Bajaj Housing Finance raises ₹2,439.29 crore

Bajaj Housing Finance Limited

allotted secured NCDs worth ₹2,439.29 crore on 7 October 2026. The 10-year paper carries a fixed 7.87% annual coupon. What happened: The Debenture Allotment Committee approved the private placement on 7 October 2026. Interest is paid yearly from 4 August 2027. Maturity is 4 August 2036, about 3,589 days away. The NCDs carry a first pari-passu charge on book debts and loan receivables, with 1.00x asset cover. On 25 September 2026 the company raised ₹807.82 crore at 7.79%, maturing August 2031. Why it matters: This raise is about 3 times the September one. Provisional Q2 FY27 numbers (3 October) show AUM at ₹1,58,190 crore, up about 25% YoY, and gross disbursements at ₹19,930 crore, up 25.2% YoY. Home loans run for many years. Funding them with 10-year debt cuts refinancing risk. My view: The 10-year coupon is only 0.08 percentage points above the 5-year coupon from two weeks earlier. Investors are asking for little extra to lock in five more years. That points to strong demand for this issuer's paper. For a lender growing near 25%, cheap long funding helps protect the gap between loan yield and borrowing cost. Limits: a coupon is not total cost of funds, and I have no margin figure to size the benefit. What I am watching: Q2 FY27 results on 16 October 2026. I want to see cost of funds, net interest margin and whether disbursement growth holds above 20%. My call: Positive bias for the next 0 to 3 months. Funding is in place. Margins decide the rest. Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations.