CredAvenue facilitates the largest ever MLD issuance
in the MFI sector for Spandana Sphoorty Financial Limited
CredAvenueTM has facilitated the largest ever Market Linked Debenture (MLD) issuance in the microfinance sector in the country through its online bond platform “Plutus”. The Rs. 337.5 crore MLD issue from Spandana Sphoorty Financial Limited (SSFL) received very strong interest and participation from HNI investors, family offices and corporate treasuries. SSFL MLDs have been assigned a rating of IND PP-MLD A/ Stable by India Ratings, implying low credit risk.
Commenting on the development, Ms. Padmaja Reddy, Founder and Managing Director of SSFL, said “We are excited to partner with CredAvenue in this landmark transaction. It is good to see heightened interest from retail investors in both our company and the microfinance sector. Funds raised through this issuance will help us scale our business profitably at an accelerated pace.”
In a macro environment that has continued to remain volatile and challenging for more than a year now, CredAvenueTM provides a unique opportunity to retail investors to participate in index/ market yield linked products with superior risk return characteristics.Through our fixed income (Plutus) platform we have combined our best in class product understanding and technology to broad-base and deepen Indian debt markets. Plutus platform today offers retail investors a unique opportunity to invest in various debt instruments catering to their lifecycle requirement. One of the products on the platform, viz. Market Linked Debentures (MLDs) has seen strong traction with retail investors. Our platform has cumulatively placed around Rs. 2,500 crores of MLDs in less than nine months”. said Sarath Bhaskaran, Head, Outreach, Plutus