Indian Banks & Financials

Indian banks and financial issuers.

Indian banks and financial issuers offer USDdenominated exposure to one of the fastestgrowing credit markets in emerging Asia. The ten bonds on this screen yield roughly 7.2% to 8.2%, spanning a range of issuers, maturities and rating tiers from B+ to BB, so credit selection matters as much as headline yield. Axis Bank's 6.875% USD bond, priced at 98.125 to yield 7.252%, is the most defensive option on the list, anchored by one of India's largest privatesector lenders and a BB rating. Its price also leaves modest pulltopar support. It yields less than the 8.2% on the CPRGLC 2029s, a tradeoff for a more conservative profile. Higheryielding alternatives include IIFL Finance's 7.6% notes due 2030, yielding 7.835%, and Muthoot Finance's 7.375% 2028 bond at 7.281%. The B+ rating on IIFL's paper signals more credit risk, while Muthoot's BB rating and shorter tenor offer a more balanced entry point. Homefinance exposure via IHFL's 7.5% 2030 notes, yielding 7.95%, adds further diversification.

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