Three corporate bonds of Indiabulls Housing Finance Ltd., maturing on September 2021 and September 2022, were offloaded at a discount on the debt platform of the National Stock Exchange on Thursday.
The bonds, bearing a coupon rate of 8.57-8.90 percent, had a face value of Rs 100 each. Having a traded value of Rs 210 crore and a residual maturity of two and three years, the bonds were sold at a discount of 37-41 percent to their last traded price, bringing their effective yield-to-maturity to 31-43 percent, the NSE data showed. The sellers and buyers weren't immediately known.
The three bonds—two retail bonds issued in September 2016 and a secured non-convertible debenture issued in March 2017—were rated by Brickworks Ratings Ltd. The retail bonds and the NCD have an outstanding amount worth Rs 4,700 crore and Rs 350 crore, respectively, according to Brickworks Ratings' rationale of August 2019. To be sure, the bonds weren't traded often.
Indiabulls Housing Finance has an outstanding public issue of NCDs worth Rs 6,801.1 crore, and a secured NCD worth Rs 17,000 crore which is rated AAA and has a credit watch with ‘developing implication', as of August, Brickworks Ratings' data showed.
On Wednesday, Vodafone Idea Ltd.'s corporate bond, too, was sold at a steep discount of 41 percent.
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