Indian Banks & Financials
Indian banks and financial issuers.
Indian financials present compelling crossborder dollar yield opportunities for institutional portfolios, with topscreened issues offering robust midtohigh singledigit yieldstomaturity across liquid maturities. The opportunity set spans midtier and highbeta credits trading at notable discounts to par, led by higheryielding names like the CPRGLC 7.55% maturing in December 2029 and the IIFOIN 7.6% notes due July 2030, which screen attractively at YTWs of 8.69% and 8.40% respectively. Shorterduration segments also deliver strong riskadjusted carry, highlighted by the IHFLIN 9.7% yielding 7.72% maturing in July 2027 and the IIFOIN 8.75% offering a 7.56% YTW through mid2028, underscoring solid relative value across the curve.
| # | 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.