With the stock markets turning increasingly volatile and forecast to remain so in the foreseeable future due to factors such as elections as well as rising global crude oil prices, the upcoming non-convertible debenture issues of JM Financial Credit Solutions and the ongoing Dewan Housing Finance (DHFL) which is already open to the public may provide a good alternative. Notably, since\u00a0NCDs provide higher return than the risk free rate, they expose investors to risk. However, the risk is lower than that of equities but it is certainly more than bank fixed deposits, Government bonds, and other Government schemes such as PPF, Post office, NSC etc. Further, both issues are secured debentures, which means investors have a claim to defined assets in the event of non-payment of dues by the companies.\u00a0We take a closer look at both the issues. JM Financial issue JM Financial Credit Solutions\u2019s NCD opens for public on 28th May 2018. According to its prospectus, the issue will offer up to 9.75% coupon per annum. The company aims to raise up to Rs 759 crore from the issue. The NCDs have a minimum investment of Rs 10,000. Notably, the issue has six different series on offer, including one with a cumulative interest payout. The 10-year NCDs were seen to have the highest coupon rate of 9.75% per annum. The issue will remain open till June 20th. The issue has been rated AA by ICRA. Investors will need to have a demat account inorder to invest into these NCDs. Dewan Housing Finance NCD The NCD issue to raise up to Rs 12,000 crore opened from subscription on May 22. The issue will remain open till June 4th. Similar to the JM Financial Credit Solutions\u2019s issue, the minimum investment is pegged at Rs 10,000. There are seven series on offer. The company is offering attractive interest rate of up to 9.10 percent per annum, one-time additional incentive of up to 1.00 percent to initial subscribers on maturity and an additional interest of 0.10 percent per annum for senior citizens. The debentures are available for tenure of 3,5,7 and 10 years. The NCDs have been rated CARE AAA and BWR AAA. DHFL\u2019s NCDs can be held in physical as well as demat basis.