fixed income ideas - centrumwealth.co.in

1 For Private CirculationCentrum Wealth Management Ltd. 1

Fixed Income Ideas

January 2020

2 For Private CirculationCentrum Wealth Management Ltd.

Fixed Income markets : Outlook & Strategy

• The recent Operation Twist by RBI has changed the narrative for the longer end of the

yield curve – had effectively placed a cap on long bond yields i.e. in the context of the

current fiscal challenges

• Given a supportive RBI, it appears that the Govt. would likely to the fiscal prudence

path and not embark on an outsized stimulus that can potentially result in a large

slippage

• Overall, the Govt. is likely to mitigate the borrowing pressure on markets through one

or more means (asset recycling, privatisation etc. )

• Given this, high quality medium – long term corporate bond spreads remain attractive

(both credit and term spreads (10-yr vs 2-yr)) – thus, we continue to focus on this

space from a fixed income strategy perspective. Select bank perpetual bonds remain

attractive given that this remains an important source of capital raise

• Credit environment remains unclear – evaluating curated, cherry picked ideas with

sufficient risk cushions.


Product Ideas


Short Term Investment Options

Ideas that can be considered – apart from liquid / ultra short term mutual funds

Short term commercial papers – can be originated / sourced as per requirements

Short term corporate bonds with short term maturity

Key requirements for this segment

Safety of capital (i.e. high credit quality)

Good liquidity (short tenor, secondary market liquidity)

Superior returns vs. bank deposits on a post tax basis

*Yields mentioned are purely indicative; subject to availability and confirmation.

Issuer Maturity Rating Indicative Yield % Quantum

6.95% Reliance Industries Ltd Dec’20 AAA 6.25%

Min 10 -25 crs7.40% HDFC Ltd. Nov’20 AAA 6.50%

7.55% HDB Financial Services Ltd. Jun’20 AAA 6.20%


State Government Guaranteed – High Accrual Investment

*Yields mentioned are indicative, subject to confirmation.

Compelling investment opportunity for investors looking for regular coupon flows over a longer period of

time

Unconditional and irrevocable guarantee from state government of Andhra Pradesh

Upfront creation of liquidity facility in the form of Debt Service Reserve Account (DSRA) for next two

quarterly debt service payments to be maintained at all times during the tenor of the bond

Name of Security Coupon RatingInterest

Date

Maturity

Date

Indicative

YieldMaturity Remarks

10.32% APCRDA 2025 (Amravati Bond)

(Unconditional and Irrevocable

Guarantee by Govt. of Andhra Pradesh)

10.32%A+ (SO),

AA-(SO)

16th Feb,

16th May,

16th Aug,

16th Nov

16-Aug-25 10.74%

Partial redemption of

Rs.50,000 per bond each

on 15Nov24, 14Feb25,

16May25, 16Aug25


Bank Perpetual Bonds – High Quality High Accrual Play

*Yields mentioned are indicative, subject to confirmation.

^ Residual Maturity with reference to call date.

Name of SecurityCoupon

(p.a.)Rating Interest Date Maturity Date

Indicative

Yield %

Residual

Maturity^

8.99% Bank of Baroda Perpetual Bond 8.99% AA+ 18-Dec, Annual Call: 18-Dec-24 8.58 4 Yrs 11 Mths

8.70% Bank of Baroda Perpetual Bond 8.70% AA+ 28-Nov, Annual Call: 28-Nov-24 8.55 4 Yrs 10 Mths

10.50% Indusind Bank Perpetual Bond 10.50% AA 28-Mar, Annual Call: 28-Mar-24 9.90 4 Yrs 2 Mths

Following the recent hardening of yields in bond market – most of the high quality PSU / private bank

perpetual bonds are available at attractive yields currently

Lower mod. duration in the range ~3 – 4Y and high yields (~8.5 to 9.9%) – make it a compelling

investment option to consider in the current market scenario

Most suited for investors with 2-3 years holding capacity

Liquidity is limited - exits if any before the call date will be subject to availability of buyers in the market


Mutual Fund Ideas


L&T Triple ACE Bond Fund

Open ended debt fund with a buy and hold strategy - 100% AAA portfolio (investing in 10

years AAA PSU / Corp. Bonds); will invest in bonds maturing mainly in 2028 and 2029.

Roll down strategy - Portfolio average maturity to reduce steadily; fresh inflows to be

deployed in securities with maturity similar to prevailing residual maturity of the portfolio

Strategy offers the best of both worlds – some yield predictability akin to long term FMPs and

the flexibility of an open-ended structure. Vulnerable to moderate interest rate risks in short

term periods.

Moderate interest rate risks – prevailing high bond spreads to provide some cushion. Product

suited for a 3-yr + investment horizon – targeted to better tax-free bond returns in this period

Given the current credit environment & attractive spreads of AAA corporate bonds over tax

free bonds (at ~180 bps now vs 100-125 bps in 2015-16, the widest level in the past 4

years), the fund provides the good entry points with potential to provide attractive capital

gains over the course of the 2-3 year interest rate cycle


Top 10 Issuers (%) Nov'19

HDFC Bank 11.36

Nabard 9.85

HDFC Ltd 9.81

HUDCO 9.77

NHAI 9.77

IRFC 9.68

NTPC 7.56

Power Grid Corp. Of India Ltd. 5.95

Reliance Ind 5.71

Export-Import Bank Of India 5.48

Top 10 Issuers 84.93

Cash & Equiv 6.55

L&T Triple ACE Bond Fund – Portfolio Snapshot

Overview

AUM (Rs Crs) 2,047 Avg Maturity / Mod Duration (Yrs) 8.48 / 5.73

Expense Ratio 0.62 Yield to Maturity (%) 7.51

Ratings Exposure %

Source: ACE MF. Portfolio details as on Nov’19



Power Finance Corporation Ltd. 12.80

HDFC Ltd 11.07

Nabard 9.80

IRFC 9.01

Kotak 7.71

SIDBI 7.03

LIC Housing Finance Ltd. 6.65

NHB 4.23

HDFC Bank 4.11

Axis 3.69


Cash & Equiv 3.69

IDFC Corporate Bond Fund (strategy to be repositioned)

Overview



Ratings Exposure %




Reliance Ind 11.61

Sov 11.41



REC Ltd. 7.80

HDFC Ltd 5.74

Nabard 4.52

HUDCO 3.28

L&T 3.20

SIDBI 2.50


Cash & Equiv 5.81

ICICI Pru Corporate Bond Fund

Overview



Ratings Exposure %




Sov 15.28

Reliance Ind 11.68


HDFC Ltd 6.74

REC Ltd. 6.32

NHAI 4.82

Nabard 4.77

State Bank Of India 4.28


HDFC Bank 3.98


Cash & Equiv 5.85

HDFC Corporate Bond Fund

Overview



Ratings Exposure %



Top 10 Issuers (%) Nov’19

Nabard 11.12



SIDBI 7.74

Axis 6.91

NHAI 6.15

REC Ltd. 6.02

Hindustan Petroleum Corp. Ltd. 5.72

IRFC 5.19

Export-Import Bank Of India 4.26


Cash 3.69

IDFC Banking & PSU Debt Fund

Overview



Ratings Exposure %



Top 10 Issuers (%) Nov’19

Sov 14.36

REC Ltd. 9.66

Axis 9.39

Nabard 8.95



ICICI Bank 6.63

Bank Of Baroda 5.98

Food Corporation Of India 4.53

NHAI 4.25


Cash & Equiv 5.86

Kotak Banking & PSU Debt Fund

Overview



Ratings Exposure %




Reliance Ind 10.91

Axis 8.70

Mahanagar Telephone Nigam Ltd. 8.57


REC Ltd. 7.52

ICICI Bank 7.10

HUDCO 7.07


Tata 6.33



Cash & Equivalents 5.78

ICICI Pru Bond Fund

Overview



Ratings Exposure %



Other High Conviction Ideas


Edelweiss Infrastructure Yield Plus

Long term, Cat-I AIF focusing on opportunities in select ‘infra-assets’ as infra-

owners seek to de-lever their B/S

The fund seeks to cherry pick and create a portfolio of

High quality, mid-sized operating infra-assets with regular / predictable cash flows

Supported by highest rated counter-parties (NHAI, NTPC, PGC) (effective credit risk)

Refinance these assets at lower levels (improvement in capital structure), introduce

operational efficiencies at an overall portfolio and exit these to strategic buyers / InVITs

Only assets in the Roads, Transmission & Renewables segments

Avoid thermal and other assets such as state highways etc.

Focus on those assets with large & growing market, low revenue payment risk, low

operating costs & simple operations with fairly long residual life

Refinancing at lower costs to be realised with the backing of Edelweiss Group

Underlying structuring to help product deliver regular cash-flows (8 – 12%) but not

a conventional NCD-AIF


Construction & Investment Process

• Deal sizes of INR 200 – 250 crs, portfolio to comprise of 20 – 25 assets

• Typically, road assets offer highest yields, while other offer duration (potential for

appreciation as capital structure & efficiency improve)

• Gross targeted return 18 – 21% over a 8 – 10 yrs period

• Targeted raise – INR 6,500 crs; first close @ INR 1,500 cr. (Mar’18)


Portfolio Update - Deals Signed

Power Transmission asset

Yield+ and Sekura Energy Limited (“SEL”) (company formed to own energy assets, 100% held by Yield+)

has formally completed acquisition of two operating transmission asset SPVs in May’19 with an

investment of ~INR 413 Cr in SEL which inter-alia has been used towards this transaction and other costs

Portfolio Summary:

Progress on two road assets

In addition to investment in power transmission, Yield+ has signed definitive documentation for 4 assets -

2 transmission lines (under construction) & 2 operating annuity roads.

Fund Update and Outlook

Yield+ has drawn 20% of the commitment so far and expects to call for an additional 15% drawdown by

end of August 2019

Yield+ distributed a ~8.4% per annum gross cash yield to its investors in May’19. Next yield distribution is

expected to be in Nov’19

Source: Edelweiss Infra Yield Plus - Quarterly report June 2019

Sr No Project / SPV Name Location Sector Revenue BaseTransaction

Date

Residual

Life (in Yrs)Expected

HTM IRR

Sekura Energy Ltd

1 NRSS 31BPunjab &

Haryana

Power

Transmission

POC3 based

long term tariffMay-19 ~33 ~14 to 15%

2 DMTCL BiharPower

Transmission

POC3 based

long term tariffMay-19 ~33 ~14 to 15%


Current Transaction pipeline

Advanced Stage Pipeline

24 assets with a total asset value of ~INR 26,298 cr (value excludes any grant or capital subsidy from

government authority)

Total potential deployment for all these assets in the pipeline is ~INR 4,107 cr (on a stake adjusted basis)

Source: Edelweiss Infra Yield Plus - Quarterly report June 2019

Sr.

NoLocation Nature of Asset Residual Life Asset Size

Definitive agreement Signed

1 Multiple States 2 transmission assets ~34 years

Two under-construction assets with a

total 2,224 ckm of interstate

transmission lines. The two assets

will be acquired as and when

completed subject to certain

conditions precedent

2 North East 2 Operational Annuity Roads ~12 Years 2 assets totalling ~ 60 km total length

In Due Diligence

1Multiple States Portfolio of 8 operating road

assets6-16 years 8 operating assets of ~2,900 lane km

3Multiple States Portfolio of 12 solar power

assets25 years 12 solar power assets of ~813MW


Key Terms

Name Edelweiss Infrastructure Yield Plus (Yield+)

Nature Cat-I AIF (infrastructure), Close-ended

Tenor

10-yr fund (extendable by 1+1 yr)

Min.

SubscriptionINR 1 Cr.

Fees (excluding

taxes)

AMC : Graded from 1 – 2% across amounts

Performance fee with catchup over hurdle of 10% with

carry varying from 15 – 20% across amounts

Drawdown Drawdown of ~20%, subsequent to be planned over

next 3-yrs basis deal flow


Closed-ended, structured credit fund with clear list of targeted sectors (no pure play real

estate exposures)

Targeting 15-16% IRR post expenses and pre-tax over a 4-yr+ tenure

Focussing on growing funding needs of Indian Corporates especially in large segment of

midsized companies by deploying in the form of debt, mezzanine or hybrid instruments

Aim to invest in a portfolio of 8-10 investments with investment sizes ranging from INR 50-

75 crs in a total transaction size of INR 150-500 crs with average maturity of 2 to 4 years

(any repayment during the investment period i.e. 12 months from the final close will be

reinvested)

Strong origination capabilities within the fund team coupled with leveraging Centrum’s

proprietary relationships and deal flow; partner with reputed promoters and established

businesses with credible track record

Transaction structure backed by cash flow coverage for repayments with adequate

marketable and enforceable security collateral – security cover to include tangible assets,

shareholdings amongst others

Contractual fixed yields, with or without equity participation, structured with recourse to

identified cash-flows – payout to include combination of yearly coupon payments (8-10%),

PIK returns (back ended) ~ 4-5% and / or additional equity upside (4-5%)

Centrum Credit Opportunities Fund (CCOF)


CCOF - Investment Approach

Origination

Extensive promoter levelrelationships

Enhanced deal flow byleveraging Centrum Group’snetwork

Extensive external network

Evaluation and Structuring

In-depth analysis of macroenvironment, industry andborrower financials

Robust structuring and cashflow linked pay out options

Management & Exits

Active monitoring ofinvestments and strictadherence to agreedbusiness plan

Collaborate with themanagement to add valueand deliver timely exits

Access to deal flow Prudent but flexible Collaborative performance


CCOF - Target Sectors

What the fund will choose from and what it will not – primary focus will be on the cashflows

of portfolio companies


Track Record – Centrum Group

Source: Centrum internal dataNote: (a) * deals executed till Feb’19 (b) Past performance and returns are not an indication of future performance


Fund Specification

Name Centrum Credit Opportunities Fund (CCOF)

Nature Close ended, Cat II AIF

Tenor 4 yrs from final close ( 2 extensions of 1-yr each)

Drawdown

5% at the time of application, followed by another 15% (cheque to be collected in

advance, will be banked later); balance over 2 – 3 drawdowns over a 6-12 months

period

Fee Structure

Management Fees* Application Size

Class A1 – 1.75% (Below INR 5 crs)

Class A2 – 1.60% (INR 5 crs and above but below INR 10 crs)

Class A3 – 1.50% (Over INR 10 crs)

Set Up Fees (one time)

Class A1 – 2.00%

Class A2 – 1.00%

Class A3 – 0.50%

0.25% of capital commitment or actuals, whichever is lower

*management fee to be charged on drawn down capital; all fees are exclusive of GST

Hurdle Rate / Carried

Interest10% pre-tax on an annualised basis / 15% above hurdle rate with no catch-up

Target IRR 15-16% (post expenses and pre-tax)

CCOF - Fund Specifications


Indiabulls Dual Advantage Commercial Asset Fund

Cat-II AIF, focusing on commercial rental yield opportunities in office and

mixed use assets structured on a SPV model

Tenor of 5 –yrs. + ; seeking to deliver an attractive IRR through a mix of

rental yields and potential cap compression in yields of the underlying

assets

Investments to be made across three different types of assets

• Core Holdings (~60%): Preleased Grade A assets with quality tenants

and with substantial residual lease tenor

• Core Plus (<40%): Re-lease at higher rentals through tenant

improvement and property improvement

• Opportunistic (<40%): Forward purchase of assets nearing completion,

last mile funding, leveraged purchase

A play on the cyclical upswing expected in the economy over the next 3 – 5

yrs. in the context of favourable demand-supply dynamics in this space.


Indiabulls Dual Advantage Commercial Asset Fund Commercial RE asset class appears reasonably under-valued basis metrics such as

replacement costs

Estimates suggest that future supplies in this space will remain muted

Such assets are also likely to see better demand with the launch of ReITs (expected

to become a reality over the next 15 – 18M) and provide exits for AIFs

About the product

Strong sponsor, deeply entrenched in this space – 2nd largest HFC in India

Not designed to generate high cash flows but an ideal proxy to physical commercial

RE - tax & cost efficient access to diversified set of high quality assets, benefits of

professional management.

The two deals have been completed

Gurgaon by Hines group , worth INR 180 Crs is leased out to TCS

Hyderabad by Phoenix group worth INR~115 Crs is leased out to Gen pact

Mumbai – Naman Chambers; BKC – occupied by IDFC first bank.


Nature Close-ended, Cat II AIF

Min. Investment INR 1 cr.

Investment Horizon 5-yrs extendable by 1 + 1 years

Initial Contribution 10% of commitment amount

Target Returns (Gross) ~17% at the portfolio level

Fees (Fixed Fee Model)

• Set up Fees : 2%

• AMC : Tier A1 – (INR 1 – 10 Cr.) – 2%

Tier B1 - (INR 10 – 25 Cr.) – 1.75%

Tier C1 – > INR 25 Cr. – 1.50%

* Profit sharing model too available

Key Terms


Centrum Capital Ltd. MLD - Debt Plus

Product suitable for investors seeking returns higher than FD / Accrual Funds

Maximum coupon of 22.00%# (IRR of 10.20%) at maturity if Nifty stays above 25% of initial level

100% Principal Protected at Maturity# under all market scenarios

Product Specification

Original Tenor 21/24 Months

Remainder Tenor ~ 23 Months

Issuer Centrum Capital Limited (Rated BBB by Brickwork Ratings)

Underlying Nifty 50

Initial Level Average of first 2 months (M0 & M1), each rounded to next hundred

Final Level Average of last 2 months (M19 & M20)

Coupon Payoff #If Final Level > 25% * Initial Level: 22.00%

Else: Nil

This is a further issuance of existing ISIN

IRR is based on debenture issue price

# Based on debenture face value


Debt Plus : Scenario Analysis

Nifty Returns Product Returns# Product IRR*

0.00% 22.00% 10.20%

Falling Market : 22.00% if Nifty > 25% * Initial #

Flat Market : 22.00% #

Rising Market : 22.00% #

Underperformance w.r.t. Nifty

Outperformance w.r.t. Nifty

Significant outperformance

w.r.t. Nifty


w.r.t. Nifty


30.0% 22.00% 10.20%

20.0% 22.00% 10.20%

10.0% 22.00% 10.20%

5.0% 22.00% 10.20%


-10.0% 22.00% 10.20%

-30.0% 22.00% 10.20%

-50.0% 22.00% 10.20%

-74.9% 22.00% 10.20%

-75.0% 0.00% -0.33%

-80.0% 0.00% -0.33%

# On debenture face value

* On debenture issue price


Debt Plus : Scenario Analysis

This scenario analysis is an illustrative representation of the returns on the MLD, under different market

conditions, and an Initial level of Reference Index at 12000. The analysis does not represent all possible

outcomes.


Centrum Capital Ltd. MLD - Fixed Coupon + Nifty PR

42 month product suitable for investors seeking assured returns with some equity upside

Guaranteed coupon of 39.00%# (~IRR of 10.00%) at maturity irrespective of market conditions

15% uncapped Nifty Participation Ratio (PR)#

100% Principal Protected at Maturity# under all market scenarios

Product Specification

Original Tenor 36/42 Months

Remainder Tenor ~ 42 Months

Issuer Centrum Capital Limited (Rated BBB by Brickwork Ratings)

Underlying Nifty 50

Initial Level Average of first 6 months (M0, M1, M2, M3, M4 & M5), each rounded to next hundred

Final Level Average of Nifty levels at M30 & M36

Nifty Performance (Final Level / Initial Level – 1)

Coupon Payoff#If Final Level > Initial Level: 39.00% + (15.00%* Nifty Performance)

Else: 39.00%

This is a further issuance of existing ISIN

IRR is based on debenture issue price

# Based on debenture face value


Fixed Coupon + Nifty PR : Scenario Analysis


-10.00% 39.00% 9.80%

-20.00% 39.00% 9.80%

-30.00% 39.00% 9.80%


0.00% 39.00% 9.80%


70.00% 49.50% 12.11%

60.0% 48.00% 11.78%

50.0% 46.50% 11.46%

40.0% 45.00% 11.13%

30.0% 43.50% 10.80%

20.0% 42.00% 10.47%

10.0% 40.50% 10.14%

Falling Market : 39.00% #

Flat Market : 39.00% #

Rising Market : 39.00% + (15.00%* Nifty Returns) #

Underperformance w.r.t. Nifty

Outperformance w.r.t. Nifty


w.r.t. Nifty


w.r.t. Nifty

# On debenture face value

* On debenture issue price


Fixed Coupon + Nifty PR : Scenario Analysis

This scenario analysis is an illustrative representation of the returns on the MLD, under different market

conditions, and assuming an Initial level of Reference Index at 12000. The analysis does not represent all

possible outcomes.


Gold - Investment Options

Parameters Physical Gold Gold ETF / Funds Sovereign Gold Bond

Safety Risk of handling physical gold High High

Purity of GoldPurity of Gold would depend on

source of purchaseHigh as it is in Electronic Form High as it is in Electronic Form

Interest Income No No 2.5% p.a.

Capital Gain

< 3 years – Short Term Capital

Gain

> 3 years - Long Term Capital

Gain with indexation benefit

< 3 years – Short Term Capital

Gain

> 3 years - Long Term Capital

Gain with indexation benefit

< 3 years – Short Term Capital Gain

> 3 years - Long Term Capital Gain

with indexation benefit

Exempt on redemption of Bonds

(i.e. 5th year onwards)

Tradability / Exit

RouteConditional Tradable on Exchange

Tradable on Exchange.

Redemption- 5th year onwards with

GoI

Storage Cost High Very Low Very Low

Collateral against

LoanYes No Yes

Invested throughBanks, Jewellers, MMTC (GoI

undertaking)

ETF – Broking account

Funds – Offline / Online Mode

Primary issuances on bi-monthly

basis – through NSE

In Secondary market – on

Exchange

Products -Kotak Gold ETF

Reliance Gold BeES


Sovereign Gold Bond - Features

Issuance Issued by Reserve Bank India on behalf of the Government of India.

TenorThe tenor of the Bond will be for a period of 8 years with exit option in 5th, 6th and 7th

year, to be exercised on the interest payment dates.

Maximum limit 4 KG for Individual and HUF, 20 KG for Trusts – every financial year (April to March)

Interest rate Fixed rate of 2.50% per annum payable semi-annually on the nominal value.

Issue price

Price of Bond will be fixed in Indian Rupees on the basis of simple average of closing price

of gold of 999 purity published by the India Bullion and Jewellers Association Limited for

the last 3 working days of the week preceding the subscription period.

Redemption priceThe redemption price will be in Indian Rupees based on simple average of closing price of

gold of 999 purity of previous 3 working days published by IBJA.

Tax treatment

Interest on Gold Bonds - Taxable as per the provision of Income Tax Act, 1961 (43 of

1961).

Capital gains tax arising on redemption of SGB to an individual has been exempted. The

indexation benefits will be provided to long term capital gains arising to any person on

transfer of bond.

Issuance form

Issued as Government of India Stocks under GS Act, 2006.

The investors will be issued a Holding Certificate for the same. The Bonds are eligible for

conversion into demat form.

TradabilityBonds will be tradable on stock exchanges within a fortnight of the issuance on a date as

notified by the RBI.


Disclaimer

In the preparation of the material contained in this document, Centrum has used information that is publicly available, including information developed

in-house. Some of the material used in the document may have been obtained from members/persons other than the Centrum and which may have

been made available to Centrum. Information gathered & material used in this document is believed to be from reliable sources. Centrum however

does not warrant the accuracy, reasonableness and/or completeness of any information. For data reference to any third party in this material no such

party will assume any liability for the same. Centrum does not in any way through this material solicit any offer for purchase, sale or any financial

transaction/ mutual funds/products of any financial instrument dealt in this material. All recipients of this material should before dealing and or

transacting in any of the products referred to in this material make their own investigation, seek appropriate professional advice.

Centrum and any of its officers directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to

direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner. The

recipient alone shall be fully responsible/ are liable for any decision taken on the basis of this material. All recipients of this material should before

dealing and/or transacting in any of the products referred to in this material make their own investigation, seek appropriate professional advice. The

investments discussed in this material may not be suitable for all investors. Any person subscribing to or investigating in any product/financial

instruments should do so on the basis of and after verifying the terms attached to such product/financial instrument.

Financial products and instruments are subject to market risks and yields may fluctuate depending on various factors affecting capital/debt markets.

Please note that past performance of the financial products and instruments does not necessarily indicate the future prospects and performance

thereof. Such past performance may or may not be sustained in future.

Centrum or its officers, directors, personnel and employees, including persons involved in the preparation or issuance of this material may; (a) from

time to time, have long or short positions in, and buy or sell the securities mentioned herein or (b) be engaged in any other transaction involving such

securities and earn brokerage or other compensation in the financial instruments/products/commodities discussed herein or act as advisor or lender /

borrower in respect of such securities/financial instruments/products/commodities or have other potential conflict of interest with respect to any

recommendation and related information and opinions. The said persons may have acted upon and/or in a manner contradictory with the information

contained here.

No part of this material may be duplicated in whole or in part in any form and or redistributed without the prior written consent of Centrum. This material

is strictly confidential to the recipient and should not be reproduced or disseminated to anyone else.

Mutual Fund investments are subject to market risk please read the offer document carefully before investing.

fixed income ideas - centrumwealth.co.in

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