Indian Banks & Financials

Indian banks and financial issuers.

Indian banks and financial issuers form a focused USD credit theme, screening ten bonds on yield, credit quality and relative value. Yields range from about 7.3% to 8.5%, with most issues rated in the B+ to BB bands. The CPRGLC 7.55% December 2029 notes lead the screen at an 8.513% yieldtoworst, the highest income in the group for a relatively short tenor. IHFL's 7.5% October 2030 bond, rated BB, yields 8.145%, offering a similar return with a longer maturity. IIFL Finance's 7.6% July 2030 notes yield 8.202%, while Axis Bank's 6.875% issue, also rated BB, offers 7.316%. That gives investors a loweryielding route into a large privatesector lender, with the IIFL 2029 and IHFL 2027 issues providing shorterduration alternatives.

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