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Several Indian High Yield issuers are in the works to tap the offshore bond markets amid strong investor appetite and a drop in supply from Asian peers, as per bankers, Reuters notes. Besides, this also comes at a time when overall Indian dollar bond issuances dipped to a 14Y low of ~$1.9bn in 2023, as per Reuters. Rishi Jalan, head of APAC debt syndicate at Citigroup said, “We expect there to be $15-20bn in India dollar denominated bonds in 2024, which is close to the record-breaking years… could expect around 30% to 35% of that volume to be high yield.
As per bankers, Delhi International Airport (DIAL), Greenko, SAEL, Oravel Stays (Oyo), Indiabulls Housing Finance, Manappuram and Shriram Finance are some companies that are in early talks to issue dollar bonds. Most of the companies’ proceeds are likely to be used to refinance debt, bankers noted. Dollar bond issuances by Indian corporates in 2024 currently stands at ~$4.1bn.
Below is a list of Indian HY dollar bonds outstanding, sorted by their yield to maturity, on the BondbloX App. Click on the table to view the full list of bonds with the latest amount outstanding, prices, yields and bond ratings.