India's first mortgage-backed Pass Through Certificates listed on NSE
India's first mortgage-backed Pass Through Certificates (PTCs), structured by RMBS Development Company Limited, were listed on the National Stock Exchange on 5 May 2025.
Summary
India's first mortgage-backed Pass Through Certificates (PTCs) were listed on the National Stock Exchange (NSE) on 5 May 2025 by DFS Secretary M. Nagaraju. Structured by RMBS Development Company Limited, the PTCs are backed by a pool of housing loans originated by LIC Housing Finance Limited. The ₹1,000 crore issue (1,00,000 PTCs of face value ₹1,00,000) was fully subscribed. It is the first PTC issue whose coupon was discovered on NSE's Electronic Book Provider (EBP) platform; the coupon is 7.26% per annum and final maturity is nearly twenty years. The instrument is rated AAA(SO) by CRISIL and CARE Ratings, and being listed it can be traded in the secondary market.
Key facts
- Listed
- 5 May 2025, NSE
- Structured by
- RMBS Development Company Limited
- Underlying
- Housing loans of LIC Housing Finance Limited
- Issue size
- ₹1,000 crore (1,00,000 PTCs of ₹1,00,000), fully subscribed
- Coupon
- 7.26% per annum
- Maturity
- Nearly 20 years
- Rating
- AAA(SO) by CRISIL and CARE Ratings
Practice MCQs 2 questions
What was the size of India's first mortgage-backed Pass Through Certificate (PTC) issue listed on the NSE on 5 May 2025?
Show answer
Correct answer: D — ₹1,000 crore
The issue of ₹1,000 crore (1,00,000 PTCs of face value ₹1,00,000) was fully subscribed.
Consider the following statements about India's first mortgage-backed PTCs: 1. The coupon is 7.26% per annum. 2. The instrument is rated AAA(SO) by CRISIL and CARE Ratings. Which of the statements given above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct. The PTCs, backed by LIC Housing Finance home loans, have a 7.26% coupon and AAA(SO) ratings.