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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 50 564 853 390 000
municipal
INR 394 5 005 763 885 380
HKD 1 25 000 000 000
corporate
INR 5611 15 617 530 859 625
USD 131 62 434 249 000
SGD 6 795 000 000
EUR 4 2 775 000 000
CNY 4 1 440 000 000
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 Global *** International scale rating (foreign curr.) ***
Dagong Global *** 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.) ***
Expert RA *** Foreign curr. scale ***
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
Rural Electrification Corp, 3.068% 18dec2020, USD - International bonds XS1733878810 3.068% 400 000 000  USD 12/11/2017 12/18/2020
Indus Gas LTD, 8% 13dec2022, USD - International bonds XS1734080648 8% 150 000 000  USD 12/08/2017 12/13/2022
Indian Railway Finance Corp, 3.835% 13dec2027, USD - International bonds XS1733877762 3.835% 500 000 000  USD 12/05/2017 12/13/2027
Bussan Auto Finance India, 7% 7dec2020, INR - International bonds XS1731750193 7% 800 000 000  INR 11/30/2017 12/07/2020
Lodha Developers P.L., 12% 13mar2020, USD - International bonds XS1148395582 12% 325 000 000  USD 11/28/2017 03/13/2020
Jaiprakash Associates (Jaypee Group), 4.76% 30sep2020, USD - International bonds XS1668129411 4.76% 81 696 000  USD 11/28/2017 09/30/2020
Power Finance Corporation, 3.75% 6dec2027, USD - International bonds XS1725342288 3.75% 400 000 000  USD 11/28/2017 12/06/2027
State Bank of India, 3.25% 24jan2022, USD - International bonds XS1551709568 3.25% 850 000 000  USD 11/20/2017 01/24/2022
Reliance Industries, 3.667% 30nov2027, USD - International bonds USY72570AN72 3.667% 800 000 000  USD 11/20/2017 11/30/2027
GTL infrastructure, 0% 26oct2022, USD (Conv.) - International bonds XS1684777912 0% 80 745 000  USD 10/26/2017 10/26/2022

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 Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017
Asian International Bonds Markets
India’s international bonds, USD bln 66.504 65.001 64.940 65.624 66.960 65.666 64.933
India’s corporate international bonds, USD bln 66.504 65.001 64.940 65.624 66.960 65.666 64.933
India’s sovereign international bonds, USD bln   0.000     0.000 0.000 0.000
show other indices

Credit Risk Indicators

Daily indices

Type: 12/11/2017 12/08/2017 12/07/2017 12/06/2017 12/05/2017 12/04/2017 12/01/2017
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 * * * * * * *
show other indices

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Stock market (World)

Daily indices

Type: 12/12/2017 12/11/2017 12/08/2017 12/07/2017 12/06/2017 12/05/2017 12/04/2017
Stock market (Asia)
BSE Sensex  33 236.06 33 465.05 33 249.62 32 979.17 32 597.18 32 805.99 32 894.53
show other indices

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Adani Ports and Special Economic Zone, 3.5% 2020, USD   USD 07/29/2020 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Adani Ports and Special Economic Zone, 3.95% 19jan2022, USD   USD 01/19/2022 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Adani Ports and Special Economic Zone, 4% 30jul2027, USD   USD 07/30/2027 12/11/2017 **.* *.** 12/11/2017 ***.** *.**
Adani Transmission, 4% 3aug2026, USD   USD 08/03/2026 12/11/2017 **.** *.** 12/11/2017 ***.** *.**
Axis Bank, 2.875% 1jun2021, USD   USD 06/01/2021 12/11/2017 **.** *.** 12/11/2017 **.** *.**
Axis Bank, 3.25% 21may2020, USD   USD 05/21/2020 12/11/2017 **.** *.* 12/11/2017 *** *.**
Ballarpur Industries, 9.750% perp., USD   USD 12/11/2017 **.**** * 12/11/2017 **.**** *
Bank of Baroda, 4.875% 23jul2019, USD   USD 07/23/2019 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Bank of India, 3.125% 6may2020, USD   USD 05/06/2020 12/11/2017 **.** *.** 12/11/2017 **.*** *.**
Bank of India, 3.625% 21sep2018, USD   USD 09/21/2018 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Bank of India, 6.250% 16feb2021, USD   USD 02/16/2021 12/11/2017 ***.*** *.** 12/11/2017 ***.** *.**
Bharat Petroleum, 3% 20dec2019, CHF   CHF 12/20/2019 12/11/2017 ***.* *.** 12/11/2017 ***.** *.**
Bharat Petroleum, 4% 8may2025, USD   USD 05/08/2025 12/11/2017 ***.* *.** 12/11/2017 ***.* *.**
Bharat Petroleum, 4.375% 18jan2027, USD   USD 01/18/2027 12/11/2017 ***.** *.* 12/11/2017 ***.** *.**
Bharat Petroleum, 4.625% 25oct2022, USD   USD 10/25/2022 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Bharti Airtel, 3% 31mar2020, CHF   CHF 03/31/2020 12/11/2017 ***.** *.** 12/11/2017 ***.* *.**
Bharti Airtel, 3.375% 20may2021, EUR   EUR 05/20/2021 12/11/2017 ***.*** *.** 12/11/2017 ***.** *.*
Bharti Airtel, 4% 10dec2018, EUR   EUR 12/10/2018 12/11/2017 ***.* *.** 12/11/2017 ***.** *.**
Bharti Airtel, 4.375% 10jun2025, USD   USD 06/10/2025 12/11/2017 ***.** *.** 12/11/2017 ***.* *.**
Bharti Airtel, 5.125% 11mar2023, USD   USD 03/11/2023 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Bharti Airtel, 5.35% 20may2024, USD   USD 05/20/2024 12/11/2017 ***.** *.** 12/11/2017 ***.* *.**
Delhi International Airport, 6.125% 31oct2026, USD   USD 10/31/2026 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Delhi International Airport, 6.125% 3feb2022, USD   USD 02/03/2022 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Eros International, 6.5% 15oct2021, GBP   GBP 10/15/2021 12/11/2017 **.** **.** 12/11/2017 ** **.**
Export-Import Bank of India, 0.97% 26nov2024, JPY   JPY 11/26/2024 12/11/2017 ***.**** *.** 12/11/2017 ***.**** *.**
Export-Import Bank of India, 2.75% 12aug2020, USD   USD 08/12/2020 12/11/2017 **.** *.** 12/11/2017 ***.* *.**
Export-Import Bank of India, 2.75% 1apr2020, USD   USD 04/01/2020 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Export-Import Bank of India, 3.125% 20jul2021, USD   USD 07/20/2021 12/11/2017 ***.* *.** 12/11/2017 ***.** *.**
Export-Import Bank of India, 3.375% 5aug2026, USD   USD 08/05/2026 12/11/2017 **.** *.** 12/11/2017 **.** *.**
Export-Import Bank of India, 3.875% 2oct2019, USD   USD 10/02/2019 12/11/2017 ***.* *.** 12/11/2017 ***.** *.**
Export-Import Bank of India, 4% 14jan2023, USD   USD 01/14/2023 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Export-Import Bank of India, 5.09% 18apr2018, MXN   MXN 04/18/2018 12/11/2017 **.** *.** 12/11/2017 **.** *.*
Export-Import Bank of India, FRN 21aug2022, USD   USD 08/21/2022 12/11/2017 ***.*** * 12/11/2017 ***.*** *
Glenmark Pharmaceuticals, 4.5% 2aug2021, USD   USD 08/02/2021 12/11/2017 ***.** *.* 12/11/2017 ***.** *.**
Global Cloud Xchange, 7% 1aug2019, USD   USD 08/01/2019 12/11/2017 **.** **.** 12/11/2017 **.* **.**
GMR Hyderabad International Airport, 4.25% 27oct2027, USD   USD 10/27/2027 12/11/2017 **.** *.** 12/11/2017 **.** *.**
HDFC Bank, 3% 6mar2018, USD   USD 03/06/2018 12/11/2017 **.** **.** 12/11/2017 ***.** *.**
Hindustan Petroleum Corporation, 4% 12jul2027, USD   USD 07/12/2027 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
HPCL-Mittal Energy, 5.25% 28apr2027, USD   USD 04/28/2027 12/11/2017 ***.** *.** 12/11/2017 ***.* *.**
ICICI Bank, 2.75% 7jan2020, CHF   CHF 01/07/2020 12/11/2017 ***.** *.** 12/11/2017 ***.** *.*
ICICI Bank, 3.5% 18mar2020, USD   USD 03/18/2020 12/11/2017 ***.* *.** 12/11/2017 ***.* *.**
ICICI Bank, 5.750% 16nov2020, USD   USD 11/16/2020 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
ICICI Bank, 6.125% 3apr2019, AUD   AUD 04/03/2019 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
ICICI Bank, 7.0% 23nov2020, USD   USD 11/23/2020 12/11/2017 ***.**** *.** 12/11/2017 ***.**** *.**
IDBI Bank, 3.75% 25jan2019, USD   USD 01/25/2019 12/11/2017 **.* *.** 12/11/2017 *** *.**
IDBI Bank, 4.125% 23apr2020, USD   USD 04/23/2020 12/11/2017 ***.* *.** 12/11/2017 ***.** *.**
IDBI Bank, 4.25% 30nov2020, USD   USD 11/30/2020 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
IDBI Bank, 4.375% 26mar2018, USD   USD 03/26/2018 12/11/2017 **.** *.** 12/11/2017 ***.** *.**
IDBI Bank, 5% 25sep2019, USD   USD 09/25/2019 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Indiabulls Real Estate, 10.25% 12nov2019, USD   USD 11/12/2019 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Indian Oil Corporation, 4.10% 15oct2022, SGD   SGD 10/15/2022 12/11/2017 ***.**** *.** 12/11/2017 ***.**** *.**
Indian Oil Corporation, 5.625% 2aug2021, USD   USD 08/02/2021 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Indian Oil Corporation, 5.75% 1aug2023, USD   USD 08/01/2023 12/11/2017 ***.** *.** 12/11/2017 ***.*** *.**
Indian Overseas Bank, 4.625% 21feb2018, USD   USD 02/21/2018 12/11/2017 ** **.** 12/11/2017 ***.* *.**
Indian Railway Finance Corp, 3.917% 26feb2019, USD   USD 02/26/2019 12/11/2017 ***.** *.* 12/11/2017 ***.** *.**
Jain Irrigation Systems, 7.125% 1feb2022, USD   USD 02/01/2022 12/11/2017 **.* *.** 12/11/2017 ***.*** *.**
JSW Steel, 4.75% 12nov2019, USD   USD 11/12/2019 12/11/2017 ***.* *.** 12/11/2017 ***.** *.*
JSW Steel, 5.25% 13apr2022, USD   USD 04/13/2022 12/11/2017 ***.* *.** 12/11/2017 ***.** *.*
Larsen & Toubro, 0.675% 2019, USD (Conv.)   USD 10/22/2019 12/11/2017 ***.** -*.* 12/11/2017 ***.*** -*.**
Lodha Developers P.L., 12% 13mar2020, USD   USD 03/13/2020 12/11/2017 *** *.** 12/11/2017 *** *.*
Neerg Energy, 6% 13feb2022, USD   USD 02/13/2022 12/11/2017 ***.** *.** 12/11/2017 ***.* *.**
NTPC, 2.75% 1feb2027, EUR   EUR 02/01/2027 12/11/2017 ***.** *.* 12/11/2017 ***.** *.**
NTPC, 4.25% 26feb2026, USD   USD 02/26/2026 12/11/2017 ***.* *.** 12/11/2017 ***.** *.**
NTPC, 4.375% 26nov2024, USD   USD 11/26/2024 12/11/2017 ***.* *.** 12/11/2017 ***.** *.*
NTPC, 4.750% 3oct2022, USD   USD 10/03/2022 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
NTPC, 5.625% 14jul2021, USD   USD 07/14/2021 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
NTPC, 7.25% 3may2022, INR   INR 05/03/2022 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
NTPC, 7.375% 10aug2021, INR   INR 08/10/2021 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Oil and Natural Gas Corporation (ONGC), 2.5% 7may2018, USD   USD 05/07/2018 12/11/2017 **.** *.** 12/11/2017 *** *.**
Oil and Natural Gas Corporation (ONGC), 2.75% 15jul2021, EUR   EUR 07/15/2021 12/11/2017 ***.*** *.** 12/11/2017 ***.** *.**
Oil and Natural Gas Corporation (ONGC), 3.25% 15jul2019, USD   USD 07/15/2019 12/11/2017 ***.* *.** 12/11/2017 ***.* *.**
Oil and Natural Gas Corporation (ONGC), 3.75% 27jul2026, USD   USD 07/27/2026 12/11/2017 **.** *.** 12/11/2017 ***.** *.**
Oil and Natural Gas Corporation (ONGC), 3.75% 7may2023, USD   USD 05/07/2023 12/11/2017 ***.** *.** 12/11/2017 ***.** *.*
Oil and Natural Gas Corporation (ONGC), 4.625% 15jul2024, USD   USD 07/15/2024 12/11/2017 ***.** *.** 12/11/2017 ***.* *.**
Oil India, 3.875% 17apr2019, USD   USD 04/17/2019 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Oil India, 4% 21apr2027, USD   USD 04/21/2027 12/11/2017 *** *.** 12/11/2017 ***.** *.**
Oil India, 5.375% 17apr2024, USD   USD 04/17/2024 12/11/2017 ***.* *.** 12/11/2017 ***.** *.*
Power Finance Corporation, 3.75% 6dec2027, USD   USD 12/06/2027 12/11/2017 **.** * 12/11/2017 **.* *.**
Power Grid Corporation, 3.875% 17jan2023, USD   USD 01/17/2023 12/11/2017 ***.* *.** 12/11/2017 ***.* *.**
Reliance Communications, 6.5% 6nov2020, USD   USD 11/06/2020 12/11/2017 **.*** **.** 12/11/2017 **.** **.**
Reliance Industries, 2.06% 15jan2026, USD   USD 01/15/2026 12/11/2017 **.**** *.** 12/11/2017 **.**** *.**
Reliance Industries, 2.512% 15jan2026, USD   USD 01/15/2026 12/11/2017 ***.**** *.** 12/11/2017 ***.**** *.**
Reliance Industries, 3.667% 30nov2027, USD   USD 11/30/2027 12/11/2017 **.* *.** 12/11/2017 **.** *.**
Reliance Industries, 4.125% 28jan2025, USD   USD 01/28/2025 12/11/2017 ***.* *.* 12/11/2017 ***.** *.**
Reliance Industries, 4.50% 19oct2020, USD   USD 10/19/2020 12/11/2017 ***.** *.** 12/11/2017 *** *.**
Reliance Industries, 4.875% 10feb2045, USD   USD 02/10/2045 12/11/2017 ***.** *.** 12/11/2017 ***.* *.**
Reliance Industries, 5.40% 14feb2022, USD   USD 02/14/2022 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Reliance Industries, 5.875% perp., USD   USD 12/11/2017 ***.** * 12/11/2017 ***.* *
Reliance Industries, 6.250% 19oct2040, USD   USD 10/19/2040 12/11/2017 ***.* *.* 12/11/2017 ***.** *.*
Reliance Industries, 8.25% 15jan2027, USD   USD 01/15/2027 12/11/2017 ***.**** *.** 12/11/2017 ***.**** *.**
Reliance Industries, 9.375% 24jun2026, USD   USD 06/24/2026 12/11/2017 ***.**** *.** 12/11/2017 ***.**** *.*
Rolta, 10.75% 16may2018, USD   USD 05/16/2018 12/11/2017 **.* ****.** 12/11/2017 **.* ****.**
Rolta, 8.875% 24jul2019, USD   USD 07/24/2019 12/11/2017 **.* ***.** 12/11/2017 **.* ***.**
Rural Electrification Corp, 3.875% 7jul2027, USD   USD 07/07/2027 12/11/2017 **.** *.** 12/11/2017 ***.** *.**
State Bank of India, 3.25% 18apr2018, USD   USD 04/18/2018 12/11/2017 ***.* *.* 12/11/2017 ***.** *.**
State Bank of India, 3.25% 24jan2022, USD   USD 01/24/2022 12/11/2017 ***.** *.** 12/11/2017 ***.* *.**
State Bank of India, 3.622% 17apr2019, USD   USD 04/17/2019 12/11/2017 ***.* *.** 12/11/2017 ***.** *.**
State Bank of India, 4.875% 17apr2024, USD   USD 04/17/2024 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
State Bank of India, 5.5% perp., USD   USD 12/11/2017 ***.** * 12/11/2017 ***.** *
Suzlon Energy, 3.25% 16jul2019, USD (Conv.)   USD 07/16/2019 12/11/2017 ** *.** 12/11/2017 *** *.**
Suzlon Energy, 4.969% 28mar2018, USD   USD 03/28/2018 12/11/2017 **.** *.** 12/11/2017 ***.** *.**
Syndicate Bank, 3.875% 4dec2019, USD   USD 12/04/2019 12/11/2017 ***.** *.** 12/11/2017 ***.* *.**
Syndicate Bank, 4.125% 12apr2018, USD   USD 04/12/2018 12/11/2017 ***.** *.* 12/11/2017 ***.** *.**
Tata International, 6.65% perp., SGD   SGD 12/11/2017 **.** * 12/11/2017 ***.*** *
Tata Motors, 4.625% 30apr2020, USD   USD 04/30/2020 12/11/2017 ***.** *.** 12/11/2017 ***.* *.**
Tata Motors, 5.75% 30oct2024, USD   USD 10/30/2024 12/11/2017 ***.** *.* 12/11/2017 ***.** *.**
Tata Steel, 4.85% 31jan2020, USD   USD 01/31/2020 12/11/2017 ***.*** *.** 12/11/2017 ***.* *.*
Tata Steel, 5.95% 31jul2024, USD   USD 07/31/2024 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Union Bank of India, 3.625% 25oct2018, USD   USD 10/25/2018 12/11/2017 ***.** *.** 12/11/2017 ***.** *.**
Union Bank of India, 4.5% 28oct2019, USD   USD 10/28/2019 12/11/2017 *** *.** 12/11/2017 ***.* *.**
Vedanta, 6% 31jan2019, USD   USD 01/31/2019 12/11/2017 ***.** *.** 12/11/2017 ***.* *.**
Vedanta, 6.125% 9aug2024, USD   USD 08/09/2024 12/11/2017 ***.** *.** 12/11/2017 ***.* *.**
Vedanta, 6.375% 30jul2022, USD   USD 07/30/2022 12/11/2017 ***.** *.** 12/11/2017 ***.* *.**
Vedanta, 7.125% 31may2023, USD   USD 05/31/2023 12/11/2017 ***.* *.** 12/11/2017 ***.** *.**
Vedanta, 8.250% 7jun2021, USD   USD 06/07/2021 12/11/2017 *** *.** 12/11/2017 ***.** *.**
Videocon Industries, 4.3% 31dec2020, USD (Conv.)   USD 12/31/2020 12/11/2017 ** **.** 12/11/2017 ** *.**
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