04 — Fixed Income
Bonds
Direct fixed-income exposure, curated for yield and safety.
Sovereign, PSU, and high-grade corporate bonds — held directly for predictable coupons, defined maturities, and clean cash-flow planning.
Bonds are direct loans to governments and corporates, held to a defined maturity at a defined coupon. Held directly, they give you yield-to-maturity certainty that funds cannot replicate.
- Horizon
- 3 – 15 years
- Risk
- Low – Moderate
- Liquidity
- Exchange-traded / hold to maturity
- Ticket size
- ₹10 L – ₹1 Cr+
How it works
A four-step processCurate universe
SDLs, G-Secs, AAA PSU, and select AA+ corporate paper — sourced through institutional desks.
Ladder maturities
Rungs at 3, 5, 7, and 10 years let cash-flows meet real-world liabilities.
Lock the yield
YTM at purchase is your return if held to maturity — no manager, no NAV volatility on the outcome.
Roll or exit
At maturity, we roll into the prevailing yield curve or redeploy elsewhere.
Chapter — Fit
Who this is for.
Bonds is not for every investor — and that is the point. We choose it deliberately, when the mandate calls for it.
- 01HNI portfolios of ₹1 Cr+
- 02Families planning defined future outflows
- 03Retirees wanting predictable coupons
- 04Corporate treasuries diversifying deposits
Why it works
Structural advantagesYield certainty
Held to maturity, YTM at purchase is what you earn — cash-flow planning without guesswork.
Sovereign safety
G-Sec and SDL exposure carries no credit risk.
Direct ownership
You own the security; no expense ratio erodes returns.
Tax planning
Structure across G-Sec, corporate bonds, and 54EC to optimise post-tax yield.
Reference — Types of Bonds
Regulatory frameworkBonds are interest-bearing debt certificates issued by governments and corporates to raise capital, redeemed at maturity with a defined coupon.
01
Government Bonds (G-Secs)
Issued by the Government of India; sovereign backing and zero credit risk.
02
State Development Loans
Issued by state governments; quasi-sovereign, typically yielding a small spread over G-Secs.
03
Municipal Bonds
Issued by urban local bodies to fund civic infrastructure projects.
04
Public Sector Bonds
Issued by PSUs and public financial institutions — high-grade credit, attractive spreads.
05
Corporate Bonds
Issued by private companies across the ratings spectrum, from AAA to sub-investment grade.
06
High Yield Bonds
Below investment grade paper offering higher coupons for elevated credit risk.
- 01
Primary market: the issuer invites investors to purchase newly issued bonds at a pre-specified coupon and tenure.
- 02
Secondary market: existing bonds are traded between investors through brokers on exchanges and OTC.
Considerations
What we tell you before you commit.
- 01
Reinvestment risk on coupons in falling-rate cycles.
- 02
Liquidity in secondary market can be uneven for retail lots.
- 03
Credit risk on corporate paper — mitigated by curation.
Frequently asked
Answered plainlyBonds give yield certainty at maturity; debt funds give liquidity and diversification. Sophisticated portfolios use both.
Legacy issues trade in secondary — we source when yields are attractive relative to taxable alternatives.
Ready to explore this route for your portfolio?
A private, no-obligation conversation with one of our advisers — begin with your mandate, not a product.