Indian Banks & Financials
Indian banks and financial issuers.
The Indian banks and financials theme brings together ten USDdenominated bonds from domestic lenders and financiers, giving investors access to India's creditgrowth story in hard currency. The set spans maturities from 2027 to 2030, with ratings ranging from B+ to BB. Yield is the main draw: CPRGLC's 2029 notes offer about 8.63% yieldtoworst, the highest in the group, while IIFL Finance's 2030 bond (rated B+) yields 8.24% and IHFL's 2030 note (rated BB) yields 8.18%. Relative value is most compelling at the shorter end, where IHFL's 2027 and 2028 bonds offer 7.66% and 7.73% respectively. Axis Bank's USD bond yields 7.32%, the tightest spread in the set, reflecting its larger, more established banking franchise.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Capri Global Capital Ltd | …AA75 | 7.55 | 8.633 | 97.0416667 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 2 | Capri Global Capital Ltd | …AA11 | 7.55 | 8.565 | 97.21875 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 3 | IIFL Finance Ltd. | …MP79 | 7.6 | 8.237 | 98 | 2030-07-10 | B+ | USD | 300MM | |
| 4 | Sammaan Capital Ltd. | …9232 | 7.5 | 8.178 | 97.75 | 2030-10-16 | BB- | USD | 450MM | |
| 5 | IIFL Finance Ltd. | …MD40 | 7.6 | 7.874 | 99.25 | 2029-09-10 | B+ | USD | 500MM | |
| 6 | Sammaan Capital Ltd. | …9400 | 8.95 | 7.728 | 102 | 2028-08-28 | BB- | USD | 300MM | |
| 7 | Sammaan Capital Ltd. | …2053 | 9.7 | 7.661 | 101.25 | 2027-07-03 | BB- | USD | 306MM | |
| 8 | Fairfax India Holdings Corporation | …AA69 | 5 | 7.544 | 96.9 | 2028-02-26 | 2027-12-26 | No Rating | USD | 500MM |
| 9 | IIFL Finance Ltd. | …ET83 | 8.75 | 7.544 | 101.88 | 2028-07-24 | B+ | USD | 412MM | |
| 10 | Axis Bank Ltd. | …2552 | 6.875 | 7.316 | 98.125 | 2176-06-30 | 2031-12-30 | BB- | USD | 600MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.