That’s 336 basis points lower than the coupon on similar-maturity debt issued by junk-rated IIFL Finance Ltd., which only received bids over twice its issue size.
Since 2024, six high-yield-rated non-banking firms have sold dollar bonds, with the yield spread on their 2028 maturities hovering around 300 basis points.“Investors are clearly differentiating between the larger credits and the smaller ones,” Shettigar said.
An increase in delinquencies has been observed in unsecured lending, particularly in segments like personal loans and microfinance, according to Krishnan Sitaraman, senior director and chief ratings officer at Crisil Ratings Ltd.“These don’t comprise a significant part of the overall assets under management of the NBFC sector.
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