High-yield bonds are growing in demand among retail savers in India after the removal of indexation benefits on debt held beyond three years. Non-bank lenders are raising funds via the private placement market, with NBFC bonds initially privately placed and sold to large brokers who then sell them to retail savers. A relatively underpopulated corporate fixed deposit space, and the lack of non-convertible debenture issuance in the primary market, are prompting retail investors to turn to these private placement products. Private placement bonds have a face value of INR1 lakh ($1,344), compared to INR10 lakh a year ago.