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RETAIL RESEARCH
Last traded
Price (Rs)
Coupon
Rate (%)
Tenor
Residual
Maturity
(Year)
Interest
payment
frequency
764NABARD31 - Indivi
769HUDCO31 - Indivi
IRFC NO - Individual
NHAI - NE - Individual
NAB7642B31
HUD7692B31
IRF764NONR
NHA769NE2B
1043.27
1053.5
1044.74
1057.37
7.64%
7.69%
7.64%
7.69%
15 Years
15 Years
15 Years
15 Years
14.98 Yrs
14.95 Yrs
14.97 Yrs
14.94 Yrs
774IREDA31 - Individ
774IREDA31
1078
7.74%
15 Years
14.81 Yrs
Issuer
Tenor to
Call / Put
(Yrs)
YTC
(%)
Daily Avg
Volume
(Nos)
YTM (%) **
Yearly
Yearly
Yearly
Yearly
820252
55364
206353
34252
7.22%
7.18%
7.18%
7.14%
Yearly
1560
7.06%
Latest
Record Date
Call / Put
Date
Taxable Bonds
Yearly Payout
AAA Rated
NTPC
SBI
849NTPC25
SBI - N5
NTP849N7NR
STABANN5NR
12.66
11120
8.49%
9.95%
10 Years
15 Years
8.98 Years
9.95 Years
Yearly
Yearly
14-Mar-16
16-Mar-16
4.95 Years
7.22%
1146320
1129
8.32%
8.28%
SRTRANNSNR
SRTRANY7NR
1011
1098.99
11.40%
11.00%
5 Years
3 Years
1.35 Years
1.28 Years
Yearly
Yearly
11-Mar-16
26-Jun-15
179
86
10.68%
9.23%
SRTRANY8NR
SRTRANNWNR
1111
1026.5
11.25%
11.15%
5 Years
5 Years
3.28 Years
2.32 Years
Yearly
Yearly
26-Jun-15
11-Mar-16
196
570
10.11%
9.63%
MF1075NCD5
RELFINN4NR
1060.8
1060
11.50%
12.50%
3 Years
5 Years
1.48 Years
1.52 Years
Yearly
Yearly
11-Sep-15
28-Mar-16
69
110
11.33%
8.28%
SRE112519G
SC1175NCNR
1005
1146.9
11.75%
11.75%
5 Years
3.61 Years
5 Years
3.08 Years
Monthly Payout
Yearly
Yearly
17-Mar-16
08-Apr-15
386
170
11.65%
10.23%
SRTRANYANR
SRTRANYBNR
1027
1050
10.71%
10.94%
5 Years
7 Years
Monthly
Monthly
16-Mar-16
16-Mar-16
82
82
10.23%
10.19%
AA+ Rated
Residual Maturity- Below 24 months
Shriram Transport
Shriram Transport
STFC NS - Individual
STFC Y7 - Individual
STFC Y8 - Individual
STFC NW - Individual
1125SREI19G
1085SCUF19 - Individ
AA+ Rated
Residual Maturity- Below 24 months
None
Residual Maturity- Above 24 months
Shriram Transport
Shriram Transport
RETAIL RESEARCH
STFC YA - Individual
STFC YB - Individual
3.28 Years
5.28 Years
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RETAIL RESEARCH
AA and AA- Rated
Residual Maturity- Below 24 months
Muthoot Finance
1025MFL17 - Individu
Muthoot Finance
105MFL17 - Individual
Residual Maturity- Above 24 months
MF10252017
MF1050NCD2
1002.16
1006
11.00%
11.25%
3 Years
3 Years
SRE107219F
IIHF12N2NR
1018
1075.56
11.17%
12.00%
5 Years
3.61 Years
6 Years
4.00 Years
Cumulative Payout
SRTRANYCNR
SRTRANNUNR
1201.25
1505
3 Years
5 Years
1.28 Years
1.35 Years
SRTRANNZNR
SRTRANYGNR
1310
1340
5 Years
7 Years
Muthoot Finance
0MFL17A - Individual
Muthoot Finance
0MFL17
Residual Maturity- Above 24 months
MFZERO2017
MF000017NR
1116
1705
India Infoline
Religare Finvest
INDINFN7NR
RELFINN8NR
1568
1570
SREI
India Infoline Hous
1072SREI19F
IIHFL - N2
1.74 Years
1.48 Years
Monthly
Monthly
17-Mar-16
17-Mar-16
395
220
11.49%
11.45%
Monthly
Monthly
21-Mar-16
24-Mar-16
115
634
11.12%
10.19%
Cumulative
Cumulative
18
79
10.72%
10.23%
2.32 Years
5.28 Years
Cumulative
Cumulative
62
25
11.98%
9.31%
3 Years
5.50 Years
1.74 Years
1.54 Years
Cumulative
Cumulative
151
976
12.34%
10.92%
6 Years
5.83 Years
2.45 Years
2.35 Years
Cumulative
Cumulative
164
518
11.65%
10.88%
AA+ Rated
Residual Maturity- Below 24 months
Shriram Transport
STFC YC - Individual
Shriram Transport
STFC NU - Individual
Residual Maturity- Above 24 months
Shriram Transport
Shriram Transport
AA and AA- Rated
STFC NZ - Individual
STFC YG - Individual
IIFLFIN N7
18H
Note:
Credit Rating (as per latest data): For STFC NCDs CARE AA+ / Crisil AA+ (Stable). For TATA Cap Financial Services NCDs CARE AA+ / ICRA AA+. For L&T Fin NCDs CARE AA+ / ICRA AA+. For SBI Bonds CARE AAA / AAA/ Stable by CRISIL. For IndiaInfoline NCDs - CARE AA' by CARE & ICRA AA (Stable)
by ICRA. - BWR AA (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+/Stable and 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 AAA from CARE and Fitch AAA from Fitch. For REC - CRISIL AAA/Stableby CRISIL,CARE AAAby CARE, Fitch Ind AAA 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 Kamarajar Port (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 /Stable by India Rating & Research Private Limited and CARE AAA by CARE. For NTPC, CRISIL AAA from CRISIL and ICRA AAA (Stable) 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 (Stable) by BRICKWORK. For India Infoline Housing Finance Ltd: CRISIL AA-/Stable by CRISIL and CARE AA (Double A) by CARE. For IFCI, BWR AA- (Outlook: Stable) , *ICRA+ A+ (Stable), For IREDA, CARE AAA (SO) from Credit Analysis and Research Limited
(CARE) and BWR AAA (SO) from Brickwork Rating India Private Limited.
** - 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.
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.
PFC, DCI, Ennore Port, IIFCL NCDs are listed only on BSE, while the rest are listed on NSE and (in some cases - HUDCO , IREDA, IRFC, NHPC, NTPC & REC ) 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. On Taxable side Religare, Manappuram, PFC, REC, DCI, Ennore Port, IIFCL, NHPC, NTPC 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, Tata Capital Financial Services & 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. 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. 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, Muthoot 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
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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: hdfcsecretailresearch@hdfcsec.com
Disclaimer: Debt instruments are subject to market risk. 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. "HDFC Securities Ltd. is a SEBI Registered Research Analyst having registration no. INH000002475."
RETAIL RESEARCH
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