TAX-FREE & TAXABLE BONDS

RETAIL RESEARCH

16 Aug 2016

NCD Ready Reckoner August (3)

Series

HSL Scrip code

Last traded
Price (Rs)

IRFC NO - Individual
NHAI - NE - Individual
NHAI - NA - Individual
NHAI - N6 - Individual

IRF764NONR
NHA769NE2B
NHA760NANR
NHA875N6NR

1117.25
1124.52
1118.71
1235.64

Issuer

Coupon
Rate (%)

7.64%
7.69%
7.60%
8.75%

Tenor

Residual
Maturity
(Year)

Interest
payment
frequency

15 Years
15 Years
15 Years
15 Years

14.62 Yrs
14.58 Yrs
14.42 Yrs
12.49 Yrs

Yearly
Yearly
Yearly
Yearly

16-Mar-16
29-Feb-16

Latest
Record Date

Call / Put
Date

Tenor to
Call / Put
(Yrs)

YTC
(%)

Liquidity
(Daily Avg
Volume
in Nos)

YTM (%) **

3842
2936
4950
1090

6.71%
6.71%
6.60%
6.40%

4.60 Years
-

7.18%
-

191
62047

8.32%
8.08%

Tax Free Bonds

AAA Rated
IRFC
NHAI
NHAI
NHAI

Taxable Bonds
Yearly Payout
AAA Rated
SBI
NTPC

SBI - N5
849NTPC25

STABANN5NR
NTP849N7NR

11415.12
13.2

9.95%
8.49%

15 Years
10 Years

9.60 Years
8.62 Years

Yearly
Yearly

16-Mar-16
14-Mar-16

17-Mar-21

SRTRANNWNR

1062

11.15%

5 Years

1.97 Years

Yearly

11-Mar-16

605

9.51%

EHF100N6NR
SRTRANY8NR

1018.12
1058

10.00%
11.25%

10 Years
5 Years

9.94 Years
2.92 Years

Yearly
Yearly

29-Jun-16

25712
281

9.83%
9.23%

MFL9252017
MF1075NCD5

1055.07
1100

10.00%
11.50%

2 Years
3 Years

1.17 Years
1.12 Years

Yearly
Yearly

11-Sep-15

245
75

12.63%
11.53%

MFL9252019
INDINFN6NR

1035.01
1081.25

10.00%
12.75%

3 Years
2.44 Years
6 Years
2.10 Years
Monthly Payout

Yearly
Yearly

28-Feb-16

144
73

10.96%
10.80%

SRTRANNXNR

1025.1

10.63%

5 Years

1.97 Years

Monthly

12-Aug-16

230

9.31%

SRTRANYBNR
EHF957N5NR

1058.5
1030

10.94%
9.57%

7 Years
10 Years

4.93 Years
9.94 Years

Monthly
Monthly

12-Aug-16

361
967

9.71%
9.63%

AA+ Rated
Residual Maturity- Below 24 months
Shriram Transport

STFC NW - Individual

Residual Maturity- Above 24 months

Edelweiss Housing
Shriram Transport

10EHFL26
STFC Y8 - Individual

AA and AA- Rated

Residual Maturity- Below 24 months
Muthoot Finance
Muthoot Finance

925MFL17 - Individual
1075MFL17 - Individ

Residual Maturity- Above 24 months

Muthoot Finance
India Infoline Finan

925MFL19
IIFLFIN N6

AA+ Rated
Residual Maturity- Below 24 months
Shriram Transport
STFC NX - Individual
Residual Maturity- Above 24 months
Shriram Transport
Edelweiss Housing
AA and AA- Rated

RETAIL RESEARCH

STFC YB - Individual
957EHFL26

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RETAIL RESEARCH
Residual Maturity- Below 24 months
Muthoot Finance
9MFL2017 - Individual
Muthoot Finance
105MFL17 - Individual
Residual Maturity- Above 24 months

MFL9002017
MF1050NCD2

985.12
1002.02

9.75%
11.25%

2 Years
3 Years

1.17 Years
1.12 Years

Monthly
Monthly

17-Aug-16
17-Aug-16

257
403

12.02%
11.98%

Muthoot Finance
Muthoot Finance

925MFL18 - Individual
9MFL19

MFL9252018
MFL92019

991
995.01

10.00%
9.75%

3 Years
2.17 Years
3 Years
2.44 Years
Cumulative Payout

Monthly
Monthly

17-Aug-16
17-Aug-16

417
994

11.16%
10.60%

MMFSL26A Individu

MMFZER9B26

1033.45

10 Years

9.82 Years

Cumulative

1166

8.84%

SRTRANNZNR

1399

5 Years

1.97 Years

Cumulative

315

10.03%

EHFZERN7NR
SRTRANYGNR

1016
1390

10 Years
7 Years

9.94 Years
4.93 Years

Cumulative
Cumulative

357
94

9.91%
9.23%

Muthoot Finance
0MFL18AII
Muthoot Finance
0MFL17
Residual Maturity- Above 24 months

MFLZER18A2
MF000017NR

1035.8
1774.02

2 Years
5.50 Years

1.44 Years
1.18 Years

Cumulative
Cumulative

117
268

10.72%
10.68%

ECL
India Infoline Fina

ECLOP4N4NR
INDINFN7NR

1400
1660

5 Years
6 Years

2.46 Years
2.10 Years

Cumulative
Cumulative

222
466

10.84%
10.72%

AAA Rated
M&M Financial Ser
AA+ Rated

Residual Maturity- Below 24 months

Shriram Transport

STFC NZ - Individual

Residual Maturity- Above 24 months

Edelweiss Housing
Shriram Transport
AA and AA- Rated

0EHFL26
STFC YG - Individual

Residual Maturity- Below 24 months

0ECL2019D
IIFLFIN N7

Note:

Please note that BSEIndia has moved trading of some of the corporate bonds (Taxable and Tax-free Bonds) on clean price and yield (YTM) mechanism from August 8, 2016. So far, trading of all the bonds which are part of F or G group is done on Dirty Price, which is represented in terms of the face
value of the bond and has the accrued interest component added to it. Now, under Clean Price Mechanism, the clean price, the price of a bond is expressed in 100 basis points and excludes accrued interest.
* = Out of 41 scrips that are enabled trading on clean price and yield mechanism by BSE, the star marked are 20 scrips that are traded only on BSE. We have put NA for those scrips and let you know once it is updated in our system. The rest of the scrips are traded on both NSE and BSE for which NSE
data are considered.
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. For Edelweiss Housing Finance Ltd:CARE AA by Credit Analysis & Research Ltd. (CARE); *ICRA+ AA by ICRA Limited and BWR AA+ by Brickwork Ratings India

** - 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. The coupon rates mentioned against the relevant Series marked
Individual includes the extra interest rates. In case on the record date, the holding of the investor exceeds Rs.10 lakhs, then he will get a lower interest rate (typically by between 25 to 30 bps)

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. The YTM data shown above for tax-free bonds are for retail investors who wish to hold investment in respective tax-free bonds upto the face value worth of Rs. 10 lakh.

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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