A secured NCD is backed by a charge on specific assets of the issuer, such as loans receivable or property. If the issuer defaults, the debenture trustee can enforce that charge for the bondholders.
"Secured" tells you there is a charge, not how good it is. What matters is the security cover (the value of the charged assets compared with the amount owed), whether the charge is exclusive or shared (pari passu) with other lenders, and how easily the assets can be sold. These are set out in the offer document and the debenture trust deed, and the debenture trustee checks the cover regularly.
In a liquidation, secured creditors are paid from their security before unsecured creditors. That usually means better recovery than an unsecured NCD, which is why secured NCDs often pay a slightly lower coupon from the same issuer.
Secured NCD: issuers on Bond Interpretation
3,692 outstanding bonds of this kind from 555 issuers are on Bond Interpretation. Issuers with the most:
- Sammaan Capital Limited 187 bonds
- Bajaj Finance Limited 57 bonds
- Achiievers Finance India Limited 53 bonds
- Nuvama Wealth Finance Limited 53 bonds
- Indian Railway Finance Corporation Limited 47 bonds
- Shriram Finance Limited 46 bonds
- Aditya Birla Capital Limited 42 bonds
- 360 ONE Prime Limited 38 bonds
- National Highways Authority of India 38 bonds
- Kotak Mahindra Prime Limited 35 bonds
- Hyderabad Metropolitan Development Authority 34 bonds
- Bajaj Housing Finance Limited 33 bonds
- Muthoot Fincorp Limited 32 bonds
- Aditya Birla Housing Finance Limited 31 bonds
- ICL Fincorp Limited 31 bonds
Data as of 5 Nov 2026 (snapshot 20261105-2032). Methodology and sources
Related
Related terms: Security cover (asset cover) · Unsecured NCD · Debenture trustee · Bond default · NCD (non-convertible debenture)
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.
