indian banks and financial issuers.
Indian financial sector USD issuance offers compelling carry for fixedincome portfolios, with topscreened papers delivering yieldstoworst spanning from the mid7% range to well over 8.5%. Intermediate maturities present attractive relative value opportunities, highlighted by the CPRGLC 7.55% maturing in December 2029 trading at a discount with a YTW of 8.691%. Issuers across the BB and B+ rating categories, such as the IIFOIN 7.6% due July 2030 at an 8.396% YTW and the IHFLIN 8.95% due August 2028 yielding 7.811%, provide strong riskadjusted return profiles backed by robust domestic credit fundamentals.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Capri Global Capital Ltd | …AA11 | 7.55 | 8.691 | 96.875 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 2 | Capri Global Capital Ltd | …AA75 | 7.55 | 8.691 | 96.875 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 3 | IIFL Finance Ltd. | …MP79 | 7.6 | 8.396 | 97.5 | 2030-07-10 | B+ | USD | 300MM | |
| 4 | Sammaan Capital Ltd. | …9232 | 7.5 | 8.289 | 97.38 | 2030-10-16 | BB- | USD | 450MM | |
| 5 | IIFL Finance Ltd. | …MD40 | 7.6 | 8.072 | 98.75 | 2029-09-10 | B+ | USD | 500MM | |
| 6 | Fairfax India Holdings Corporation | …AA69 | 5 | 7.84 | 96.5 | 2028-02-26 | 2027-12-26 | No Rating | USD | 500MM |
| 7 | Sammaan Capital Ltd. | …9400 | 8.95 | 7.811 | 101.88 | 2028-08-28 | BB- | USD | 300MM | |
| 8 | Sammaan Capital Ltd. | …2053 | 9.7 | 7.716 | 101.25 | 2027-07-03 | BB- | USD | 306MM | |
| 9 | IIFL Finance Ltd. | …ET83 | 8.75 | 7.556 | 101.88 | 2028-07-24 | B+ | USD | 412MM | |
| 10 | Axis Bank Ltd. | …2552 | 6.875 | 7.434 | 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.