Lakshmi Iyer, CFA

Credit

<p>We look at USD denominated bonds issues by four Indian finance companies as yields on all these bonds have risen on the back of the sell off in the global markets as well as the current climate of risk aversion. Given the current lock-down in the Indian economy, we focus on these companies' liquidity positions. We believe that these companies can comfortably weather a 3 month shutdown, even if local wholesale funding markets freeze completely. We find the bonds of <a href="https://www.smartkarma.com/entities/iifl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20197:1" rel="noopener">Iifl Holdings (IIFL IN)</a> particularly attractive as they are almost trading at distressed levels.</p>

We look at USD denominated bonds issues by four Indian finance companies as yields on all these bonds have risen on the back of the sell off in the global markets as well as the current climate of risk aversion. Given the current lock-down in the Indian economy, we focus on these companies' liquidity positions. We believe that these companies can comfortably weather a 3 month shutdown, even if local wholesale funding markets freeze completely. We find the bonds of Iifl Holdings (IIFL IN) particularly attractive as they are almost trading at distressed levels.

IIFL Holdings

Indian Fincos - Focusing on Liquidity