List of NCD Issuances for April

With the deployment of funds raised by banks under the TLTRO window taking place – April has been an unusually busy month for the Indian Corporate Bond Market witnessing a long list of NCD issuances getting placed.

Approximately rupees eighty five thousand crore capital has been raised by thirty six companies across sectors from the market . This excludes the market linked debenture issuance, State Government’ Guaranteed bonds, unrated privately placed NCDs issued by few real estate/infra companies etc.

However data reveals that virtually no capital raised under TLTRO (1.0 & 2.0) has trickled down to entities rated below AA rating during April. The data also reveals that majorly five entities have been key beneficiaries and have contributed to more than 50% of the April volumes as shown below:

Name of IssuersIssue Size (in Crs)% of Total Issuance
HOUSING DEVELOPMENT FINANCE CORPORATION LTD.15,00017.60%
RELIANCE INDUSTRIES LIMITED9,50011.15%
LARSEN AND TOUBRO LIMITED8,4009.86%
POWER FINANCE CORPORATION LTD.6,9508.15%
RURAL ELECTRIFICATION CORPORATION LIMITED5,4856.44%
NTPC LIMITED4,3745.13%
TATA STEEL LIMITED3,5354.15%
INDIAN RAILWAY FINANCE CORPORATION LIMITED3,1903.74%
NATIONAL HIGHWAYS AUTHORITY OF INDIA3,0003.52%
POWER GRID CORPORATION OF INDIA LIMITED2,8003.29%
NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT2,5002.93%
HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED2,1002.46%
NATIONAL HOUSING BANK2,0002.35%
L&T FINANCE LIMITED2,0002.35%
MAHINDRA AND MAHINDRA LIMITED2,0002.35%
Others12,39814.55%

Sector Split

On expected lines, bulk of the capital has been provided to financial sectors followed by infrastructure.

SectorsSum of Issue SizeShare
%
Finance – NBFC24,67328.95%
Finance – Housing17,30020.30%
Engineering – Construction11,40013.38%
Refineries9,50011.15%
Others – Auto, Steel, Infra, Media etc9,43511.07%
Power Generation/Distribution8,4249.88%
Bank – Public4,5005.28%
Grand Total85,232100.00%

Rating/Ownership Split:

Approximately 90% of the funds have been raised by PSUs & AAA rated private entities while 10% of the funds have been raised by entities rated AA+ or AA. The few issuances in BB/BBB category were likely placed outside TLTRO with other investor categories.

Rating Issuance SizeShare
%
Private52,08361.11%
AA3,7304.38%
AA+4,6355.44%
AAA43,41050.93%
BB+2800.33%
BBB-280.03%
PSU33,14938.89%
AAA33,14938.89%
Grand Total85,232100.00%

Tenor Split :

Issuance Tenor
(Yrs)
Issuance SizeIssuance Share
% as part of over all volumes
0-14500.53%
1-21,3601.60%
2-356,19765.93%
3-46,3257.42%
4-59,85011.56%
5-63,6504.28%
6-71500.18%
7-81500.18%
8-91500.18%
9-106,9508.15%
Grand Total85,232100.00%

Salient Points :

  1. ~90% of the volumes were priced at less than equal to 8% coupon – implying very cheap cost of funding for the entities.
  2. Few banks have structured floating rate NCDs to reduce interest rate risk in the transactions (since their liability from RBI under TLRTO is also floating).

Fact Sheet of Issuance in the Month of April’20

ISINName Of IssuerIssuance SizeTransaction Date
INE020B07LS4RURAL ELECTRIFICATION CORPORATION LIMITED2,50030-04-2020
INE134E07935POWER FINANCE CORPORATION LTD.50030-04-2020
INE081A08272TATA STEEL LIMITED50030-04-2020
INE081A08280TATA STEEL LIMITED50030-04-2020
INE053F07CC9INDIAN RAILWAY FINANCE CORPORATION LIMITED3,19028-04-2020
INE906B07HP8NATIONAL HIGHWAYS AUTHORITY OF INDIA3,00028-04-2020
INE860H07HA6ADITYA BIRLA FINANCE LIMITED22528-04-2020
INE071G08AD9ICICI HOME FINANCE COMPANY LIMITED528-04-2020
INE071G08AC1ICICI HOME FINANCE COMPANY LIMITED528-04-2020
INE860H07GZ5ADITYA BIRLA FINANCE LIMITED1,50028-04-2020
INE756I07DC9HDB FINANCIAL SERVICES LIMITED75028-04-2020
INE018A08BA7LARSEN AND TOUBRO LIMITED2,50028-04-2020
INE027E07BF1L&T FINANCE LIMITED2,00028-04-2020
INE002A08617RELIANCE INDUSTRIES LIMITED3,00027-04-2020
INE001A07SK8HOUSING DEVELOPMENT FINANCE CORPORATION LTD.5,00027-04-2020
INE081A08264TATA STEEL LIMITED1,00027-04-2020
INE121A07PG8CHOLAMANDALAM INVESTMENT AND FIN. CO. LTD41027-04-2020
INE957N07492HERO FINCORP LIMITED1,30027-04-2020
INE848E07BM6NHPC LIMITED15024-04-2020
INE031A08780HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED1,50024-04-2020
INE848E07BN4NHPC LIMITED15024-04-2020
INE848E07BJ2NHPC LIMITED15024-04-2020
INE848E07BL8NHPC LIMITED15024-04-2020
INE134E08KO6POWER FINANCE CORPORATION LTD.1,97024-04-2020
INE134E08KP3POWER FINANCE CORPORATION LTD.1,32024-04-2020
INE660A07QJ7SUNDARAM FINANCE LIMITED50024-04-2020
INE848E07BK0NHPC LIMITED15024-04-2020
INE018A08AW3LARSEN AND TOUBRO LIMITED45023-04-2020
INE053A08107THE INDIAN HOTELS COMPANY LIMITED15023-04-2020
INE018A08AY9LARSEN AND TOUBRO LIMITED2,45023-04-2020
INE018A08AZ6LARSEN AND TOUBRO LIMITED1,80023-04-2020
INE018A08AX1LARSEN AND TOUBRO LIMITED45023-04-2020
INE445L08409NABHA POWER LIMITED50023-04-2020
INE020B08CT9RURAL ELECTRIFICATION CORPORATION LIMITED2,98522-04-2020
INE081A08256TATA STEEL LIMITED51022-04-2020
INE246R07426IDFC INFRASTRUCTURE FINANCE LIMITED25023-04-2020
INE306N07LT0TATA CAPITAL FINANCIAL SERVICES LIMITED92521-04-2020
INE199G07057JAGRAN PRAKASHAN LIMITED15027-04-2020
INE018A08AV5LARSEN AND TOUBRO LIMITED75020-04-2020
INE134E08KN8POWER FINANCE CORPORATION LTD.3,16020-04-2020
INE537P07521INDIA INFRADEBT LIMITED20020-04-2020
INE199G07040JAGRAN PRAKASHAN LIMITED10021-04-2020
INE537P07539INDIA INFRADEBT LIMITED25020-04-2020
INE081A08249TATA STEEL LIMITED1,02517-04-2020
INE261F08CD4NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT2,50017-04-2020
INE831R07276ADITYA BIRLA HOUSING FINANCE LIMITED20017-04-2020
INE860H07GY8ADITYA BIRLA FINANCE LIMITED20017-04-2020
INE002A08609RELIANCE INDUSTRIES LIMITED3,00017-04-2020
INE002A08591RELIANCE INDUSTRIES LIMITED3,50017-04-2020
INE733E08148NTPC LIMITED4,37416-04-2020
INE557F08FI7NATIONAL HOUSING BANK2,00015-04-2020
INE752E08643POWER GRID CORPORATION OF INDIA LIMITED2,80015-04-2020
INE031A08772HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED60015-04-2020
INE001A07SJ0HOUSING DEVELOPMENT FINANCE CORPORATION LTD.10,00013-04-2020
INE660A07QI9SUNDARAM FINANCE LIMITED50013-04-2020
INE742F07460ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED1,50013-04-2020
INE101A08104MAHINDRA AND MAHINDRA LIMITED1,00024-04-2020
INE438A07177APOLLO TYRES LIMITED50009-04-2020
INE101A08096MAHINDRA AND MAHINDRA LIMITED1,00020-04-2020
INE775A07016MOTHERSON SUMI SYSTEMS LIMITED50021-04-2020
INE07NN07017ROBUST MARKETING SERVICES PRIVATE LIMITED8007-04-2020
INE07NN07025ROBUST MARKETING SERVICES PRIVATE LIMITED20007-04-2020
INE151A07051TATA COMMUNICATIONS LIMITED52520-04-2020
INE685A07108TORRENT PHARMACEUTICALS LIMITED19524-04-2020
INE514Q07155PAHAL FINANCIAL SERVICES PRIVATE LIMITED2803-04-2020

7 thoughts on “List of NCD Issuances for April

  1. Hey hi, excellent report. Can you please share the way you have derived the rating category. Like I am checking in the BBG, and the issuance in April has hardly any BBB issuer. It will be of great help if you can share your finding. I am also ramping up on the Indian debt market.

  2. Good report, suggest continue to provide with bifurcation of investments under TLTRO & TLTRO 2.0 going forward please.
    Also if some information on Partial credit Gaurantee scheme investments by PSU banks can be made available.

  3. Very Good Report. An important aspect in compilation will be when a re-issuance happens under existing ISIN. At times the amounts and interest rates are not reported accurately with the depositories

Leave a Reply

Your email address will not be published. Required fields are marked *

Back To Top
Social media & sharing icons powered by UltimatelySocial
error

Please spread the word and grow the tribe:)

LinkedIn