Not any more. Sample the retail component in some recent debt offerings (approximate figures gathered from merchant bankers): Kotak Mahindra 65 per cent, Indian Railway Finance Corporation 90 per cent, and ICICI 40 per cent. ICICI is, in fact, again in the market with four products clearly aimed at the retail investor—the 25-year deep discount bond, the monthly-income bond, the money-back bond and the regular-return bond. Among recent successes: the IDBI Flexibonds issue last month, which garnered Rs 1,400 crore against the targeted Rs 500 crore public issue with the option of retaining an additional Rs 500 crore; and the IFCI 8th Series bonds issue, that closed on March 25 netting Rs 300 crore against the estimated Rs 200 crore. "About 70 per cent of the subscription has come from the step-up liquid bonds with a face value of Rs 10,000 at a coupon rate of 16 per cent targeted at the small investors," says R.G. Sha-rma, general manager, IFCI.