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List of Secured Bonds

Secured bonds are those that are issued by attaching assets as collaterals. An example would help you understand the concept better. Let’s assume that a real estate company issues a secured bond. Such companies usually secure these bonds using the properties that they own. So, if the company cannot repay the amount raised via bonds, it will end up selling off the property they own to pay its bondholders.

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NameIssue SizeMaturityCoupon
NTPC LimitedCRISIL AAAINE733E07CB1140.00Cr06 Nov 202311.25 %
Tata Sons Private LimitedCRISIL AAAINE895D07446300.00Cr20 Mar 20249.90 %
LIC Housing Finance LimitedCRISIL AAAINE115A07FC01000.00Cr19 Mar 20249.80 %
Jamnagar Utilities & Power Private LimitedCRISIL AAAINE936D070752000.00Cr02 Aug 20249.75 %
Tata Sons Private LimitedCRISIL AAAINE895D07396305.00Cr13 Jan 20249.74 %
Tata Sons Private LimitedCRISIL AAAINE895D07370237.00Cr13 Dec 20239.71 %
L&T Infra Credit LimitedCRISIL AAAINE235P0703595.00Cr10 Jun 20249.70 %
India Infradebt LimitedCRISIL AAAINE537P07026165.00Cr28 May 20249.70 %
NTPC LimitedCRISIL AAAINE733E07GW85.00Cr23 Dec 20309.67 %
NTPC LimitedCRISIL AAAINE733E07GX65.00Cr23 Dec 20319.67 %

Who Issues Secured Bonds?

Secured bonds are issued by private companies and Public Sector Undertakings (PSUs). However, government bonds are unsecured as assets do not back them but are backed by the Sovereign credit rating.

Benefits of Secured Bonds

Secured bonds have several benefits, as discussed below:

  • As secured bonds are backed by an asset that works as collateral, repayment of the principal in the case of default is possible.
  • Being a fixed-income security, they offer interest on the invested principal ensuring regular income.
  • For companies, issuing secured bonds is a cost-effective way of raising capital as they offer lower interest rates than unsecured bonds.

Drawbacks of Secured Bonds

As every coin has two sides, so do secured bonds. Below we have listed a few drawbacks of secured bonds:

  • If the value of the collateral falls below the principal or becomes unsalable, investors can face a loss.
  • If your primary purpose is not regular income and you don’t plan to hold the secured bond until maturity, it is subject to interest rate risk.
  • Few secured bonds have a lock-in period, which makes premature redemption challenging.

How to Calculate Yields of Secured Bonds?

A yield is a number that shows the returns of any bond. Many times it is referred to as Yield to Maturity (YTM). You receive interest payments based on the coupon rate. You can calculate the YTM using the below formula:

YTM = [Annual Interest + {(FV - Price)/Maturity}]/[(FV+Price)/2]


YTM = Yield to Maturity
Annual Interest = Coupon payment that you receive annually.
FV = Face Value
Price  = Current Market Price of the Bond
Maturity = Number of years left till maturity

Let’s take an example to understand it better. Assume you invest in a bond having the following characteristics:

Face Value  ₹1,000
Annual Coupon Rate  7%
Annual Interest Payout  ₹70
Time to Maturity  5 years
Current Market Value of the Bond  ₹850

So, if we plug in all the values in the above formula, the YTM for the bond in the example works out to be 10.8%:

YTM = [70 + {(1000-850)/5}] / [(1000+850)/2]

However, if we change the bond's current market value to ₹1,100, then the YTM works out to be 4.8%. From this, we can understand the relationship between YTM and bond prices. As and when YTM increases, bond prices decrease and vice versa.

However, a lot of people often confuse YTM with coupons. A coupon is a predetermined rate when you buy the bond, while the YTM is the prevailing market rate of the bond.

How Are Secured Bonds Taxed?

Secured bonds are taxed similarly to other debt securities excluding tax-saving bonds. Any interest the investors earn on the secured bonds is taxed as per the individual tax slabs.

Any period above 12 months for listed secured bonds is considered long-term, and the same for unlisted secured bonds is 36 months. Any gain before the abovementioned period is deemed Short-Term Capital Gains (STCG). Otherwise, it is considered a Long-Term Capital Gains Tax (LTCG).

In the case of STCG, the gains are added to the investor’s income and taxed as per individual tax slabs. Whereas in the case of LTCG, gains are taxed 10% without indexation for listed and 20% without indexation benefit for unlisted, plus any surcharge.

Who Should Invest in Secured Bonds?

For those looking to earn relatively higher returns than fixed deposits by taking relatively higher risk, secured bonds are for you. However, for people who cannot compromise on safety, even if it means lower returns, then fixed deposits are better.

FAQs about Secured Bonds

What are secured bonds in India?

Secured bonds are those that are backed by assets. The asset can be property, equipment, plant, machinery or stocks.

Are secured bonds always safer than unsecured bonds?

In terms of risk, secured bonds are relatively safer than unsecured bonds. This is because assets back secured bonds.

Are secured bonds risky?

Although assets back secured bonds, they are risky. This is because if the asset's market value falls below the principal or becomes unsalable, there are chances of loss.

Are bonds secured or unsecured?

Bonds can be divided into two major categories - Secured and Unsecured. Secured bonds are those that have assets as collateral. However, in the case of unsecured bonds, they are not backed by assets, making them relatively riskier than secured bonds.

How can I buy senior secured bonds?

You can buy senior secured bonds in India through your Demat account with a securities broker.
Disclaimer: The facts and information on this page are for information and awareness purposes only. No information provided here is intended towards any specific user and should not be construed as investment advice or a recommendation of any kind whatsoever. You are requested to consult with your professional investment advisor or tax advisor for specific directions on any investments in any securities including the bonds mentioned on this page before making any investment decision. Wint Wealth shall not be liable for any losses incurred by you based on an investment decision utilising the information on this page.