Kogta issues India's first dual recourse bond

rupees 230-150x
By Bill Thornhill
18 Jan 2019

Non-bank lender Kogta Financial and Northern Arc Capital have sold the first Indian dual recourse bond secured on auto loan receivables.

According to Indian rating agency, ICRA, the Rp250m (€3m) non-convertible debenture (NCD) due May 2022 was issued by Kogta Financial which has a BBB+ rating.

The NCD, or bond, is secured on a ring-fenced pool of auto loans valued at Rp292m. These are held by a trustee ...

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