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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 52 914 261 590 000
municipal
INR 387 4 932 404 585 380
HKD 1 25 000 000 000
corporate
INR 5676 16 003 918 104 260
USD 128 60 287 249 000
SGD 4 630 000 000
EUR 4 2 775 000 000
CHF 3 650 000 000
CNY 2 1 200 000 000
AUD 2 314 500 000
GBP 1 50 000 000
JPY 1 20 000 000 000

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.) ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
Registration required. Please log in or fill in the registration form.

Latest bond issues

issue ISIN coupon volume end of placement maturity date
HDFC Bank, FRN 27sep2021, USD - International bonds XS1884717908 3M LIBOR USD + 0.8% 30 000 000  USD 09/19/2018 09/27/2021
Power Finance Corporation, 5.25% 10aug2028, USD - International bonds XS1864036576 5.25% 300 000 000  USD 08/02/2018 08/10/2028
Dewan Housing Finance Corporation, 8.5% 18apr2023, INR - International bonds XS1804974399 8.5% 10 000 000 000  INR 04/11/2018 04/18/2023
Bussan Auto Finance India, 7.69% 27mar2021, INR - International bonds XS1796991336 7.69% 400 000 000  INR 03/20/2018 03/27/2021
Rural Electrification Corp, 4.625% 22mar2028, USD - International bonds XS1791439257 4.625% 300 000 000  USD 03/15/2018 03/22/2028
HDFC Bank, 8.1% 22mar2025, INR - International bonds XS1794215696 8.1% 23 000 000 000  INR 03/15/2018 03/22/2025
Shriram Transport Finance, 8.1% 8jun2023, INR - International bonds XS1789364418 8.1% 8 400 000 000  INR 03/14/2018 06/08/2023
NTPC, 4.5% 19mar2028, USD - International bonds XS1792122266 4.5% 400 000 000  USD 03/12/2018 03/19/2028
HDFC Bank, FRN 12mar2021, USD - International bonds XS1790079245 3M LIBOR USD + 0.7% 30 000 000  USD 03/05/2018 03/12/2021
Shriram Transport Finance, 7.9% 12mar2021, INR - International bonds XS1789617484 7.9% 3 200 000 000  INR 03/05/2018 03/12/2021

World Bond market statistics

Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Indian international bonds, USD bln 45.000 42.000 39.300 38.200 36.900 34.800 34.000
BIS net issues of international-bond market of emerging countries
International-bond net issue of India, USD bln 3.000 2.600 1.000 1.300 1.900 1.000 3.700

New issues of Emerging markets International Bonds

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Asia)
Annual new issues of India sovereign international bonds, USD bln 0.000 0.000 0.000 0.000
Annual new issues of India corporate international bonds, USD bln 13.059 7.965 8.030 18.551
Annual new issues of India corporate international bonds, (financial sector) USD bln 2.571 3.509 2.633 6.239
Annual new issues of India corporate international bonds, (non-financial sector) USD bln 10.488 4.457 5.397 12.312

Emerging Markets International Bonds

Monthly indices

Type Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018
Asian International Bonds Markets
India international bonds, USD bln 66.412 67.059 66.915 67.096 67.192 67.794 67.806
India corporate international bonds, USD bln 66.412 67.059 66.915 67.096 67.192 67.794 67.806
India sovereign international bonds, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
show other indices

Credit Risk Indicators

Daily indices

Type: 10/16/2018 10/15/2018 10/12/2018 10/11/2018 10/10/2018 10/09/2018 10/08/2018
CDS India (Interactive Data)
CDS 6M India 27.6900 27.8700 27.6600 27.6300 27.5000 27.5500 27.4500
CDS 1Y India 29.5900 29.7700 29.5500 29.5500 29.4700 29.5400 29.4300
CDS 2Y India 42.8600 43.1300 42.5100 42.4700 42.4000 42.4600 42.3300
CDS 3Y India 67.2800 67.7000 67.3900 67.2800 67.0700 67.0800 66.8900
CDS 4Y India 89.9200 90.4900 90.1900 90.0800 89.9600 90.1700 89.9400
CDS 5Y India 110.1000 110.7800 110.4200 110.2900 109.8400 109.6600 109.3900
CDS 7Y India 144.1100 144.9600 144.7500 144.5400 144.3300 144.1500 143.8200
CDS 10Y India 186.4300 187.3900 187.3800 187.0300 186.7000 186.5100 186.1500
CDS 15Y India 220.5400 221.5100 221.5600 221.1200 220.6100 220.4300 220.0400
CDS 20Y India 235.6800 236.6300 236.6700 236.1900 235.5600 235.3100 234.9300
CDS 30Y India 247.3600 248.3200 248.3600 247.8600 247.1100 246.8200 246.4400
show other indices

Stock market (World)

Daily indices

Type: 10/15/2018 10/12/2018 10/11/2018 10/10/2018 10/09/2018 10/08/2018 10/05/2018
Stock market (Asia)
BSE Sensex  34 865.10 34 733.58 34 001.15 34 760.89 34 299.47 34 474.38 34 376.99
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 10/16/2018 **.************ *.** 10/16/2018 **.* *.**
Adani Ports and Special Economic Zone, 4% 30jul2027, USD   USD 07/30/2027 10/16/2018 **.************ *.** 10/16/2018 **.* *.*
Adani Transmission, 4% 3aug2026, USD   USD 08/03/2026 10/16/2018 **.************ *.** 10/16/2018 **.************ *.**
Axis Bank, 2.875% 1jun2021, USD   USD 06/01/2021 10/16/2018 **.*********** *.** 10/16/2018 **.** *.**
Ballarpur Industries, 9.750% perp., USD   USD 10/16/2018 **.* * 10/16/2018 **.* *
Bank of Baroda, 4.875% 23jul2019, USD   USD 07/23/2019 10/16/2018 ***.** *.** 10/16/2018 ***.* *.**
Bank of India, 3.125% 6may2020, USD   USD 05/06/2020 10/16/2018 **.*** *.** 10/16/2018 **.*** *.**
Bank of India, 6.250% 16feb2021, USD   USD 02/16/2021 10/16/2018 *** *.** 10/16/2018 ***.*** *.**
Bharat Petroleum, 3% 20dec2019, CHF   CHF 12/20/2019 10/16/2018 ***.** *.** 10/16/2018 ***.* -*.**
Bharat Petroleum, 4% 8may2025, USD   USD 05/08/2025 10/16/2018 **.* *.** 10/16/2018 **.*** *.**
Bharat Petroleum, 4.375% 18jan2027, USD   USD 01/18/2027 10/16/2018 **.************ *.** 10/16/2018 **.*** *.**
Bharat Petroleum, 4.625% 25oct2022, USD   USD 10/25/2022 10/16/2018 **.* *.** 10/16/2018 ***.** *.**
Bharti Airtel, 3% 31mar2020, CHF   CHF 03/31/2020 10/16/2018 ***.** *.** 10/16/2018 ***.** *.**
Bharti Airtel, 3.375% 20may2021, EUR   EUR 05/20/2021 10/16/2018 ***.* *.** 10/16/2018 ***.** *.*
Bharti Airtel, 4% 10dec2018, EUR   EUR 12/10/2018 10/16/2018 ***.** *.** 10/16/2018 ***.** *.**
Bharti Airtel, 4.375% 10jun2025, USD   USD 06/10/2025 10/16/2018 **.** *.** 10/16/2018 **.** *.**
Bharti Airtel, 5.125% 11mar2023, USD   USD 03/11/2023 10/16/2018 **.* *.** 10/16/2018 **.** *.**
Bharti Airtel, 5.35% 20may2024, USD   USD 05/20/2024 10/16/2018 **.* *.** 10/16/2018 **.** *.**
Delhi International Airport, 6.125% 31oct2026, USD   USD 10/31/2026 10/16/2018 **.************ *.** 10/16/2018 **.* *.*
Delhi International Airport, 6.125% 3feb2022, USD   USD 02/03/2022 10/16/2018 ***.* *.** 10/16/2018 ***.** *.**
Export-Import Bank of India, 0.97% 26nov2024, JPY   JPY 11/26/2024 10/16/2018 ***.**** *.** 10/16/2018 ***.*** *.*
Export-Import Bank of India, 2.75% 12aug2020, USD   USD 08/12/2020 10/16/2018 **.************ *.** 10/16/2018 **.** *.**
Export-Import Bank of India, 2.75% 1apr2020, USD   USD 04/01/2020 10/16/2018 **.************ *.* 10/16/2018 **.************ *.**
Export-Import Bank of India, 3.125% 20jul2021, USD   USD 07/20/2021 10/16/2018 **.************ *.** 10/16/2018 **.** *.**
Export-Import Bank of India, 3.375% 5aug2026, USD   USD 08/05/2026 10/16/2018 **.************ *.** 10/16/2018 **.** *.**
Export-Import Bank of India, 3.875% 1feb2028, USD   USD 02/01/2028 10/16/2018 **.** *.** 10/16/2018 **.* *.**
Export-Import Bank of India, 3.875% 2oct2019, USD   USD 10/02/2019 10/16/2018 ***.*********** *.* 10/16/2018 ***.*********** *.**
Export-Import Bank of India, 4% 14jan2023, USD   USD 01/14/2023 10/16/2018 **.** **.** 10/16/2018 **.** **.**
Export-Import Bank of India, FRN 21aug2022, USD   USD 08/21/2022 10/16/2018 ***.**** * 10/16/2018 ***.**** *
Glenmark Pharmaceuticals, 4.5% 2aug2021, USD   USD 08/02/2021 10/16/2018 **.** *.** 10/16/2018 **.** *.**
Global Cloud Xchange, 7% 1aug2019, USD   USD 08/01/2019 10/16/2018 **.*** **.* 10/16/2018 **.**** **.**
GMR Hyderabad International Airport, 4.25% 27oct2027, USD   USD 10/27/2027 10/16/2018 **.** *.** 10/16/2018 ** *.**
Hindustan Petroleum Corporation, 4% 12jul2027, USD   USD 07/12/2027 10/16/2018 **.************ *.** 10/16/2018 **.* *.**
HPCL-Mittal Energy, 5.25% 28apr2027, USD   USD 04/28/2027 10/16/2018 **.************ *.** 10/16/2018 **.* *.**
ICICI Bank, 2.75% 7jan2020, CHF   CHF 01/07/2020 10/16/2018 ***.** *.** 10/16/2018 ***.** -*.**
ICICI Bank, 3.5% 18mar2020, USD   USD 03/18/2020 10/16/2018 **.************ *.** 10/16/2018 **.** *.**
ICICI Bank, 5.750% 16nov2020, USD   USD 11/16/2020 10/16/2018 ***.** *.** 10/16/2018 ***.** *.**
ICICI Bank, 6.125% 3apr2019, AUD   AUD 04/03/2019 10/16/2018 ***.** *.** 10/16/2018 ***.** *.**
ICICI Bank, 7.0% 23nov2020, USD   USD 11/23/2020 10/16/2018 ***.*** *.** 10/16/2018 ***.*** *.*
IDBI Bank, 4.125% 23apr2020, USD   USD 04/23/2020 10/16/2018 **.* *.** 10/16/2018 **.** *.**
IDBI Bank, 4.25% 30nov2020, USD   USD 11/30/2020 10/16/2018 **.************ *.** 10/16/2018 **.************ *.**
IDBI Bank, 5% 25sep2019, USD   USD 09/25/2019 10/16/2018 ***.*********** *.** 10/16/2018 ***.*********** *.**
Indian Oil Corporation, 4.10% 15oct2022, SGD   SGD 10/15/2022 10/16/2018 ***.*********** *.** 10/16/2018 ***.********** *.*
Indian Oil Corporation, 5.625% 2aug2021, USD   USD 08/02/2021 10/16/2018 ***.* *.** 10/16/2018 ***.* *.**
Indian Oil Corporation, 5.75% 1aug2023, USD   USD 08/01/2023 10/16/2018 ***.*** *.** 10/16/2018 ***.** *.**
Indian Railway Finance Corp, 3.917% 26feb2019, USD   USD 02/26/2019 10/16/2018 ***.** *.** 10/16/2018 ***.* *.**
ITNL, 7.5% 18jan2021, CNY   CNY 01/18/2021 10/16/2018 **.*** **.* 10/16/2018 **.*** **.**
Jain Irrigation Systems, 7.125% 1feb2022, USD   USD 02/01/2022 10/16/2018 **.** *.** 10/16/2018 **.** *.**
JSW Steel, 4.75% 12nov2019, USD   USD 11/12/2019 10/16/2018 **.** *.** 10/16/2018 ***.*** *.**
JSW Steel, 5.25% 13apr2022, USD   USD 04/13/2022 10/16/2018 ** *.** 10/16/2018 **.* *.**
Larsen & Toubro, 0.675% 2019, USD (Conv.)   USD 10/22/2019 10/16/2018 **.*** *.** 10/16/2018 **.*** *.*
Lodha Developers, 12% 13mar2020, USD   USD 03/13/2020 10/16/2018 **.** **.** 10/16/2018 ** **.*
Mahindra & Mahindra Financial, 9.95% 16jan2019, INR   INR 01/16/2019 10/16/2018 ***.**** *.** 10/16/2018 ***.**** *.**
Neerg Energy, 6% 13feb2022, USD   USD 02/13/2022 10/16/2018 **.* *.** 10/16/2018 ** *.**
NTPC, 2.75% 1feb2027, EUR   EUR 02/01/2027 10/16/2018 **.** *.* 10/16/2018 **.** *.**
NTPC, 4.25% 26feb2026, USD   USD 02/26/2026 10/16/2018 **.************ *.** 10/16/2018 **.** *.*
NTPC, 4.375% 26nov2024, USD   USD 11/26/2024 10/16/2018 **.** *.* 10/16/2018 **.** *.**
NTPC, 4.75% 3oct2022, USD   USD 10/03/2022 10/16/2018 ***.** *.** 10/16/2018 ***.** *.**
NTPC, 5.625% 14jul2021, USD   USD 07/14/2021 10/16/2018 ***.** *.** 10/16/2018 ***.* *.**
NTPC, 7.25% 3may2022, INR   INR 05/03/2022 10/16/2018 **.** *.** 10/16/2018 **.** *.**
NTPC, 7.375% 10aug2021, INR   INR 08/10/2021 10/16/2018 **.* *.** 10/16/2018 **.* *.**
Oil and Natural Gas Corporation (ONGC), 2.75% 15jul2021, EUR   EUR 07/15/2021 10/16/2018 ***.** *.** 10/16/2018 ***.** *.**
Oil and Natural Gas Corporation (ONGC), 2.875% 27jan2022, USD   USD 01/27/2022 10/16/2018 **.************ *.** 10/16/2018 **.************ *.**
Oil and Natural Gas Corporation (ONGC), 3.25% 15jul2019, USD   USD 07/15/2019 10/16/2018 **.* *.** 10/16/2018 **.** *.**
Oil and Natural Gas Corporation (ONGC), 3.75% 27jul2026, USD   USD 07/27/2026 10/16/2018 **.************ *.** 10/16/2018 **.************ *.**
Oil and Natural Gas Corporation (ONGC), 3.75% 7may2023, USD   USD 05/07/2023 10/16/2018 **.** *.** 10/16/2018 **.** *.**
Oil and Natural Gas Corporation (ONGC), 4.625% 15jul2024, USD   USD 07/15/2024 10/16/2018 **.** *.** 10/16/2018 ** *.**
Oil India, 3.875% 17apr2019, USD   USD 04/17/2019 10/16/2018 ***.** *.** 10/16/2018 ***.** *.*
Oil India, 4% 21apr2027, USD   USD 04/21/2027 10/16/2018 **.** *.** 10/16/2018 **.** *.**
Oil India, 5.375% 17apr2024, USD   USD 04/17/2024 10/16/2018 ***.* *.* 10/16/2018 ***.* *.**
Power Finance Corporation, 3.75% 6dec2027, USD   USD 12/06/2027 10/16/2018 **.** *.** 10/16/2018 ** *.**
Power Finance Corporation, 5.25% 10aug2028, USD   USD 08/10/2028 10/16/2018 **.** *.** 10/16/2018 **.** *.**
Power Grid Corporation, 3.875% 17jan2023, USD   USD 01/17/2023 10/16/2018 **.************ *.** 10/16/2018 **.*** *.**
Reliance Communications, 6.5% 6nov2020, USD   USD 11/06/2020 10/16/2018 ** ***.** 10/16/2018 **.** ***
Reliance Industries, 2.06% 15jan2026, USD   USD 01/15/2026 10/16/2018 **.**** *.** 10/16/2018 **.**** *.**
Reliance Industries, 2.512% 15jan2026, USD   USD 01/15/2026 10/16/2018 **.**** *.** 10/16/2018 **.**** *.**
Reliance Industries, 3.667% 30nov2027, USD   USD 11/30/2027 10/16/2018 **.** *.** 10/16/2018 **.* *.**
Reliance Industries, 4.125% 28jan2025, USD   USD 01/28/2025 10/16/2018 **.* *.** 10/16/2018 **.* *.**
Reliance Industries, 4.5% 19oct2020, USD   USD 10/19/2020 10/16/2018 ***.** *.** 10/16/2018 ***.** *
Reliance Industries, 4.875% 10feb2045, USD   USD 02/10/2045 10/16/2018 **.* *.** 10/16/2018 **.** *.**
Reliance Industries, 5.4% 14feb2022, USD   USD 02/14/2022 10/16/2018 *** *.** 10/16/2018 ***.* *.**
Reliance Industries, 6.25% 19oct2040, USD   USD 10/19/2040 10/16/2018 ***.** *.** 10/16/2018 ***.** *.**
Reliance Industries, 8.25% 15jan2027, USD   USD 01/15/2027 10/16/2018 ***.**** *.** 10/16/2018 ***.*** *.**
Reliance Industries, 9.375% 24jun2026, USD   USD 06/24/2026 10/16/2018 ***.**** *.** 10/16/2018 ***.**** *.*
Rural Electrification Corp, 3.068% 18dec2020, USD   USD 12/18/2020 10/16/2018 ** *.** 10/16/2018 **.** *.**
Rural Electrification Corp, 3.875% 7jul2027, USD   USD 07/07/2027 10/16/2018 **.** *.** 10/16/2018 **.** *.**
State Bank of India, 3.25% 24jan2022, USD   USD 01/24/2022 10/16/2018 **.************ *.** 10/16/2018 **.* *.**
State Bank of India, 3.622% 17apr2019, USD   USD 04/17/2019 10/16/2018 **.** *.** 10/16/2018 ***.** *.**
State Bank of India, 4.875% 17apr2024, USD   USD 04/17/2024 10/16/2018 ***.* *.** 10/16/2018 ***.** *.**
State Bank of India, 5.5% perp., USD   USD 10/16/2018 ***.* * 10/16/2018 ***.** *
Suzlon Energy, 3.25% 16jul2019, USD (Conv.)   USD 07/16/2019 10/16/2018 ** **.** 10/16/2018 ** **.*
Syndicate Bank, 3.875% 4dec2019, USD   USD 12/04/2019 10/16/2018 **.** *.** 10/16/2018 ***.** *.*
Tata International, 6.65% perp., SGD   SGD 10/16/2018 **.** * 10/16/2018 ***.*** *
Tata Motors, 4.625% 30apr2020, USD   USD 04/30/2020 10/16/2018 **.* *.** 10/16/2018 **.* *.**
Tata Motors, 5.75% 30oct2024, USD   USD 10/30/2024 10/16/2018 **.** *.** 10/16/2018 **.* *.**
Tata Motors, 5.75% 7may2021, USD   USD 05/07/2021 10/16/2018 ***.*********** *.** 10/16/2018 ***.* *.**
Tata Steel, 4.45% 24jul2023, USD   USD 07/24/2023 10/16/2018 **.* *.** 10/16/2018 ** *.**
Tata Steel, 4.85% 31jan2020, USD   USD 01/31/2020 10/16/2018 ***.* *.** 10/16/2018 ***.** *.**
Tata Steel, 5.45% 24jan2028, USD   USD 01/24/2028 10/16/2018 **.** *.** 10/16/2018 **.** *.**
Tata Steel, 5.95% 31jul2024, USD   USD 07/31/2024 10/16/2018 **.** *.** 10/16/2018 **.* *.**
Union Bank of India, 3.625% 25oct2018, USD   USD 10/25/2018 10/16/2018 **.** *.** 10/16/2018 ***.** *.**
Union Bank of India, 4.5% 28oct2019, USD   USD 10/28/2019 10/16/2018 ***.*********** *.** 10/16/2018 ***.*********** *.**
Vedanta, 6% 31jan2019, USD   USD 01/31/2019 10/16/2018 ***.** *.* 10/16/2018 ***.** *.**
Vedanta, 6.125% 9aug2024, USD   USD 08/09/2024 10/16/2018 **.** *.** 10/16/2018 **.** *.**
Vedanta, 6.375% 30jul2022, USD   USD 07/30/2022 10/16/2018 **.** *.** 10/16/2018 **.** *
Vedanta, 7.125% 31may2023, USD   USD 05/31/2023 10/16/2018 **.*** *.* 10/16/2018 **.*** *.**
Vedanta, 8.25% 7jun2021, USD   USD 06/07/2021 10/16/2018 ***.** *.** 10/16/2018 ***.* *.**
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issues: local and international bonds
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