NISM Series XV : Research Analyst Certification Exam Notes
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Fully convertible debentures are fully convertible into ordinary shares of the issuing company and the terms of conversion are specified at the time of issue itself.
Partly convertible debentures (PCDs) are partly convertible into ordinary shares of the issuing company under the conditions specified at the time of issue itself. The non-convertible part of these debentures is redeemed .
Non-Convertible Debentures (NCDs) are pure debt instruments without a feature of conversion and they are repayable/redeemable on maturity.
Foreign currency bonds are bonds issued by a company in a currency that is different from the currency of its home country. In February 2020, Delhi International Airport Limited (an SPV of GMR Infrastructure Ltd) issued USD bonds.
External bonds denominated in Indian rupees (INR) are referred as Masala bonds. These bonds are issued outside of India but are denominated in Indian Rupees. Masala bonds were issued for the first time in November 2014 by International Finance Corporation and was listed in the London Stock Exchange.
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