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Tax free bonds, that’s something new in Indian investment arena. It is an additional option to invest in debt market, that too in bonds issued by state-owned infrastructure developers. This promises around 8.5% returns, which is not offered by any other high rated debt instrument category.

These bonds require no tax payment on the interest earned which takes pre tax return to 12% for people in 30% tax bracket. Even for people in 20% tax bracket, pre tax return of 11% is not that bad from a AAA debt instrument.

NHAI (National Highway Authority of India) and PFC (Power Finance Corporation) have already issued their bonds and others like Indian Railways, HUDCO and REC also look to grab this financing opportunity. It’s a win-win situation for both the parties, where investors are getting good returns on their investments and companies in infrastructure sector are able to source financing for the greater good.

In India, where interest rates look like on the roof and RBI giving indication of drop in interest rates in coming times; there could not be any better time to invest in these securities. All these bonds will get listed in the market and people can look for capital gains, with fall in interest rates. As the value of the bonds go up with the interest rates coming down. (Though capital gain will not be tax free)

For example, NHAI’s 15 year tax-free bonds got a fabulous listing on the NSE, After opening at Rs 1,035, it stabilized with premium of ~4%. Similarly, the 10-year bond (N1) also was trading at Rs 1,028.4, up around 3 percent. Though these bonds can be bought from the market as well but due to the premium involved, it is best to buy through the public offers.

These bonds offer a higher return to retail investors than Institutional or HNI investors. So it is suggested to apply for a max of Rs 5 lakh in any single bond issue to retain your retail status.

To sum it all, it is good to invest in these tax-free bonds as they offer decent return even after being a good rated debt investment. These are good even from liquidity point of view as these will be listed on exchanges and last but not the least, with interest rate cut season closing in, you can expect good capital gain as well. Though we will not suggest you to cash out immediately, invest only if you have a little longer investment horizon.

Finally a word of caution; these are tax free bonds but are not guaranteed by Indian sovereign. So there is a little credit risk involved, which means there is a risk of issuer defaulting. Government may support these firms as in case of Air India, but Investors must do their homework on the issuer’s credit quality before investing.

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