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ICRA Research Report
The domestic covered bond market, an alternate fund-raising avenue, saw a healthy uptick in volumes during H2 FY2021 due to dual recourse benefit available (viz. on the entity and the cover pool).
Covered bonds backed by pool of gold loans and vehicle loans found favour with investors, primarily due to secured nature of the underlying loans.
The structure has largely found interest among A-category rated issuers who are able to gain a distinct advantage by moving in AA or AAA rating categories through lower interest rates and diversification of investor base.
We expect covered bond volumes to pick-up gradually with better stakeholder awareness.
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