December 23, 2014

NCD Ready Reckoner December (4)

RETAIL RESEARCH

Issuer

Series

HSL Scrip code

Last traded
Price (Rs)

Coupon
Rate
(%)

Tenor

Residual
Maturity
(Year)

Interest
payment
frequency

Latest
Record
Date

Call / Put
Date

Tenor to
Call / Put
(Yrs)

YTC
(%)

Daily
Avg
Volume
(Nos)

YTM (%)**

Tax Free Bonds

AAA Rated
IIFCL

875IIFCL33 - Indiv

IIF875NBNR

1130.1

8.75%

20 Years

18.90 Yrs

Yearly

28-Oct-14

616

7.53%

REC

793REC22

REC793NBNR

1060

7.93%

10 Years

7.27 Yrs

Yearly

16-Jun-14

337

7.53%

NTPC

NTPC - N1

NTPLTDN1NR

1071

8.41%

10 Years

8.99 Yrs

Yearly

1-Dec-14

562

7.34%

REC

871REC28 - Indivi

REC871N9NR

1125.88

8.71%

15 Years

13.77 Yrs

Yearly

18-Nov-14

2740

7.30%

HUDCO

839HUDCO23 - Indivi

HUD839B1NR

1080.81

8.39%

10 Years

8.85 Yrs

Yearly

10-Oct-14

189

7.34%

HUDCO

876HUDCO28 - Indivi

HUD876B2NR

1137.96

8.76%

15 Years

13.85 Yrs

Yearly

10-Oct-14

1672

7.30%

SBI

SBI - N3

STABANN3NR

10935

9.75%

10 Years

6.24 Yrs

Yearly

16-Mar-14

17-Mar-16

1.24 Yrs

7.69%

72

9.23%

SBI

SBI - N4

STABANN4NR

10749.99

9.30%

10 Years

6.24 Yrs

Yearly

16-Mar-14

17-Mar-16

1.24 Yrs

8.56%

55

9.11%

10.90%

3 Years

1.61 Yrs

Yearly

12-Mar-14

103

12.63%

3 Years

1.61 Yrs

Cumulative

96

12.59%

AA+ Rated

Taxable Bonds
AAA Rated

AA+ Rated
Residual Maturity- Below 24 months
Shriram Transport

STFC NV - Individual

SRTRANNVNR

1055

Shriram Transport

STFC NY - Individual

SRTRANNYNR

1127.25

Residual Maturity- Above 24 months

Shriram Transport

STFC NZ - Individual

SRTRANNZNR

1115

5 Years

3.61 Yrs

Cumulative

90

12.55%

Shriram Transport

STFC Y7 - Individual

SRTRANY7NR

1020

11.00%

3 Years

2.56 Yrs

Yearly

190

12.26%

AA and AA- Rated

Residual Maturity- Below 24 months
Muthoot Finance

1125MFL16IV - Indiv

MFL1125NCD

1070

12.00%

2 Years

1.12 Yrs

Yearly

113

15.38%

Muthoot Finance

1075MFL16I - Indivi

MF1075N1NR

974

11.50%

2 Years

1.12 Yrs

Monthly

17-Dec-14

133

14.58%

Residual Maturity- Above 24 months

Muthoot Finance

1075MFL17 B - Indiv

MF10752BNR

960

11.50%

3 Years

2.28 Yrs

Monthly

17-Dec-14

168

14.25%

Muthoot Finance

105MFL17 - Indivi

MF1050NCD2

959

11.25%

3 Years

2.76 Yrs

Monthly

17-Dec-14

151

13.71%

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/Stableby 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

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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