Type

Instrument

Masala bonds
Samurai Bonds
Lyon
Bulldog
Dim sum

Offshore Bond Index

Bristow Groups Yankee Bond

Kemet Corporations Yankee Bond
B2Golds Yankee Bond
Dynagas LNG Partners
TAM AIRLINES
PETROBAS
Brazil Corporate

Indian Corporate Bonds

VOTARANIM CIMENTOS
RELIANCE JIO INFO.
IL&FS TRANS
HOUSING DEVELOPMENT FINANCE CORPORATION L
NHPC LIMITED

International Bond

Rain CII Carbon

International Bond

Forest Oil

International Bond

International Healthway Corp

International Bond

Bio Pappel

Anglo American
EDCON
South africa

Transnet

Russian Corporate

RZD CAPITAL PLC

Northern Oil and Gas
AMAG Pharmaceutical
UK Gilt 10 Year

UK

Abbey National Treasury Services

Canada

Govt
Tenet Healthcare

US

Illinois po
Us note 10Y

Malaysia

Tenaga Nasional Berhad

Industry

Coupon Rate

Investment

Return Per year

15.75%

1000000

157500

2%

1000000

20000

7%

5000000

350000

2.25%

2000000

45000

3.96%

2000000

79200

6.25%

2000000

125000

10.50%

500000

52500

gold

3.25%

500000

16250

OIl and Gas

6.25%

500000

31250

Airlines

9.50%

Energy

8.39%

5000000

419250 USD

Cement
Telecom

3.50%
8.90%

5000000

175000 EURO

aviation services
Electric

Infrastructure

0 USD

11.80%

Finance

8.25%

Hydropower

8.24%

Carbon and aluminiu

8.50%

USD

Oil and petroleum

7.25%

USD

healthcare serv

7.00%

SGD

Paper manufaturer

6.00%

USD

gold mines

1.75%%

EURO

13%

EURO

Food retailer
Logistics

9.50%

USD

Railways

5.70%

USD

Oil & gas

8%

USD

Pharma

7.88%

USD

Treasury bond

1.50%

Banking and Insurance

Federal

4.13%
8%

USD

Healthcare

6.88%

USD

power

9.75%

usd

2.25%
Electric utility/Power

3.24%

USD

Type
Masala bonds
Samurai Bonds
Bulldog
Dim sum
Bristow Groups Yankee Bond
Kemet Corporations Yankee Bond
B2Golds Yankee Bond
Dynagas LNG Partners

Brazil Corporate

Instrument

Industry

Offshore Bond Index

TAM AIRLINES
PETROBAS
VOTARANIM CIMENTOS

Aviation services
Electric
Gold
OIl and Gas
Airlines
Energy
Cement

RELIANCE JIO INFO.

Telecom

IL&FS TRANS FINANCE Infrastructure

HOUSING DEVELOPMENT
CORPORATION LTD
Finance
Indian Corporate Bonds
International Bond
International Bond
International Bond
International Bond

South africa
Russian Corporate

UK
Canada
US
Malaysia

NHPC LIMITED
Hydropower
Rain CII Carbon
Carbon and aluminium
Forest Oil
Oil and petroleum
International Healthway Corp healthcare services
Bio Pappel
Paper manufaturer
Anglo American
Gold Mines
EDCON
Food retailer
Transnet
Logistics
RZD CAPITAL PLC
Railways
Northern Oil and Gas
Oil & gas
AMAG Pharmaceutical
Pharma
UK Gilt 10 Year
Treasury bond
Abbey National Treasury Services
Banking and Insurance
Tenet Healthcare
Healthcare
Illinois po
Power
Us note 10Y
Tenaga Nasional Berhad Electric utility/Power

Lyon
TOTAL

Coupon Rate
15.75%
2%
2.25%
3.96%
6.25%
10.50%
3.25%
6.25%
9.50%
8.39%
3.50%

InvestmentReturn Per year

$2,000,000
$315,000
$2,666,667
$53,333
$2,666,667
$60,000
$2,666,667
$105,600
$2,000,000
$125,000
$500,000
$52,500
$4,000,000
$130,000
$3,500,000
$218,750
$3,000,000
$285,000
$3,000,000
$251,700
$1,000,000
$35,000

8.90%

$3,000,000

$267,000

11.80%
8.25%

$1,500,000
$3,000,000

$177,000
$247,500

8.24%
8.50%
7.25%
7.00%
6.00%
1.75%
13%
9.50%
5.70%
8%
7.88%
1.50%
4.13%
6.88%
9.75%
2.25%
3.24%

$2,500,000
$1,000,000
$1,000,000
$3,500,000
$3,500,000
$1,000,000
$4,000,000
$2,500,000
$2,000,000
$1,000,000
$3,000,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$4,000,000
$5,000,000

$206,000
$85,000
$72,500
$245,000
$210,000
$17,500
$520,000
$237,500
$114,000
$80,000
$236,400
$15,000
$61,950
$137,600
$243,750
$90,000
$162,000

7%

$4,500,000

$315,000

$80,000,000 $5,372,583

USD
USD
EURO

USD
USD
SGD
USD
EURO
EURO
USD
USD
USD
USD

USD
USD
USD

%return

6.72%

currency effects, but the merger may prove to be a positive point for the
company
Continous increase in profits and also increase in expenditure in R&D in previous
quarter resulted in better opportunities for this company

the footprint and loading on towers is growing and revenues for tower
companies has increased, and the rate of growth would continue to go up.
robust performance in the March quarter is the result of a better-thanexpected-income from all its business segments.
Financialy sound company with good businees prospects
NHPC is set to commission additional generation capacity in the current financial year and
again in 2018-19. Also, since the tariffs set by CERC provide an assured return, it gives
revenue
visibility.
performance,
upward rating movement is unlikely over the next 12 to 18 months.
Downgrade

Debt Reduction, cost reduction, default Probability decrease

stable, large market share
Financially stable,
Downgrade, huge investments by russian railways
C-rated

Downgrade
Stable (A3), largest electrical utility in SE Asia,GMR Energy Acquisition

CRP

Tranches
Investment Rate
Senior
$40,000,000 Libor+50 Basis Points+Wt.Avg CRP BPs
Mezzanine A
$15,000,000 Treasury +100 Basis Points+Wt.Avg CRP BPs
Mezzanine B
$12,500,000 Treasury +150 Basis Points
Equity Tranche $12,500,000
Total
$80,000,000

Country
India
Brazil
Russia
South Africa
Malaysia
TOTAL

CRP

3.46%
4.72%
3.92%
2.98%
1.89%

Investments Weights
Weighted Avg. CRP
$12,000,000
0.32
0.0111
$7,000,000
0.19
0.0088
$6,000,000
0.16
0.0063
$7,500,000
0.20
0.0060
$5,000,000
0.13
0.0025
$37,500,000
0.0346
3.46%
3.463466667

8.98%

ghted Avg. CRP

Agreement
Rate
Payment to swap counterparTreasury + 50 Basis Points
Receipt from swap counterpaLIBOR+ US inflation Rate
LIBOR
Notional Principal
$55,000,000 Inflation Rate
Treasury Rate

2%
1.60%
1.37%

Cash Inflows
Interest from Underlying debt Instr
Interest From Swap
Total

$5,372,583
$1,980,000
$7,352,583

Cash Outflows
Interest to Senior Tranche
Interest to Mezzanine A
Interest to Mezzanine B
Interest to Swap counterpar
Management fees
Total

$2,384,000
$874,500
$787,500
$1,028,500
$147,052
$5,221,552

Cash out flow to Equity Tra

$2,131,032