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India: bonds

The Indian debt market while composed of bonds, both government and corporate, is dominated by the government bonds. The central government bonds are the predominant and most liquid component of the bond market. Despite the increased volumes, the number of participants is limited to about two dozen active players. Since a majority of the participants are triple A-rated and 80 per cent of the trade is direct, there exist minimal settlement risks. Since liberalization of Indian capital market many Indian companies have tapped international market and have raised both debt i.e, Eurobonds, foreign bonds, as well as quasi debt instruments like FCCBs ( Foreign Currency Convertible Bonds). Many of these bonds and international debts are also issued with varying features like FRNs (Floating Rate Notes).
    There are different types of bond market in India
  1. • Corporate Bond Market
  2. • Municipal Bond Market
  3. • Government and Agency Bond Market
  4. • Funding Bond Market
  5. • Mortgage Backed and Collateral Debt Obligation Bond Market

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
INR 107 49 764 853 390 000
municipal
INR 396 5 017 424 840 760
HKD 1 25 000 000 000
corporate
INR 5595 15 738 043 149 125
USD 123 59 497 937 000
SGD 6 795 000 000
CNY 5 2 040 000 000
EUR 4 2 775 000 000
AUD 3 514 500 000
CHF 3 650 000 000
JPY 2 35 000 000 000
GBP 1 50 000 000
MXN 1 286 100 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Rating Agency RAEX (Expert RA) *** Foreign curr. scale ***
Rating Agency RAEX (Expert RA) *** Local curr. scale ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Indian Renewable Energy Development Agency, 7.125% 10oct2022, INR - International bonds XS1692377945 7.125% 19 500 000 000  INR 09/28/2017 10/10/2022
Export-Import Bank of India, FRN 21aug2022, USD - International bonds XS1656195796 2.31639% 400 000 000  USD 08/07/2017 08/21/2022
Vedanta, 6.125% 9aug2024, USD - International bonds USG9328DAP53 6.125% 1 000 000 000  USD 08/03/2017 08/09/2024
State Bank of India, 3.25% 24jan2022, USD - International bonds XS1551709568 3.25% 680 000 000  USD 07/17/2017 01/24/2022
Hindustan Petroleum Corporation, 4% 12jul2027, USD - International bonds XS1637846616 4% 500 000 000  USD 07/05/2017 07/12/2027
Rural Electrification Corp, 3.875% 7jul2027, USD - International bonds XS1641477119 3.875% 450 000 000  USD 06/29/2017 07/07/2027
Adani Ports and Special Economic Zone, 4% 30jul2027, USD - International bonds XS1636266832 4% 500 000 000  USD 06/22/2017 07/30/2027
National Highways Authority of India, 7.3% 18may2022, INR - International bonds XS1606949391 7.3% 30 000 000 000  INR 05/11/2017 05/18/2022
NTPC, 7.25% 3may2022, INR - International bonds XS1604199114 7.25% 20 000 000 000  INR 04/25/2017 05/03/2022
HPCL-Mittal Energy, 5.25% 28apr2027, USD - International bonds XS1599758940 5.25% 375 000 000  USD 04/24/2017 04/28/2027

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Indian international bonds, USD bln 36.900 34.800 34.000 30.300 31.000 31.100 31.400
BIS net issues of international-bond market of emerging countries
International-bond net issue of India, USD bln 1.900 1.000 3.700 0.700 -0.300 -0.200 0.800

Emerging Markets International Bonds

Monthly indices

Type Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017 Apr 2017 Mar 2017
Asian International Bonds Markets
India’s international bonds, USD bln 64.940 65.624 66.960 65.666 64.933 65.513 64.708
India’s corporate international bonds, USD bln 64.940 65.624 66.960 65.666 64.933 65.513 64.708
India’s sovereign international bonds, USD bln     0.000 0.000 0.000 0.000 0.000
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Credit Risk Indicators

Daily indices

Type: 10/13/2017 10/12/2017 10/11/2017 10/10/2017 10/09/2017 10/06/2017 10/05/2017
CDS Interactive Data 
CDS 6M India * * * * * * *
CDS 1Y India * * * * * * *
CDS 2Y India * * * * * * *
CDS 3Y India * * * * * * *
CDS 4Y India * * * * * * *
CDS 5Y India * * * * * * *
CDS 7Y India * * * * * * *
CDS 10Y India * * * * * * *
CDS 15Y India * * * * * * *
CDS 20Y India * * * * * * *
CDS 30Y India * * * * * * *
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Stock market (World)

Daily indices

Type: 10/17/2017 10/16/2017 10/13/2017 10/12/2017 10/11/2017 10/10/2017 10/09/2017
Stock market (Asia)
BSE Sensex  32 627.82 32 633.64 32 432.69 32 182.22 31 833.99 31 924.41 31 846.89
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150 000
issues: local and international bonds
170
countries
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150 000
issues: local and international bonds
170
countries
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