Indian Banks & Financials
Indian banks and financial issuers.
Indian banks and financial issuers form a focused theme of ten USDdenominated bonds, screened on yield, credit quality and relative value. Yieldstoworst span roughly 7.25% to 8.2%, offering meaningful income while most credits sit in the BB to B+ range, where investors are paid for the credit risk they take on. Among the higheryielding names, IHFL's 7.5% notes due October 2030 are rated BB and yield 7.95%, while IIFL Finance's 7.6% bonds maturing July 2030 offer 7.835% at a B+ rating. These longerdated issues provide the most curve compensation within the group. At the shorter end, Muthoot Finance's 7.375% notes due May 2028 yield 7.281%, and Axis Bank's 6.875% issue, rated BB, offers 7.252% with exposure to a large, established privatesector lender. Together, these give investors a mix of issuers, tenors and credit profiles within a single theme.
| # | Issuer | ISIN | Coupon | YTW | Price | Maturity | Next Call | Rating | CUR | AMT OUT |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Capri Global Capital Ltd | …AA75 | 7.55 | 8.207 | 98.175 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 2 | Capri Global Capital Ltd | …AA11 | 7.55 | 8.2 | 98.1934211 | 2029-12-09 | High Yield 1 | USD | 300MM | |
| 3 | Sammaan Capital Ltd. | …9232 | 7.5 | 7.95 | 98.5 | 2030-10-16 | BB- | USD | 450MM | |
| 4 | IIFL Finance Ltd. | …MP79 | 7.6 | 7.835 | 99.25 | 2030-07-10 | B+ | USD | 300MM | |
| 5 | Fairfax India Holdings Corporation | …AA69 | 5 | 7.582 | 96.9 | 2028-02-26 | 2027-12-26 | No Rating | USD | 500MM |
| 6 | IIFL Finance Ltd. | …MD40 | 7.6 | 7.576 | 100 | 2029-09-10 | B+ | USD | 500MM | |
| 7 | Sammaan Capital Ltd. | …9400 | 8.95 | 7.487 | 102.38 | 2028-08-28 | BB- | USD | 300MM | |
| 8 | IIFL Finance Ltd. | …ET83 | 8.75 | 7.298 | 102.25 | 2028-07-24 | B+ | USD | 412MM | |
| 9 | Manappuram Finance Ltd. | …7364 | 7.375 | 7.281 | 100.13 | 2028-05-12 | BB- | USD | 270MM | |
| 10 | Axis Bank Ltd. | …2552 | 6.875 | 7.252 | 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.