Indian Banks & Financials
Indian banks and financial issuers.
Indian banks and financial issuers form a focused USDdenominated segment of Asian credit, pairing domestic lending growth with yields that screen well above many regional investmentgrade peers. The ten bonds below span maturities from 2027 to 2030, and the rated names range from B+ to BB, giving investors a spread of credit and duration profiles to compare. Axis Bank's 6.875% USD bond, rated BB, yields 7.252% to worst, while IIFL Finance's 7.6% notes due 2030 offer 8.00%, showing how the curve compensates investors for extending within the sector. The CPRGLC 7.55% 2029 notes lead the screen at 8.504% YTW, the highest yield in the group. Shorterdated paper also stands out: IHFL's 9.7% notes due July 2027 yield 7.378%, and its 8.95% 2028 notes yield 7.537%. These offer meaningful carry with limited duration exposure, creating a relativevalue trade between longerdated, higheryielding names and nearerterm issues.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Capri Global Capital Ltd | …AA11 | 7.55 | 8.504 | 97.3897059 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 2 | Capri Global Capital Ltd | …AA75 | 7.55 | 8.478 | 97.4583334 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 3 | Fairfax India Holdings Corporation | …AA69 | 5 | 8.337 | 95.9874843 | 2028-02-26 | 2027-12-26 | No Rating | USD | 500MM |
| 4 | IIFL Finance Ltd. | …MP79 | 7.6 | 8 | 98.7364775 | 2030-07-10 | B+ | USD | 300MM | |
| 5 | Sammaan Capital Ltd. | …9232 | 7.5 | 7.946 | 98.5127718 | 2030-10-16 | BB- | USD | 450MM | |
| 6 | IIFL Finance Ltd. | …MD40 | 7.6 | 7.629 | 99.8662581 | 2029-09-10 | B+ | USD | 500MM | |
| 7 | Sammaan Capital Ltd. | …9400 | 8.95 | 7.537 | 102.3113637 | 2028-08-28 | BB- | USD | 300MM | |
| 8 | Sammaan Capital Ltd. | …2053 | 9.7 | 7.378 | 101.4062238 | 2027-07-03 | BB- | USD | 306MM | |
| 9 | Axis Bank Ltd. | …2552 | 6.875 | 7.252 | 98.125 | 2176-06-30 | 2031-12-30 | BB- | USD | 600MM |
| 10 | IIFL Finance Ltd. | …ET83 | 8.75 | 7.208 | 102.4080048 | 2028-07-24 | B+ | USD | 412MM |
Results are limited to USD bonds with an amount outstanding of at least USD 200MM.