August 04 2015

NCD Ready Reckoner August (1)

RETAIL RESEARCH

Issuer

Series

HSL Scrip code

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 (%)
**

Tax Free Bonds

891IIFCL34E - Indivi

IIF891NBNR

1185.95

8.91%

20 Years

18.48 Yrs

Yearly

07-Jan-15

586

7.49%

PFC

892PFC33 - Indivi

PFC892B3NR

1209.95

8.92%

20 Years

18.30 Yrs

Yearly

31-Oct-14

1195

7.45%

NHAI

830NHAI27

NHA830N2NR

1146

8.30%

15 Years

11.49 Yrs

Yearly

16-Sep-14

2703

7.30%

IRFC

IRFC N1

IRF800N1NR

1102.26

8.00%

10 Years

6.56 Yrs

Yearly

29-Sep-14

800

7.26%

HUDCO

876HUDCO28 Individual

HUD876B2NR

1169.74

8.76%

15 Years

13.24 Yrs

Yearly

10-Oct-14

1545

7.53%

HUDCO

HUDCO050327

HUD820N2NR

1104.99

8.20%

15 Years

11.59 Yrs

Yearly

18-Feb-15

2328

7.26%

AA+ Rated

Taxable Bonds

Yearly Payout
AAA Rated
SBI

SBI - N3

STABANN3NR

10695

9.75%

10 Years

5.62 Yrs

Yearly

16-Mar-15

17-Mar-16

0.62 Years

3.64%

43

8.88%

SBI

SBI - N5

STABANN5NR

11088.55

9.95%

15 Years

10.62 Yrs

Yearly

16-Mar-15

17-Mar-21

5.62 Years

8.20%

318

8.84%

AA+ Rated
Residual Maturity- Below 24 months
Shriram Transport

STFC NV - Individual

SRTRANNVNR

1030

10.90%

3 Years

1.00 Yrs

Yearly

13-Mar-15

206

11.61%

Shriram Transport

STFC Y7 - Individual

SRTRANY7NR

1010.11

11.00%

3 Years

1.95 Yrs

Yearly

26-Jun-15

144

10.72%

Residual Maturity- Above 24 months

STFC NW - Individual

SRTRANNWNR

1033

11.15%

5 Years

2.99 Yrs

Yearly

13-Mar-15

149

11.37%

Shriram Transport

STFC NS - Individual

SRTRANNSNR

1043

11.40%

5 Years

2.02 Yrs

Yearly

13-Mar-15

204

11.12%

AA and AA- Rated

O1C3

RFL1C3N3NR

1050

12.50%

5 Years

1.14 Yrs

Yearly

26-Mar-15

248

11.73%

Muthoot Finance

MFINNCD1F / N6

MUTFINN6NR

1115.37

12.25%

5 Years

1.12 Yrs

Yearly

30-Aug-14

1370

11.49%

Residual Maturity- Above 24 months

BLUENCDSR1

BLUDARN1NR

10

9.30%

3 Years

2.30 Yrs

Yearly

20-Mar-15

4113

10.92%

Blue Dart Express

BLUENCDSR2

BLUDARN2NR

10

9.40%

4 Years

3.30 Yrs

Yearly

20-Mar-15

2553

10.60%

Monthly Payout
AA+ Rated
Residual Maturity- Below 24 months
None
Residual Maturity- Above 24 months
Shriram Transport

STFC NX - Individual

SRTRANNXNR

1003.15

10.63%

5 Years

2.99 Yrs

Monthly

13-Jul-15

203

11.08%

Shriram Transport

STFC YB - Individual

SRTRANYBNR

1030

10.94%

7 Years

5.95 Yrs

Monthly

13-Jul-15

113

10.80%

AA and AA- Rated

1125MFL17II - Indiv

MF1125N2NR

1009.8

12.00%

3 Years

1.51 Yrs

Monthly

17-Jul-15

400

11.90%

Muthoot Finance

1075MFL17 C - Indiv

MF1075NCNR

1006

11.50%

3 Years

1.92 Yrs

Monthly

17-Jul-15

414

11.77%

Residual Maturity- Above 24 months

IIHFL - N2

IIHF12N2NR

1054.36

12.00%

6 Years

4.67 Yrs

Monthly

24-Jul-15

1479

11.04%

ECL

12ECL20I

ECLFINN5NR

1069.16

12.00%

5.83 Years

4.78 Yrs

Monthly

17-Jul-15

808

10.68%

Cumulative Payout
AA+ Rated
Residual Maturity- Below 24 months
Shriram Transport

STFC NY - Individual

SRTRANNYNR

1215.2

3 Years

1.00 Yrs

Cumulative

61

12.35%

Shriram Transport

STFC YC - Individual

SRTRANYCNR

1115

3 Years

1.95 Yrs

Cumulative

54

11.08%

Residual Maturity- Above 24 months

STFC NZ - Individual

SRTRANNZNR

1225

5 Years

2.99 Yrs

Cumulative

55

11.57%

Shriram Transport

STFC YG - Individual

SRTRANYGNR

1160

7 Years

5.95 Yrs

Cumulative

72

10.88%

RETAIL RESEARCH

AA and AA- Rated

MFINNCD2D

MUTFIN2DNR

1615

5.50 Years

1.96 Yrs

Cumulative

297

11.57%

1170.15

6 Years

4.67 Yrs

Cumulative

113

12.18%

1570

5.50 Years

2.21 Yrs

Cumulative

218

11.61%

Residual Maturity- Above 24 months

IIHFL - N3

IIHF00N3NR

Muthoot Finance

0MFL17

MF000017NR

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 AAA by
CARE, Fitch AAA (ind)by FITCH and [ICRA] AAA by 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. For IIFHL: CRISIL AA-/Stable by CRISIL and CARE AA- [CARE AA Minus] by CARE. For Blue dart
Express, AA by ICRA. For IFCI, AA- by BRICKWORK, A+ by CARE & LA by ICRA.

** - In Tax Free Bonds, to avail ( or retain) the 25bps additional in the coupon rate, Investors should be aware that the total investment in the aggregate face value of Bonds held by the Bondholders in all the Series of Bonds,
allotted under the relevant Tranche Issue shall be clubbed and taken together and that should be up to Rs. 10 Lakhs. This can be explained in the following way. In the Year 2013-14, the issuers such as IRFC, HUDCO, IIFCL, etc
came out with more than one tranches offering 10 Years, 15 Years or 20 Years maturing bonds. In any Tranche, to avail the additional 25bps in the coupon rate by retailers, the investment in any series or all the series of
bonds (usually 3 series like 10 Years, 15 Years or 20 Years) should not be more than Rs. 10 lakhs. That means that the investor can hold a maximum of Rs. 10 Lakhs across all series of Bonds in one tranche/issue if he wants to
avail of the benefit of extra 25 bps interest. If the investment in any series or all the series of one issue or tranche exceeds Rs. 10 lakhs, then the investor will lose out the benefit of additional 25 bps in the coupon rate.

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 as shown in the above point.

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, IFCI, NTPC &
Blue Dart Express) 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. FV of Blue Dart is Rs 10, FV of NTPC(Taxable) is Rs 12.50.

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.

The series mentioned as individual in taxable NCDs of Shriram Transport, Muthhot Finance 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 Tel: (022) 3075 3400 Fax: (022) 2496 5066 Corporate Office
HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East),
Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Website: www.hdfcsec.com Email: [email protected]
Disclaimer: This document has been prepared by HDFC Securities Limited and is meant for sole use by the recipient and not for circulation. This document is not to
be reported or copied or made available to others. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. The information
contained herein is from sources believed reliable. We do not represent that it is accurate or complete and it should not be relied upon as such. We may have from
time to time positions or options on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment banking, or other
services for, any company mentioned in this document. This report is intended for non-Institutional Clients
This report has been prepared by the Retail Research team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other
parameters mentioned in this document may or may not match or may be contrary with those of the other Research teams (Institutional, PCG) of HDFC Securities Ltd.

RETAIL RESEARCH