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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 195 57 437 321 090 000
municipal
INR 385 4 916 455 468 020
HKD 1 25 000 000 000
corporate
INR 5773 16 068 442 188 260
USD 129 61 834 744 000
SGD 4 630 000 000
EUR 4 1 775 000 000
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 ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Bharat Petroleum, 4.375% 24jan2022, USD - International bonds XS1939427842 4.375% 500 000 000  USD 01/17/2019 01/24/2022
India, TB 18apr2019 3m - Domestic bonds IN002018X450 0% 40 000 000 000  INR 01/16/2019 04/18/2019
India, TB 18jul2019 6m - Domestic bonds IN002018Y425 0% 30 000 000 000  INR 01/16/2019 07/18/2019
India, TB 16jan2020 12m - Domestic bonds IN002018Z422 0% 20 000 000 000  INR 01/16/2019 01/16/2020
Indian Oil Corporation, 4.75% 16jan2024, USD - International bonds XS1936310371 4.75% 900 000 000  USD 01/10/2019 01/16/2024
India, TB 11apr2019 3m - Domestic bonds IN002018X443 0% 40 000 000 000  INR 01/09/2019 04/11/2019
India, TB 11jul2019 6m - Domestic bonds IN002018Y417 0% 30 000 000 000  INR 01/09/2019 07/11/2019
India, TB 9jan2020 12m - Domestic bonds IN002018Z414 0% 20 000 000 000  INR 01/09/2019 01/09/2020
India, TB 4apr2019 3m - Domestic bonds IN002018X435 0% 40 000 000 000  INR 01/02/2019 04/04/2019
India, TB 4jul2019 6m - Domestic bonds IN002018Y409 0% 40 000 000 000  INR 01/02/2019 07/04/2019

World Bond market statistics

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS volume of international-bond market of emerging countries
[10327] Indian international bonds, USD bln 42.600 42.800 45.000 42.000 39.300 38.200 36.900
BIS net issues of international-bond market of emerging countries
[10561] International-bond net issue of India, USD bln 0.200 -1.000 3.000 2.600 1.000 1.300 1.900

New issues of Emerging markets International Bonds

Yearly indices

Type: 2018 2017 2016 2015 2014
Annual new International Bonds issues (Asia)
[19455] Annual new issues of India sovereign international bonds, USD bln 0.000 0.000 0.000 0.000 0.000
[19493] Annual new issues of India corporate international bonds, USD bln 6.384 13.059 7.965 8.030 18.551
[19531] Annual new issues of India corporate international bonds, (financial sector) USD bln 3.246 2.571 3.509 2.633 6.239
[19569] Annual new issues of India corporate international bonds, (non-financial sector) USD bln 3.138 10.488 4.457 5.397 12.312

Emerging Markets International Bonds

Monthly indices

Type: Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018
Volume of Asian International Bonds Markets
[21647] India international bonds, USD bln 64.016 65.121 64.620 66.412 67.059 66.915 67.096
[21685] India corporate international bonds, USD bln 64.016 65.121 64.620 66.412 67.059 66.915 67.096
[21723] India sovereign international bonds, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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Credit Risk Indicators

Daily indices

Type: 01/18/2019 01/17/2019 01/16/2019 01/15/2019 01/14/2019 01/11/2019 01/10/2019
Default Probability India (Interactive Data)
[20339] 6M Default Probability India 0.1200 0.1200 0.1200 0.1200 0.1200 0.1300 0.1300
[20401] 1Y Default Probability India 0.2900 0.2900 0.2900 0.2900 0.3000 0.3000 0.3000
[20463] 2Y Default Probability India 1.1600 1.1700 1.1600 1.1600 1.1700 1.1800 1.1900
[20525] 3Y Default Probability India 2.5400 2.5600 2.5400 2.5400 2.5700 2.5700 2.6000
[20587] 4Y Default Probability India 4.5200 4.5500 4.5300 4.5100 4.5600 4.5700 4.6100
[20649] 5Y Default Probability India 7.0800 7.1200 7.0800 7.0600 7.1300 7.1500 7.2100
[20711] 7Y Default Probability India 12.6700 12.7300 12.6700 12.6400 12.7600 12.7700 12.8700
[20773] 10Y Default Probability India 22.5400 22.6300 22.5400 22.4900 22.6600 22.6700 22.8200
[20835] 15Y Default Probability India 37.4800 37.5800 37.4700 37.4100 37.6200 37.6300 37.8200
[20897] 20Y Default Probability India 49.5600 49.6700 49.5400 49.4800 49.7000 49.7100 49.9200
[20959] 30Y Default Probability India 66.6800 66.7600 66.6400 66.5900 66.7900 66.7900 67.0000
CDS India (Interactive Data)
[13591] CDS 6M India 21.1700 21.3000 21.1900 21.1200 21.3600 21.3900 21.5800
[13653] CDS 1Y India 23.4300 23.5600 23.4300 23.3500 23.6100 23.6300 23.8300
[13715] CDS 2Y India 44.5500 44.7900 44.5200 44.3500 44.8100 44.7800 45.1200
[13777] CDS 3Y India 64.2500 64.6100 64.2300 63.9900 64.6500 64.6300 65.1300
[13839] CDS 4Y India 85.3100 85.8000 85.3000 85.0000 85.8800 85.8700 86.5400
[13901] CDS 5Y India 106.7000 107.3300 106.7100 106.3500 107.4500 107.4500 108.2800
[13963] CDS 7Y India 137.8900 138.6500 137.9400 137.5300 138.8500 138.8400 139.8500
[14025] CDS 10Y India 176.4800 177.3400 176.5600 176.1300 177.6100 177.5900 178.7200
[14087] CDS 15Y India 209.4100 210.2800 209.5100 209.0900 210.6000 210.5700 211.7300
[14149] CDS 20Y India 224.5500 225.4200 224.6500 224.2500 225.7500 225.7100 226.8600
[14211] CDS 30Y India 236.2200 237.0700 236.3200 235.9400 237.4100 237.3700 238.5000
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Macroeconomic Indicators (World economy)

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation Rate (World), % to the same period of the previous year
[15575] Inflation Rate (India) 3.31 3.77 3.69 4.17 5.00 4.87 4.58
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Yearly indices

Type: 2017 2016 2015 2014
Government Debt to GDP (World), %
[15227] Government Debt to GDP(India) 68.70 69.50 69.00 68.30

Stock market (World)

Daily indices

Type: 01/18/2019 01/17/2019 01/16/2019 01/15/2019 01/14/2019 01/11/2019 01/10/2019
Stock market (Asia)
[367] BSE Sensex  36 386.61 36 374.08 36 321.29 36 318.33 35 853.56 36 009.84 36 106.50
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JP Morgan

Daily indices

Type: 08/20/2013 08/19/2013 08/16/2013 08/15/2013 08/14/2013 08/13/2013 08/12/2013
ELMI (publication was suspended since 20.08.2013) 
[3293] ELMI India * * * * * * *
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