NCD Ready Reckoner – February (4)

February 24, 2015
NCD Ready Reckoner – February (4)
RETAIL RESEARCH
Issuer
Series
HSL Scrip code
Residual
Maturity
(Year)
Interest
payment
frequency
Latest
Record
Date
Coupon
Rate
(%)
Tenor
1017.22
7.22%
10 Years
7.82 Yrs
Yearly
18-Nov-14
-
-
467
7.22%
1030
7.40%
20 Years
17.93 Yrs
Yearly
7-Jan-15
-
-
930
7.18%
Call / Put
Date
Tenor to
Call / Put
(Yrs)
Daily
Avg
Volume
(Nos)
Last traded
Price (Rs)
YTC
(%)
YTM (%)**
Tax Free Bonds
AAA Rated
REC
722REC22TF
RECLTDN1NR
IIFCL
740IIFCL33
IIFCLN9NR
IRFC
IRFC N1
IRF800N1NR
1075.41
8.00%
10 Years
7.01 Yrs
Yearly
29-Sep-14
-
-
2261
7.14%
PFC
830PFC2027
PFC830N6NR
1120
8.30%
15 Years
11.95 Yrs
Yearly
29-Sep-14
-
-
679
7.14%
HUDCO
734HUDCO23
HUD734N4NR
1005.01
7.34%
10 Years
7.99 Yrs
Yearly
2-Feb-15
-
-
606
7.29%
HUDCO
876HUDCO28 - Indiv
HUD876B2NR
1165.5
8.76%
15 Years
13.68 Yrs
Yearly
10-Oct-14
-
-
1762
7.18%
AA+ Rated
Taxable Bonds
Yearly Payout
AAA Rated
SBI
SBI - N3
STABANN3NR
11055.77
9.75%
10 Years
6.06 Yrs
Yearly
16-Mar-14
17-Mar-16
1.06 Yrs
7.89%
71
9.35%
SBI
SBI - N5
STABANN5NR
11627.37
9.95%
15 Years
11.07 Yrs
Yearly
16-Mar-14
17-Mar-21
6.07 Yrs
8.36%
118
8.88%
177
12.76%
522
11.16%
AA+ Rated
Residual Maturity- Below 24 months
Shriram Transport
STFC NV - Individual
SRTRANNVNR
1075
10.90%
3 Years
1.44 Yrs
Yearly
12-Mar-14
Shriram Transport
STFC NL
SRTRANNLNR
1110
11.60%
5 Years
1.38 Yrs
Yearly
12-Mar-14
11-Jul-15
-
0.38 Yrs
10.15%
Residual Maturity- Above 24 months
Shriram Transport
STFC Y7 - Individual
SRTRANY7NR
1041.01
11.00%
3 Years
2.39 Yrs
Yearly
Shriram Transport
STFC NW - Individual
SRTRANNWNR
1084.87
11.15%
5 Years
3.44 Yrs
Yearly
-
-
230
12.26%
12-Mar-14
-
-
494
11.81%
AA and AA- Rated
Residual Maturity- Below 24 months
Muthoot Finance
MFINNCD1F / N6
MUTFINN6NR
1049.9
12.25%
5 Years
1.56 Yrs
Yearly
30-Aug-14
-
-
1402
12.47%
India Infoline Fin
IIFLFIN N4
INDINFN4NR
1115.95
11.90%
5 Years
1.48 Yrs
Yearly
26-Mar-14
-
-
909
11.20%
1050.95
11.75%
3 Years
2.36 Yrs
Yearly
1106
11.75%
5 Years
2.62 Yrs
Yearly
Residual Maturity- Above 24 months
Muthoot Finance
11MFL17F Individual
MF1100NFNR
Shriram City Union
SCUF - N8 - Individual
SHRCITN8NR
-
-
176
12.92%
17-Mar-14
-
-
113
11.77%
-
134
11.16%
60
11.04%
Monthly Payout
AA+ Rated
Residual Maturity- Below 24 months
None
Residual Maturity- Above 24 months
Shriram Transport
STFC NX - Individual
SRTRANNXNR
Shriram Transport
STFC YB - Individual
SRTRANYBNR
998.1
1018
10.63%
10.94%
5 Years
3.44 Yrs
Monthly
12-Feb-15
7 Years
6.39 Yrs
Monthly
12-Feb-15
-
-
AA and AA- Rated
Residual Maturity- Below 24 months
Muthoot Finance
1125MFL17II - Indi
MF1125N2NR
997.01
12.00%
3 Years
1.95 Yrs
Monthly
16-Feb-15
-
-
632
12.67%
India Infoline Fin
IIFLFIN N8
INDINFN8NR
1021.35
12.00%
3 Years
1.60 Yrs
Monthly
20-Feb-15
-
-
1742
10.88%
Residual Maturity- Above 24 months
India Infoline
IIHFL - N2
IIHF12N2NR
1031.07
12.00%
6 Years
5.11 Yrs
Monthly
20-Feb-15
-
-
1527
11.73%
ECL
12ECL20I
ECLFINN5NR
1050.04
12.00%
5.83 Years
5.22 Yrs
Monthly
13-Feb-15
-
-
1139
11.24%
Cumulative Payout
AA+ Rated
Residual Maturity- Below 24 months
Shriram Transport
STFC NY - Individual
SRTRANNYNR
1154.9
-
3 Years
1.44 Yrs
Cumulative
-
-
102
12.31%
Shriram Transport
STFC NF
SRTRANNFNR
1652.25
-
6.50 Years
1.77 Yrs
Cumulative
-
-
101
11.41%
5 Years
2.46 Yrs
Cumulative
-
-
76
11.81%
7 Years
5.67 Yrs
Cumulative
-
-
284
11.65%
Residual Maturity- Above 24 months
Shriram Transport
STFC NU - Individual
SRTRANNUNR
Shriram Transport
STFC Y6 - Individual
SRTRANY6NR
RETAIL RESEARCH
1305
1166
11.75%
AA and AA- Rated
Residual Maturity- Below 24 months
Shriram City Union
SCUF - NE - Individual
SHRCITNENR
1090
-
3 Years
1.87 Yrs
Cumulative
-
-
21
12.96%
Muthoot Finance
0MFL16
M1255O3SNR
1190
-
3 Years
1.59 Yrs
Cumulative
-
-
28
12.06%
1335
-
6 Years
3.57 Yrs
Cumulative
-
-
172
12.88%
1517.9
-
5.50 Years
2.40 Yrs
Cumulative
-
-
167
12.18%
Residual Maturity- Above 24 months
India Infoline Fin
IIFLFIN N7
INDINFN7NR
Muthoot Finance
MFINNCD2D
MUTFIN2DNR
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/Stable”by 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 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