Subordinated debt is debt that is repaid only after the issuer's senior debt if the issuer is wound up. Subordinated bonds pay more because holders accept a later place in the queue.
Banks, NBFCs and housing finance companies issue subordinated bonds because the Reserve Bank of India counts them as Tier II capital, subject to conditions such as a minimum maturity. See Tier 2 bonds.
Subordinated bonds are usually unsecured. Their rating is often a notch below the issuer's senior debt rating.
Subordinated debt: issuers on Bond Interpretation
212 outstanding bonds of this kind from 71 issuers are on Bond Interpretation. Issuers with the most:
- Muthoot Fincorp Limited 14 bonds
- Bank Of Baroda 10 bonds
- ESAF Small Finance Bank Limited 9 bonds
- Axis Finance Limited 8 bonds
- Punjab National Bank 8 bonds
- Credila Financial Services Limited 7 bonds
- Mahindra and Mahindra Financial Services Limited 7 bonds
- State Bank Of India 7 bonds
- AU Small Finance Bank Limited 6 bonds
- Bank of maharashtra 5 bonds
- Central Bank of India 5 bonds
- Hdb Financial Services Limited 5 bonds
- Hero FinCorp Limited 5 bonds
- ICICI Home Finance Company Limited 5 bonds
- Indian Overseas Bank 5 bonds
Data as of 6 Nov 2026 (snapshot 20261106-2030). Methodology and sources
Related
Related terms: Tier 2 bond · Perpetual bond (AT1) · Unsecured NCD
Before investing, look up the issuer: all its outstanding bonds, rating history and disclosure documents.
This page is for information only. It is not investment advice, a credit rating or a recommendation to buy, sell or hold any security. Facts are taken from the issuer's own documents and the sources linked on this page; check them with the source before investing.
