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    This document provides a summary of various tax-free and taxable bonds traded on the National Stock Exchange of India. It lists details such as the issuer, bond series, credit rating, coupon rate, residual maturity, yield to maturity and average daily trading volume. Key tax-free bonds include those issued by IIFCL, REC, NTPC and HUDCO, which offer annual coupon rates between 8.39-8.75% and residual maturities ranging from 7.27 to 18.9 years. Top taxable bonds are short-term papers from Shriram Transport and Muthoot Finance offering annual rates of 10.9-12% and maturities of 1-3 years. The document also notes credit

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    This document provides a summary of various tax-free and taxable bonds traded on the National Stock Exchange of India. It lists details such as the issuer, bond series, credit rating, coupon rate, residual maturity, yield to maturity and average daily trading volume. Key tax-free bonds include those issued by IIFCL, REC, NTPC and HUDCO, which offer annual coupon rates between 8.39-8.75% and residual maturities ranging from 7.27 to 18.9 years. Top taxable bonds are short-term papers from Shriram Transport and Muthoot Finance offering annual rates of 10.9-12% and maturities of 1-3 years. The document also notes credit

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    This document provides a summary of various tax-free and taxable bonds traded on the National Stock Exchange of India. It lists details such as the issuer, bond series, credit rating, coupon rate, residual maturity, yield to maturity and average daily trading volume. Key tax-free bonds include those issued by IIFCL, REC, NTPC and HUDCO, which offer annual coupon rates between 8.39-8.75% and residual maturities ranging from 7.27 to 18.9 years. Top taxable bonds are short-term papers from Shriram Transport and Muthoot Finance offering annual rates of 10.9-12% and maturities of 1-3 years. The document also notes credit

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    © All Rights Reserved
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    153 views2 pages

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    Uploaded by

    umagan
    This document provides a summary of various tax-free and taxable bonds traded on the National Stock Exchange of India. It lists details such as the issuer, bond series, credit rating, coupon rate, residual maturity, yield to maturity and average daily trading volume. Key tax-free bonds include those issued by IIFCL, REC, NTPC and HUDCO, which offer annual coupon rates between 8.39-8.75% and residual maturities ranging from 7.27 to 18.9 years. Top taxable bonds are short-term papers from Shriram Transport and Muthoot Finance offering annual rates of 10.9-12% and maturities of 1-3 years. The document also notes credit

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    of 2

    December 23, 2014

    NCD Ready Reckoner December (4)

    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


    AAA Rated
    IIFCL

    875IIFCL33 - Indiv

    IIF875NBNR

    1130.1

    8.75%

    20 Years

    18.90 Yrs

    Yearly

    28-Oct-14

    616

    7.53%

    REC

    793REC22

    REC793NBNR

    1060

    7.93%

    10 Years

    7.27 Yrs

    Yearly

    16-Jun-14

    337

    7.53%

    NTPC

    NTPC - N1

    NTPLTDN1NR

    1071

    8.41%

    10 Years

    8.99 Yrs

    Yearly

    1-Dec-14

    562

    7.34%

    REC

    871REC28 - Indivi

    REC871N9NR

    1125.88

    8.71%

    15 Years

    13.77 Yrs

    Yearly

    18-Nov-14

    2740

    7.30%

    HUDCO

    839HUDCO23 - Indivi

    HUD839B1NR

    1080.81

    8.39%

    10 Years

    8.85 Yrs

    Yearly

    10-Oct-14

    189

    7.34%

    HUDCO

    876HUDCO28 - Indivi

    HUD876B2NR

    1137.96

    8.76%

    15 Years

    13.85 Yrs

    Yearly

    10-Oct-14

    1672

    7.30%

    SBI

    SBI - N3

    STABANN3NR

    10935

    9.75%

    10 Years

    6.24 Yrs

    Yearly

    16-Mar-14

    17-Mar-16

    1.24 Yrs

    7.69%

    72

    9.23%

    SBI

    SBI - N4

    STABANN4NR

    10749.99

    9.30%

    10 Years

    6.24 Yrs

    Yearly

    16-Mar-14

    17-Mar-16

    1.24 Yrs

    8.56%

    55

    9.11%

    10.90%

    3 Years

    1.61 Yrs

    Yearly

    12-Mar-14

    103

    12.63%

    3 Years

    1.61 Yrs

    Cumulative

    96

    12.59%

    AA+ Rated

    Taxable Bonds
    AAA Rated

    AA+ Rated
    Residual Maturity- Below 24 months
    Shriram Transport

    STFC NV - Individual

    SRTRANNVNR

    1055

    Shriram Transport

    STFC NY - Individual

    SRTRANNYNR

    1127.25

    Residual Maturity- Above 24 months


    Shriram Transport

    STFC NZ - Individual

    SRTRANNZNR

    1115

    5 Years

    3.61 Yrs

    Cumulative

    90

    12.55%

    Shriram Transport

    STFC Y7 - Individual

    SRTRANY7NR

    1020

    11.00%

    3 Years

    2.56 Yrs

    Yearly

    190

    12.26%

    AA and AA- Rated


    Residual Maturity- Below 24 months
    Muthoot Finance

    1125MFL16IV - Indiv

    MFL1125NCD

    1070

    12.00%

    2 Years

    1.12 Yrs

    Yearly

    113

    15.38%

    Muthoot Finance

    1075MFL16I - Indivi

    MF1075N1NR

    974

    11.50%

    2 Years

    1.12 Yrs

    Monthly

    17-Dec-14

    133

    14.58%

    Residual Maturity- Above 24 months


    Muthoot Finance

    1075MFL17 B - Indiv

    MF10752BNR

    960

    11.50%

    3 Years

    2.28 Yrs

    Monthly

    17-Dec-14

    168

    14.25%

    Muthoot Finance

    105MFL17 - Indivi

    MF1050NCD2

    959

    11.25%

    3 Years

    2.76 Yrs

    Monthly

    17-Dec-14

    151

    13.71%

    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.

    ** - In Tax Free Bonds, to avail 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) 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.

    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

    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

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