There seems to be some misunderstanding. I will try to clear both the queries below:
- Tenor of the bond:
The issuer is suppose to make the payment at the end of eighteen months only. If the issuer fails to pay at the end of eighteen months it results into a credit event and the collections from the pool will be utilized to make the repayments. Amongst other things (like right to appoint nominee director etc), consequence of this will be that coupon rate would increase to 13.5% for the investors.
The last rupee from the entire set of pool is expected to come by eight years, however we only need to recover 20Cr of principal along with interest which is expected to recover by ~50 months ( the difference is because the pool amount is much higher than bond amount and pool has lot of interest cashflows which also would be used to repay the investors in this scenario). Further trustee will also try to find a buyer (some other NBFC, bank etc) for the underlying pool in which case investors may not even have to wait till ~50 months and may get the repayments in just few months.
These consequences are mentioned in the documents and also on the website (relevant portion from website pasted below for easy reference).
The legal final tenor of the bond is mentioned as 2029 because that when the last rupee from the pool is suppose to come, but issuer is suppose to pay after 18 months only failing which above consequences get initiated.
- The returns on the bonds are 9.50% as mentioned in the documents and also mentioned on the website. (9.11% figure is monthly coupon equivalent returns for 9.50% XIRR).
Website also clearly mentions that 9.50% are XIRR returns (please refer below)
I hope I was able to resolve the queries. Would like to discuss over call as well if that works.