Indian Banks & Financials
Indian banks and financial issuers.
Indian banks and financial issuers form a USDdenominated corner of Asian credit, offering yields of roughly 7.4% to 8.7% across maturities from 2027 to 2030. Ratings cluster in the BB and B+ bands, with several names unrated, so investors are paid for taking on meaningful credit risk relative to higherrated emergingmarket peers. IIFL Finance's 7.6% notes due July 2030 yield 8.398%, while its September 2029 bonds offer 8.073%. That gives investors a clear term premium within a single issuer. Axis Bank's 6.875% notes yield 7.435%, the lowest in the set. The pricing reflects the relativevalue tradeoff: a tighter yield in exchange for the balance sheet of one of India's largest privatesector lenders. Shorterdated paper also stands out. IHFL's 9.7% notes due July 2027 yield 7.693%, combining high coupon income with a shorter holding period and less duration exposure than the 2030 maturities.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Capri Global Capital Ltd | …AA11 | 7.55 | 8.727 | 96.7913755 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 2 | Capri Global Capital Ltd | …AA75 | 7.55 | 8.726 | 96.7916667 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 3 | IIFL Finance Ltd. | …MP79 | 7.6 | 8.398 | 97.5 | 2030-07-10 | B+ | USD | 300MM | |
| 4 | Sammaan Capital Ltd. | …9232 | 7.5 | 8.29 | 97.38 | 2030-10-16 | BB- | USD | 450MM | |
| 5 | IIFL Finance Ltd. | …MD40 | 7.6 | 8.073 | 98.75 | 2029-09-10 | B+ | USD | 500MM | |
| 6 | Sammaan Capital Ltd. | …9400 | 8.95 | 7.806 | 101.88 | 2028-08-28 | BB- | USD | 300MM | |
| 7 | Sammaan Capital Ltd. | …2053 | 9.7 | 7.693 | 101.25 | 2027-07-03 | BB- | USD | 306MM | |
| 8 | IIFL Finance Ltd. | …ET83 | 8.75 | 7.551 | 101.88 | 2028-07-24 | B+ | USD | 412MM | |
| 9 | Fairfax India Holdings Corporation | …AA69 | 5 | 7.523 | 96.9 | 2028-02-26 | 2027-12-26 | No Rating | USD | 500MM |
| 10 | Axis Bank Ltd. | …2552 | 6.875 | 7.435 | 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.