Indian Banks & Financials
Indian banks and financial issuers.
Indian banks and financial issuers form a focused USDdenominated theme, offering a yield premium for investors seeking India credit exposure without rupee currency risk. The topranked CPRGLC 7.55% 2029 notes yield 8.53% to worst, while IIFOIN's 7.6% 2030 bond offers 8.16% at a B+ rating, a meaningful spread for the credit risk taken. BBrated IHFLIN 7.5% 2030 notes yield 8.03%, and MGFLIN 7.375% 2028 offers 7.28% with a shorter tenor, giving a steadier risk profile within the theme. Shorter maturities add relative value: IHFLIN's 9.7% 2027 yields 7.43% and IIFOIN's 8.75% 2028 yields 7.38%, providing carry with reduced duration.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Capri Global Capital Ltd | …AA11 | 7.55 | 8.534 | 97.3085938 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 2 | Capri Global Capital Ltd | …AA75 | 7.55 | 8.499 | 97.4 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 3 | IIFL Finance Ltd. | …MP79 | 7.6 | 8.157 | 98.25 | 2030-07-10 | B+ | USD | 300MM | |
| 4 | Sammaan Capital Ltd. | …9232 | 7.5 | 8.026 | 98.25 | 2030-10-16 | BB- | USD | 450MM | |
| 5 | IIFL Finance Ltd. | …MD40 | 7.6 | 7.875 | 99.25 | 2029-09-10 | B+ | USD | 500MM | |
| 6 | Sammaan Capital Ltd. | …9400 | 8.95 | 7.573 | 102.25 | 2028-08-28 | BB- | USD | 300MM | |
| 7 | Fairfax India Holdings Corporation | …AA69 | 5 | 7.56 | 96.9 | 2028-02-26 | 2027-12-26 | No Rating | USD | 500MM |
| 8 | Sammaan Capital Ltd. | …2053 | 9.7 | 7.429 | 101.38 | 2027-07-03 | BB- | USD | 306MM | |
| 9 | IIFL Finance Ltd. | …ET83 | 8.75 | 7.382 | 102.13 | 2028-07-24 | B+ | USD | 412MM | |
| 10 | Manappuram Finance Ltd. | …7364 | 7.375 | 7.282 | 100.13 | 2028-05-12 | BB- | USD | 270MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.