Considering the current market volatility and attractive spreads that corporate bonds offer over the repo, we believe that the best strategy may be to invest in a portfolio with higher exposure towards corporate bonds and money market instruments with low to moderate duration, which may provide better risk adjusted returns.

1. Better Credit Quality Fund Bouquet – A Good
Investment Opportunity
May 2020
 Corporate Bonds still at elevated levels: AAA Corporate Bond yield spreads over Government Securities (G-secs)
have inched up even post RBI unleashed it’s bazooka of measures. We believe the current elevated levels of AAA
Corporate Bond space provides a good opportunity to invest, as this may help in generating additional returns in
AAA Corporate Bond space.
 Corporate Bonds are offering High Margin of Safety: Spread over repo and spread over the corresponding
maturity government bonds are offering reasonable returns as well as margin of safety. This gives a good
opportunity to invest in better quality corporate bonds which can benefit from capital appreciation once the yields
starts to normalize.
4%
5%
6%
7%
8%
1 Yr 3 Yr 5 Yr 10 Yr
Repo Gsec AAA AA
S
P
R
E
A
D
Avg 58
bps
Avg
163 bps
Avg
220 bps
Source: CRISIL Research; Data as of May 13, 2020
Market Overview:
Considering the current market volatility and attractive spreads that corporate bonds offer
over the repo, we believe that the best strategy may be to invest in a portfolio with higher
exposure towards corporate bonds and money market instruments with low to moderate
duration, which may provide better risk adjusted returns.
Source: CRISIL Research; Data as of May 13, 2020

2. Better Credit Quality Fund Bouquet – A Good
Investment Opportunity
May 2020
ModifiedDuration
2.43
years
Yield-to-Maturity (YTM)
3.00
years
3.94
years ICICI Prudential Bond Fund
ICICI Prudential Banking &
PSU Debt Fund
ICICI Prudential Corporate Bond
Fund
An open ended medium to long term debt scheme investing in instruments such that the Macaulay
duration of the portfolio is between 4 Years and 7 Years. The Macaulay duration of the portfolio is 1
Year to 7 years under anticipated adverse situation.
An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector
Undertakings, Public Financial Institutions and Municipal Bonds.
An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds.
ICICI Prudential Money
Market Fund
An open ended debt scheme investing in money market instruments
7.56
months
YTM:
6.12%
Data as of April 30, 2020. Please note: Macaulay duration is the weighted average term to maturity of the cash flows from the bond. The weight of each cash
flow is determined by dividing the present value of the cash flow by the price.
YTM:
7.13%
YTM:
7.29%
YTM:
7.28%
2.82
years
ICICI Prudential Short Term
Fund
An open ended short term debt scheme investing in instruments such that the Macaulay
duration of the portfolio is between 1 Year and 3 Years.
YTM:
7.58%
Our Recommendations for Better Credit Quality Portfolio
MacaulayDuration
2.57
years
3.20
years
4.19
years
8.04
months
2.98
years

3. Better Credit Quality Fund Bouquet – A Good
Investment Opportunity
May 2020
ICICI Prudential Money Market Fund
ICICI Prudential Money Market Fund is an open-ended debt scheme investing in money market instruments. The scheme aims to
provide reasonable returns, commensurate with moderately low risk while providing a high level of liquidity.
Investment Strategy:
• The Scheme aims to provide high liquidity with moderately low risk. It intends to generate returns by investing in money market
instruments of good credit quality.
• The Scheme seeks to generate accrual income with low volatility.
• Investors with surplus cash in their portfolio can seek to generate reasonable returns by investing in this scheme.
Debt Quants Portfolio Update
The closing AUM of the scheme is Rs.6,093.60Crs. Data as on April 30, 2020
ICICI Prudential Corporate Bond Fund
ICICI Prudential Corporate Bond Fund is an open ended debt scheme predominantly investing in AA+ and above rated corporate
bonds. The Scheme seeks to generate income through investments in a basket of AA+ and above rated corporate bonds with a
view to provide reasonable returns, while maintaining an optimum balance of yield, safety and liquidity.
Investment Strategy:
• The scheme aims to generate potential capital appreciation in falling interest rate cycle.
• The scheme follows buy and hold strategy which aims to generate optimum yield with lower duration risk and with good credit
quality portfolio.
• The scheme is suitable for investors who are looking to invest in the shorter maturity portfolio to benefit from accrual income and
potential capital appreciation.
Debt Quants Portfolio Update
The closing AUM of the scheme is Rs.11, 860.11Crs. Data as on April 30, 2020
0.37 0.36 0…
0.34
0.87
0.67
0.35 0.34 0.28
0.32
0.82
0.63
5.45% 5.63%
5 5.71%
6.07% 6.12%
3.5%
5.5%
7.5%
9.5%
0.00
0.34
0.68
1.02
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20
in%
InYears
Average Maturity in years Modified Duration in years 98.01%
1.68% 0.32% AAA/A1+ &
Equivalent
TREPs, Term
Deposits &
Net Current
Assets
Sovereign
2.58 2.40 2.26
2.5
3.18
3.37
1.85 1.75 1.69 1.84
2.29 2.43
6.80% 6.96% 6.76%
6.61% 6.98% 7.13%
4.6%
6.6%
8.6%
10.6%
0.00
1.33
2.67
4.00
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20
in%
InYears
Average Maturity in years Modified Duration in years
YTM (%)
77.98%
18.06%
3.33% 0.63% AAA/A1+ &
Equivalent
Sovereign
TREPs, Term
Deposits & Net
Current Assets
AA &
Equivalent
Fund Positioning

4. Better Credit Quality Fund Bouquet – A Good
Investment Opportunity
May 2020
ICICI Prudential Banking & PSU Debt Fund
ICICI Prudential Banking & PSU Debt Fund is an open-ended debt scheme predominantly investing in Debt instruments of banks,
Public Sector Undertakings, Public Financial Institutions and Municipal Bonds.
Investment Strategy:
• The scheme is suitable for investors who wish to take exposure towards bonds issued by Banks and Public Sector Undertakings.
• The scheme aims to generate optimum yield with good credit quality portfolio with reasonable accrual.
• The scheme is suitable for investors who are looking for moderate duration and like to benefit from short-term rates comingdown
Debt Quants Portfolio Update
The closing AUM of the scheme is Rs.9, 304.29Crs. Data as on April 30, 2020
ICICI Prudential Bond Fund
ICICI Prudential Bond Fund is an open ended medium to long term debt scheme investing in instruments such that the Macaulay
duration of the portfolio is between 4 Years and 7 Years. The Macaulay duration of the portfolio is 1 Year to 7 years under anticipated
adverse situation. The Macaulay duration is the weighted average term to maturity of the cash flows from a bond. The weight of
each cash flow is determined by dividing the present value of the cash flow by the price.
Investment Strategy:
• ICICI Prudential Bond Fund seeks to gain predominantly from accruals and potential capital gains from changes in interest rates.
• The scheme intends to provide an avenue to invest with medium to long duration strategy and also seeks to benefit from higher
carry on papers at inception, given the current market scenario.
• Investors who wish to add an exposure to medium to long-term debt securities can consider this scheme for their investments.
Debt Quants Portfolio Update
The closing AUM of the scheme is Rs.3, 153.22Crs. Data as on April 30, 2020
4.44
4.14
3.63 3.71
4.23
4.44
2.81 2.65
2.36
2.43
2.77
3.00
6.96% 7.01% 6.82% 6.71%
7.32% 7.29%
4.7%
6.7%
8.7%
10.7%
0.00
1.67
3.33
5.00
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20
in%
InYears
Average Maturity in years Modified Duration in years
YTM (%)
64.89%
17.16%
16.51%
1.44% AAA/A1+ &
Equivalent
AA &
Equivalent
Sovereign
TREPs, Term
Deposits & Net
Current Assets
4.76
5.20 5.26 5.24 5.29 5.42
3.51
3.83 3.82
3.82 3.86 3.94
7.17% 7.39% 7.29% 7.03% 7.10% 7.28%
5.0%
7.0%
9.0%
11.0%
0.00
2.00
4.00
6.00
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20
in%
InYears
Average Maturity in years Modified Duration in years
YTM (%)
94.17%
5.83%
AAA/A1+ &
Equivalent
TREPs, Term
Deposits &
Net Current
Assets

5. Better Credit Quality Fund Bouquet – A Good
Investment Opportunity
May 2020
ICICI Prudential Short Term Fund
ICICI Prudential Short Term Fund is an open-ended short term debt scheme investing in instruments such that the Macaulayduration
of the portfolio is between 1 Year and 3 Years
Investment Strategy:
• The scheme aims to generate income through investments in a range of debt and money market instruments while maintaining
the optimum balance of yield, safety and liquidity
• The scheme seeks to derive benefit from any potential mark-to-market returns by tactical, calibrated and opportunistic approach
to Government securities
• The scheme is suitable for investors who aim to invest for 6 months and above and wish to benefit from accrual income as well
as opportunistic gains through potential capital appreciation from any favourable rates movements
Debt Quants Portfolio Update
The closing AUM of the scheme is Rs.13,140.30Crs. Data as on April 30, 2020
ICICI Prudential Money Market Fund (An open ended debt scheme investing in money market
instruments)is suitable for investors who are seeking*:
 Short term savings
 A money market scheme that seeks to provide reasonable returns, commensurate with low risk
while providing a high level of liquidity
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
ICICI Prudential Bond Fund (An open ended medium to long term debt scheme investing in
instruments such that the Macaulay duration of the portfolio is between 4 Years and 7 Years. The
Macaulay duration of the portfolio is 1 Year to 7 years under anticipated adverse situation.) is
suitable for investors who are seeking*:
 Medium to Long term savings
 A debt scheme that invests in debt and money market instruments with an aim to maximize
income while maintaining an optimum balance of yield, safety and liquidity
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
ICICI Prudential Corporate Bond Fund (An open ended debt scheme predominantly investing in AA+
and above rated corporate bonds.) is suitable for investors who are seeking*:
 Short term savings
 An open ended debt scheme predominantly investing in highest rated corporate bonds
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
2.84 2.94 3.01 3.1
3.63
3.83
2.08 2.20 2.27
2.31
2.65
2.82
7.23% 7.40% 7.32%
7.08%
7.51% 7.58%
5.1%
7.1%
9.1%
11.1%
0.00
1.33
2.67
4.00
Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20
in%
InYears
Average Maturity in years Modified Duration in years
YTM (%)
56.08%
22.12%
18.67%
3.13% AAA/A1+ &
Equivalent
Sovereign
AA &
Equivalent
TREPs, Term
Deposits & Net
Current Assets
Risk-o-Meters

6. Better Credit Quality Fund Bouquet – A Good
Investment Opportunity
May 2020
ICICI Prudential Banking & PSU Debt Fund (An open ended debt scheme predominantly investing in
Debt instruments of banks, Public Sector Undertakings, Public Financial Institutions and Municipal
Bonds.) is suitable for investors who are seeking*:
 Short term savings
 An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector
Undertakings, Public Financial Institutions and Municipal Bonds
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
ICICI Prudential Short Term Fund (An open ended short term debt scheme investing in instruments
such that the Macaulay duration of the portfolio is between 1 Year and 3 Years) is suitable for
investors who are seeking*:
 Short term income generation and capital appreciation solution
 A debt fund that aims to generate income by investing in a range of debt and money market
instruments of various maturities
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Please note: Macaulayduration is theweighted average term to maturity of the cash flows from the bond. The weight of each cash flow is determined bydividing
the present value of the cash flow by the price.
Disclaimer
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
In preparation of the material contained in this document, ICICI Prudential Asset Management Company Limited (the AMC)hasused
information that is publicly available, including information developed in-house. Some of the material used in thedocumentmayhave
been obtained from members/persons other than the AMC and/or its affiliates and which may have been made availabletotheAMC
and/or to its affiliates. Information gathered and material used in this document is believed to be from reliable sources. The AMC,
however, does not warrant the accuracy, reasonableness and / or completeness of any information. We have included statements/
opinions / recommendations in this document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and
similar expressions or variations of such expressions that are “forward looking statements”. Actual results may differ materiallyfrom
those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to,
but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally, which
have an impact on our services and / or investments, the monetary and interest policies of India, inflation, deflation, unanticipated
turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc. The AMC (including its affiliates), the
Mutual Fund, the trust and any of its officers, directors, personnel and employees, shall not be liable for any loss, damage of any
nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in anyway
arising from the use of this material in any manner. The recipient alone shall be fully responsible/are liable for any decision takenon
this material. All figures and other data given in this document are dated and the same may or may not be relevant in future. The
information contained herein should not be construed as a forecast or promise nor should it be considered as an investment advice.
Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial
implication or consequence of subscribing to the units of ICICI Prudential Mutual Fund. The debt securities mentioned in this
communication do not constitute any recommendation of the same and ICICI Prudential Mutual Fund may or may nothaveanyfuture
position in these debt securities. Past performance may or may not be sustained in the future. The portfolio of the scheme is subject
to changes within the provisions of the Scheme Information document of the scheme. Please refer to the SID for investmentpattern,
strategy and risk factors.
The information contained herein is only for the purpose of information and not for distribution and do not constitute an offer to buy
or sell or solicitation of any offer to buy or sell any securities or financial instruments in the United States of America ("US") and/or
Canada or for the benefit of US persons (being persons falling within the definition of the term "US Person" under the US Securities
Act, 1933, as amended) or persons residing in Canada.
Disclaimers