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RETAIL RESEARCH       TAX-FREE & TAXABLE BONDS 31 MAY 2016

RETAIL RESEARCH

     

TAX-FREE & TAXABLE BONDS

31 MAY 2016

 

NCD Ready Reckoner May (5)

           

Residual

Interest

   

Tenor to Call / Put (Yrs)

 

Liquidity

 

Last traded

Coupon

Latest

Call / Put Date

 

YTC

(Daily Avg

YTM (%) **

Issuer

Series

HSL Scrip code

Price (Rs)

Rate (%)

 

Tenor

Maturity

(Year)

payment

frequency

Record Date

(%)

Volume

in Nos)

Tax Free Bonds

AAA Rated

                         

HUDCO

769HUDCO31 - Indivi

HUD7692B31

1080.99

7.69%

15

Years

 

14.80

Yrs

Yearly

   

-

 

-

7965

6.99%

IRFC

IRFC NO - Individual

IRF764NONR

1075.59

7.64%

15

Years

 

14.82

Yrs

Yearly

   

-

 

-

6248

6.99%

NABARD

764NABARD31 - Indivi

NAB7642B31

1074.5

7.64%

15

Years

 

14.82

Yrs

Yearly

   

-

 

-

15696

6.99%

NHAI

NHAI - NE - Individual

NHA769NE2B

1081.5

7.69%

15

Years

 

14.78

Yrs

Yearly

   

-

 

-

6568

6.99%

AA+ Rated

                         

IREDA

774IREDA31 - Individ

774IREDA31

1096

7.74%

15

Years

 

14.65

Yrs

Yearly

   

-

 

-

1967

6.99%

Taxable Bonds

 

Yearly Payout

 

AAA Rated

                         

NTPC

849NTPC25

NTP849N7NR

12.82

8.49%

10

Years

 

8.82

Years

Yearly

14-Mar-16

 

-

 

- 108743

8.32%

SBI

SBI - N5

STABANN5NR

11365.94

9.95%

15

Years

 

9.80

Years

Yearly

16-Mar-16

17-Mar-21

4.80 Years

6.91%

162

8.12%

AA+ Rated

                         

Residual Maturity- Below 24 months

                       

Shriram Transport

STFC Y7 - Individual

SRTRANY7NR

1086

11.00%

3

Years

1.13

Years

Yearly

26-Jun-15

 

-

 

- 105

11.98%

Shriram Transport

STFC NS - Individual

SRTRANNSNR

1030

11.40%

5

Years

1.19

Years

Yearly

11-Mar-16

 

-

 

- 193

10.40%

Residual Maturity- Above 24 months

                       

Shriram Transport

STFC NW - Individual

SRTRANNWNR

1041

11.15%

5

Years

2.17

Years

Yearly

11-Mar-16

 

-

 

- 210

9.63%

Shriram Transport

STFC Y9 - Individual

SRTRANY9NR

1185

11.50%

7

Years

5.13

Years

Yearly

26-Jun-15

 

-

 

- 135

9.35%

AA and AA- Rated

                       

Residual Maturity- Below 24 months

                       

Muthoot Finance

11MFL17F - Individual

MF1100NFNR

1099

11.75%

3

Years

1.10

Years

Yearly

19-Jun-15

 

-

 

- 73

12.47%

Religare Finvest

17D

RELFINN4NR

1045.3

12.50%

5

Years

1.36

Years

Yearly

28-Mar-16

 

-

 

- 55

10.48%

Residual Maturity- Above 24 months

                       

SREI

1125SREI19G

SRE112519G

1015

11.75%

5

Years

3.45

Years

Yearly

17-Mar-16

 

-

 

- 905

11.94%

Muthoot Finance

925MFL19

MFL9252019

1012

10.00%

3

Years

2.64

Years

Yearly

   

-

 

- 201

11.04%

 

Monthly Payout

 

AA+ Rated

                         

Residual Maturity- Below 24 months

                       

None

                         

Residual Maturity- Above 24 months

                       

RETAIL RESEARCH

P a g e

|

1

RETAIL RESEARCH Shriram Transport STFC YB - Individual SRTRANYBNR 1065 10.94% 7 Years 5.13 Years

RETAIL RESEARCH

Shriram Transport

STFC YB - Individual

SRTRANYBNR

1065

10.94%

7

Years

5.13

Years

Monthly

11-May-16

-

- 73

9.75%

Shriram Transport

STFC NX - Individual

SRTRANNXNR

1031

10.63%

5

Years

2.17

Years

Monthly

11-May-16

-

- 91

9.43%

AA and AA- Rated

                     

Residual Maturity- Below 24 months

                   

Muthoot Finance

1075MFL17 C - Indivi

MF1075NCNR

1004.12

11.50%

3

Years

1.10

Years

Monthly

17-May-16

-

- 204

11.65%

Muthoot Finance

105MFL17 - Individual

MF1050NCD2

1002

11.25%

3

Years

1.33

Years

Monthly

17-May-16

-

- 180

11.61%

Residual Maturity- Above 24 months

                   

Muthoot Finance

925MFL18 - Individual

MFL9252018

981

10.00%

3

Years

2.38

Years

Monthly

17-May-16

-

- 386

11.45%

Muthoot Finance

9MFL19

MFL92019

978

9.75%

3

Years

2.64

Years

Monthly

17-May-16

-

- 232

11.24%

 

Cumulative Payout

 

AA+ Rated

                     

Residual Maturity- Below 24 months

                   

Shriram Transport

STFC NU - Individual

SRTRANNUNR

1539.8

- 5

Years

1.19

Years

Cumulative

 

-

- 132

9.51%

Residual Maturity- Above 24 months

                   

None

                     

AA and AA- Rated

                     

Residual Maturity- Below 24 months

                   

Muthoot Finance

MFINNCD2D

MUTFIN2DNR

1790

 

5.50

- Years

1.13

Years

Cumulative

 

-

- 292

10.27%

Muthoot Finance

0MFL17

MF000017NR

1750.5

 

5.50

- Years

1.39

Years

Cumulative

 

-

- 151

10.11%

Residual Maturity- Above 24 months

                   

India Infoline

IIFLFIN N7

INDINFN7NR

1618.51

- Years

6

2.30

Years

Cumulative

 

-

- 38

10.96%

Muthoot Finance

0MFL2018 - Individual

MFLZER2018

1060.75

- Years

3

2.38

Years

Cumulative

 

-

- 116

10.03%

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/Stable”by CRISIL,“CARE AAA”by CARE, “Fitch “Ind AAA” 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 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. 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.

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 RETAIL RESEARCH Tel: (022) 3075 3400 Fax: (022) 2496 5066 Corporate Office HDFC

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."

Securities Ltd. "HDFC Securities Ltd. is a SEBI Registered Research Analyst having registration no. INH000002475."