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RETAIL RESEARCH
Issuer
Series
Last traded
Price (Rs)
Coupon
Rate
(%)
Tenor
Residual
Maturity
(Year)
Interest
payment
frequency
Latest
Record
Date
Daily
Avg
Volume
(Nos)
YTM (%)
304
8.44%
27775
8.40%
Call / Put
Date
Tenor to
Call / Put
(Yrs)
YTC
(%)
875IIFCL33 Indiv
IIF875NBNR
1070
8.75%
20 Years
19.54 Yrs
Yearly
NHAI
N6 Indiv
NHA875N6NR
1042.23
8.75%
15 Years
14.77 Yrs
Yearly
PFC
892PFC33 Indiv
PFC892B3NR
1091.89
8.92%
20 Years
19.55 Yrs
Yearly
2241
8.40%
NHB
NHBTF2023 N6 Ind
NHB893N6NR
5301
8.93%
15 Years
14.90 Yrs
Yearly
2262
8.36%
HUDCO
751HUDCO28
HUD751N5NR
949.5
7.51%
15 Years
13.79 Yrs
Yearly
1351
8.36%
HUDCO
876HUDCO28 Indiv
HUD876B2NR
1079.5
8.76%
15 Years
14.48 Yrs
Yearly
977
8.36%
SBI
N2
STABANN2NR
10100
9.50%
15 Years
11.51 Yrs
Yearly
16Mar14
5Nov20
6.51 Yrs
9.47%
64
9.47%
SBI
N3
STABANN3NR
10183
9.75%
10 Years
6.87 Yrs
Yearly
16Mar14
17Mar16
1.87 Yrs
9.19%
74
9.55%
28Feb14
AA+ Rated
1Feb14
Taxable Bonds
AAA Rated
AA+ Rated
Residual Maturity Below 24 months
Shriram Transport
STFC NR Individual
SRTRANNRNR
1005.09
11.15%
3 Years
1.26 Yrs
Yearly
12Mar14
69
11.69%
Shriram Transport
STFC NC
SRTRANNCNR
604
10.50%
5 Years
1.07 Yrs
Yearly
12Mar14
99
11.37%
78
12.63%
542
12.22%
STFC NY Individual
SRTRANNYNR
1045.1
3 Years
2.24 Yrs
Cumulative
Shriram Transport
STFC NW Individual
SRTRANNWNR
980
11.15%
5 Years
4.24 Yrs
Yearly
12Mar14
AA and AA Rated
Residual Maturity Below 24 months
Muthoot Finance
12MFL15
M1200Y2SNR
1043.15
12.00%
2 Years
1.39 Yrs
Yearly
Religare Finvest
15A
RELFINN1NR
1004.31
12.25%
3 Years
1.43 Yrs
Yearly
306
14.37%
25Mar14
188
12.92%
1125MFL17II
MF1125N2NR
980
12.00%
3 Years
2.76 Yrs
Monthly
15Apr14
232
13.67%
India Infoline
IIFLFIN N4
INDINFN4NR
986.54
11.90%
5 Years
2.29 Yrs
Yearly
26Mar14
4504
13.21%
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