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RETAIL RESEARCH
Issuer
Series
Last traded
Price (Rs)
Coupon
Rate
(%)
Tenor
Residual
Maturity
(Year)
Interest
payment
frequency
Latest
Record
Date
Call / Put
Date
Tenor to
Call / Put
(Yrs)
YTC
(%)
Daily
Avg
Volume
(Nos)
YTM (%)
875IIFCL33 Indiv
IIF875NBNR
1061
8.75%
20 Years
19.57 Yrs
Yearly
526
8.52%
NHAI
N6 Indiv
NHA875N6NR
1035.84
8.75%
15 Years
14.80 Yrs
Yearly
28Feb14
25255
8.44%
NHB
NHBTF2014 N6 Ind
NHB901N6NR
5403.82
9.01%
20 Years
19.74 Yrs
Yearly
1968
8.44%
PFC
843PFC23 Indiv
PFC843B1NR
1035
8.43%
10 Years
9.57 Yrs
Yearly
158
8.44%
AA+ Rated
HUDCO
839HUDCO23 Indiv
HUD839B1NR
1013.11
8.39%
10 Years
9.51 Yrs
Yearly
163
8.84%
HUDCO
851HUDCO28
HUD851A2NR
1020
8.51%
15 Years
14.52 Yrs
Yearly
376
8.80%
SBI
N2
STABANN2NR
10049
9.50%
15 Years
11.54 Yrs
Yearly
16Mar14
5Nov20
6.54 Yrs
9.51%
116
9.51%
SBI
N5
STABANN5NR
10359
9.95%
15 Years
11.90 Yrs
Yearly
16Mar14
17Mar21
6.90 Yrs
9.35%
961
9.51%
Taxable Bonds
AAA Rated
AA+ Rated
Residual Maturity Below 24 months
Shriram Transport
STFC NC
SRTRANNCNR
596.25
10.50%
5 Years
1.11 Yrs
Yearly
12Mar14
145
13.79%
Shriram Transport
STFC NR Individual
SRTRANNRNR
997
11.15%
3 Years
1.30 Yrs
Yearly
12Mar14
105
12.10%
STFC NU Individual
SRTRANNUNR
1170
5 Years
3.30 Yrs
Comulative
120
12.35%
Shriram Transport
STFC NW Individual
SRTRANNWNR
982
11.15%
5 Years
4.27 Yrs
Yearly
12Mar14
519
12.02%
AA and AA Rated
Residual Maturity Below 24 months
Muthoot Finance
1150MFL15
M1150M2SNR
980.01
11.50%
2 Years
1.42 Yrs
Monthly
16Apr14
155
13.58%
Religare Finvest Li
15B
RELFINN2NR
1175
0.00%
3 Years
1.47 Yrs
Comulative
130
13.50%
IIFLFIN N7
INDINFN7NR
1160.1
6 Years
4.41 Yrs
Comulative
162
13.87%
Muthoot Finance
1225MFL16
M1225Y3SNR
1046.45
12.25%
3 Years
2.43 Yrs
Yearly
151
13.38%
Note:
Credit Rating (as per latest data): For STFC NCDs CARE AA+ / Crisil AA (Stable). For TATA Cap NCDs CARE AA+ / ICRA LAA+. For L&T Fin NCDs CARE AA+ / ICRA LAA+. For SBI Bonds CARE AAA / AAA/ Stable by CRISIL. For
IndiaInfoline NCDs issued on Aug 2011 and Sep 2012 CARE AA' by CARE & ICRA AA by ICRA. For IndiaInfoline NCDs issued on Sep 2013 CARE AA[Double A] by CARE & BWR AA (Outlook:Stable)' by Brickwork. For
SHRIRAMCITI NCDs Crisil AA/Stable Care AA'. For Muthoot NCDs CRISIL AA/Stable by CRISIL and [ICRA] AA(stable) by ICRA. For Manappuram NCDs A+/Negative by CRISIL. For Religare Finvest NCDs [ICRA] AA
(Stable) from ICRA Ltd. &[CARE] AA from CARE. For NHAI NCDs CRISIL AAA/Stable by CRISIL CARE AAA by CARE and "Fitch AAA(ind) with Stable Outlook by FITCH. For PFC NCDs "CRISIL AAA/Stable by CRISIL and ICRA
AAA by ICRA. For IRFC CRISIL AAA/Stable by CRISIL, [ICRA] AAA by ICRA and CARE AAA by CARE ". For HUDCO CARE AA+ from CARE and Fitch AA+ (ind) from Fitch. For REC CRISIL AAA/Stableby CRISIL,CARE AAAby
CARE, Fitch AAA(ind)by FITCH and [ICRA]AAAby ICRA. For Tata Capital Financial Service Ltd AA+/Stable from ICRA Limited and CARE AA from CARE. For IIFCL, ICRA AAA/Stable by ICRA,BWR AAA by Brickworks and CARE
AAA by CARE. For NHB, CRISIL AAA/Stable and CARE AAA". For Ennore Port, BWR AA+ (SO), CRISIL AA/Stable and CARE AA. For Dredging Corporation of India, BWR AA+ (SO) and CARE AA. For Jawaharlal Nehru Port Trust,
CRISIL AAA/Stable, "BWR AAA". For NHPC, [ICRA] AAA by ICRA IND AAA by India Rating & Research Private Limited and CARE AAA by CARE. For NTPC, CRISIL AAA from CRISIL and ICRA AAA from ICRA. For ECL CARE AA
by CARE and BWR AA by Brickwork. For SREI "CARE AA (Double A Minus) by CARE and BWR AA (BWR Double A) by BRICKWORK.
YTM is yield to maturity Annualized yield that would be realized on a bond if the bond is held until the maturity date. Yield to call (YTC) is the annualized rate of return that an investor would earn if he bought a callable bond at
its current market price and held until the call is first exercisable by the issuer.
Religare, PFC, REC, DCI, Ennore Port, IIFCL NCDs are listed only on BSE, while the rest are listed on NSE and (in some cases Muthoot finance, IIFL, HUDCO and some series of Shriram Citi, Muthoot Fin & Religare Fin) also on BSE. In
case where the NCD are listed on both the exchanges, the price on the exchange where it is traded more (average daily volumes) is considered.
FV of NCDs in all cases is Rs.1000, except Rs.10,000 for SBI, Rs.1,00,000 for TATA Cap N1 and Rs. 200 for STFC N1 and STFC N2. For NHB, the FV of Series NHBTF2023 is Rs 10,000, while the FV for Series N1,N2,N3,N4,N5,N6 is Rs
5000.
Last traded date means date of last trade (not beyond the previous month). Further freak trades are not considered for YTM calculations. While short listing the top picks, enough weightage is given to frequency of trade and
average volumes. Unexpected cut in credit rating could result in bond prices going down and resultant MTM loss.
As mentioned, the series named 'NHPC Individual', 'REC Individual', 'HUDCO Individual' and 'NTPC Individual' are available only for Retail investors. To avail of 25 bps higher coupon rates, retailers have to hold the bonds for
the face value amount of not more than Rs. 10 lakh as on record dates. If they hold the bonds for the face value amount of more than Rs. 10 lakh on the record date (based on demat account or PAN), then they will lose out 25
bps in the coupon rates.
The series mentioned as individual in taxable NCDs of Shriram Transport and Shriram Citi are eligible for retail investments (and higher coupon) irrespective of investment amount. The only criterion for higher interest is that the
holder should be an individual as on the record date.
RETAIL RESEARCH