Indian Banks & Financials

Indian banks and financial issuers.

Indian banks and financial issuers offer a distinct U.S. dollardenominated segment of the Asian credit universe, where yields remain elevated relative to many global financial peers with comparable maturities and ratings. Axis Bank's 6.875% USD bond yields 7.316% at a price of 98.125, a meaningful pickup for a large, established Indian lender rated BB. IIFL Finance illustrates the curve trade within a single credit: its 8.75% 2028 note yields 7.544%, while the 7.6% 2029 bond offers 7.874%, so investors can choose between shorter duration and additional yield. The highest yields in the group come from the CPRGLC 7.55% 2029 notes, at 8.633% and 8.565%, and the IHFL 7.5% 2030 bond, at 8.178%, though these sit at lower prices and carry longer spread duration. Across the screen, the mix of BBrated and B+ issuers means credit selection matters as much as the yield on offer, making relative value across maturities and issuers the central theme.

Results are limited to USD bonds with an amount outstanding of at least USD 200MM.