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 49 174 853 390 000
municipal
INR 396 5 017 424 840 760
HKD 1 25 000 000 000
corporate
INR 5704 15 867 393 666 125
USD 124 59 797 937 000
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
India, GS 6.68 17sep2031 - Domestic bonds IN0020170042 6.68% 90 000 000 000  INR 09/01/2017 09/17/2031
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
India, GS 6.79 15may2027 - Domestic bonds IN0020170026 6.79% 730 000 000 000  INR 05/12/2017 05/15/2027
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

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 Aug 2017 Jul 2017 Jun 2017 May 2017 Apr 2017 Mar 2017 Feb 2017
Asian International Bonds Markets
India’s international bonds, USD bln 65.624 66.960 65.666 64.933 65.513 64.708 65.502
India’s corporate international bonds, USD bln 65.624 66.960 65.666 64.933 65.513 64.708 65.502
India’s sovereign international bonds, USD bln   0.000 0.000 0.000 0.000 0.000 0.000
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Credit Risk Indicators

Daily indices

Type: 09/22/2017 09/21/2017 09/20/2017 09/19/2017 09/18/2017 09/15/2017 09/14/2017
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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Macroeconomic Indicators (World economy)

Monthly indices

Type Aug 2017 Jul 2017 Jun 2017 May 2017 Apr 2017 Mar 2017 Feb 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (India) 3.36 2.36 1.54 2.18 2.99 3.81 3.65
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(India) 69.50 69.00 68.30

Stock market (World)

Daily indices

Type: 09/22/2017 09/21/2017 09/20/2017 09/19/2017 09/18/2017 09/15/2017 09/14/2017
Stock market (Asia)
BSE Sensex  31 922.44 32 370.04 32 400.51 32 402.37 32 423.76 32 272.61 32 241.93
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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
CEMBI (publication was suspended since 20.08.2013) 
CEMBI India * * * * * * *
ELMI (publication was suspended since 20.08.2013) 
ELMI India * * * * * * *
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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 09/22/2017 ***.* *.** 09/22/2017 ***.** *.**
Adani Ports and Special Economic Zone, 3.95% 19jan2022, USD   USD 01/19/2022 09/22/2017 ***.** *.* 09/22/2017 ***.** *.**
Adani Ports and Special Economic Zone, 4% 30jul2027, USD   USD 07/30/2027 09/22/2017 **.* *.** 09/22/2017 ***.* *.**
Adani Transmission, 4% 3aug2026, USD   USD 08/03/2026 09/22/2017 ***.*********** *.** 09/22/2017 ***.********** *.*
Axis Bank, 2.875% 1jun2021, USD   USD 06/01/2021 09/22/2017 **.************ *.** 09/22/2017 ***.** *.**
Axis Bank, 3.25% 21may2020, USD   USD 05/21/2020 09/22/2017 ***.* *.** 09/22/2017 ***.** *.**
Axis Bank, 7.52% 29sep2018, USD   USD 09/29/2018 09/22/2017 ***.**** *.** 09/22/2017 ***.**** *.**
Bank of Baroda, 4.875% 23jul2019, USD   USD 07/23/2019 09/22/2017 ***.** *.** 09/22/2017 ***.* *.**
Bank of India, 3.125% 6may2020, USD   USD 05/06/2020 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
Bank of India, 3.625% 21sep2018, USD   USD 09/21/2018 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
Bank of India, 6.250% 16feb2021, USD   USD 02/16/2021 09/22/2017 *** *.** 09/22/2017 ***.** *.**
Bharat Petroleum, 3% 20dec2019, CHF   CHF 12/20/2019 09/22/2017 ***.* *.** 09/22/2017 ***.** *.**
Bharat Petroleum, 4% 8may2025, USD   USD 05/08/2025 09/22/2017 ***.*********** *.** 09/22/2017 ***.** *.**
Bharat Petroleum, 4.375% 18jan2027, USD   USD 01/18/2027 09/22/2017 ***.*********** *.** 09/22/2017 ***.*********** *.**
Bharat Petroleum, 4.625% 25oct2022, USD   USD 10/25/2022 09/22/2017 ***.* *.** 09/22/2017 ***.* *.**
Bharti Airtel, 3% 31mar2020, CHF   CHF 03/31/2020 09/22/2017 ***.** *.** 09/22/2017 ***.* *.*
Bharti Airtel, 3.375% 20may2021, EUR   EUR 05/20/2021 09/22/2017 ***.** *.** 09/22/2017 *** *.**
Bharti Airtel, 4% 10dec2018, EUR   EUR 12/10/2018 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
Bharti Airtel, 4.375% 10jun2025, USD   USD 06/10/2025 09/22/2017 ***.** *.** 09/22/2017 ***.* *.**
Bharti Airtel, 5.125% 11mar2023, USD   USD 03/11/2023 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
Bharti Airtel, 5.35% 20may2024, USD   USD 05/20/2024 09/22/2017 ***.* *.** 09/22/2017 ***.** *.**
Delhi International Airport, 6.125% 31oct2026, USD   USD 10/31/2026 09/22/2017 ***.*********** *.** 09/22/2017 ***.** *.**
Delhi International Airport, 6.125% 3feb2022, USD   USD 02/03/2022 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
Eros International, 6.5% 15oct2021, GBP   GBP 10/15/2021 09/22/2017 **.** **.** 09/22/2017 **.* **.**
Export-Import Bank of India, 2.75% 12aug2020, USD   USD 08/12/2020 09/22/2017 ***.********** *.** 09/22/2017 ***.*********** *.**
Export-Import Bank of India, 2.75% 1apr2020, USD   USD 04/01/2020 09/22/2017 ***.*********** *.** 09/22/2017 ***.*********** *.**
Export-Import Bank of India, 3.125% 20jul2021, USD   USD 07/20/2021 09/22/2017 ***.*********** *.* 09/22/2017 ***.** *.**
Export-Import Bank of India, 3.375% 5aug2026, USD   USD 08/05/2026 09/22/2017 **.** *.** 09/22/2017 **.** *.**
Export-Import Bank of India, 3.875% 2oct2019, USD   USD 10/02/2019 09/22/2017 ***.*********** *.** 09/22/2017 ***.*********** *.**
Export-Import Bank of India, 4% 14jan2023, USD   USD 01/14/2023 09/22/2017 ***.*********** * 09/22/2017 ***.*********** *.**
Export-Import Bank of India, 5.76% 5apr2018, AUD   AUD 04/05/2018 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
Glenmark Pharmaceuticals, 4.5% 2aug2021, USD   USD 08/02/2021 09/22/2017 ***.*********** *.** 09/22/2017 ***.** *.**
Global Cloud Xchange, 7% 1aug2019, USD   USD 08/01/2019 09/22/2017 **.** **.** 09/22/2017 **.** **.**
GTL infrastructure, 3.5335% 2017, USD (Conv.)   USD 11/09/2017 09/22/2017 **.*** ****.** 09/22/2017 **.*** ****.*
Hindustan Petroleum Corporation, 4% 12jul2027, USD   USD 07/12/2027 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
HPCL-Mittal Energy, 5.25% 28apr2027, USD   USD 04/28/2027 09/22/2017 ***.** *.* 09/22/2017 ***.* *.**
ICICI Bank, 2.75% 7jan2020, CHF   CHF 01/07/2020 09/22/2017 ***.** *.** 09/22/2017 *** *.**
ICICI Bank, 3.5% 18mar2020, USD   USD 03/18/2020 09/22/2017 ***.*********** *.** 09/22/2017 ***.*********** *.**
ICICI Bank, 4% 24nov2017, CNY   CNY 11/24/2017 09/22/2017 **.*** *.** 09/22/2017 **.*** *.**
ICICI Bank, 5.750% 16nov2020, USD   USD 11/16/2020 09/22/2017 ***.** *.** 09/22/2017 ***.* *.*
ICICI Bank, 6.125% 3apr2019, AUD   AUD 04/03/2019 09/22/2017 ***.*** *.* 09/22/2017 ***.** *.**
IDBI Bank, 4.125% 23apr2020, USD   USD 04/23/2020 09/22/2017 ***.** *.* 09/22/2017 ***.* *.**
IDBI Bank, 4.25% 30nov2020, USD   USD 11/30/2020 09/22/2017 ***.*********** *.** 09/22/2017 ***.*********** *.**
IDBI Bank, 4.375% 26mar2018, USD   USD 03/26/2018 09/22/2017 ***.*********** *.** 09/22/2017 ***.*********** *.**
IDBI Bank, 5% 25sep2019, USD   USD 09/25/2019 09/22/2017 ***.*********** *.* 09/22/2017 ***.*********** *.**
Indiabulls Housing Finance, 8.567% 15oct2019, INR   INR 10/15/2019 09/22/2017 **.**** *.* 09/22/2017 **.**** *.**
Indian Oil Corporation, 4.10% 15oct2022, SGD   SGD 10/15/2022 09/22/2017 ***.*********** *.** 09/22/2017 ***.*********** *.**
Indian Oil Corporation, 5.625% 2aug2021, USD   USD 08/02/2021 09/22/2017 ***.** *.* 09/22/2017 ***.** *.**
Indian Oil Corporation, 5.75% 1aug2023, USD   USD 08/01/2023 09/22/2017 ***.** *.* 09/22/2017 ***.*** *.**
Indian Railway Finance Corp, 3.417% 10oct2017, USD   USD 10/10/2017 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
Indian Railway Finance Corp, 3.917% 26feb2019, USD   USD 02/26/2019 09/22/2017 *** *.* 09/22/2017 ***.*** *.**
Indus Gas LTD, 8% 2018, SGD   SGD 04/23/2018 09/22/2017 **.************ **.** 09/22/2017 **.************ **.**
ITNL, 7.5% 1apr2018, CNY   CNY 04/01/2018 09/22/2017 ***.*********** *.** 09/22/2017 ***.********* *.**
Jain Irrigation Systems, 7.125% 1feb2022, USD   USD 02/01/2022 09/22/2017 ***.** *.** 09/22/2017 ***.*** *.**
JSW Steel, 4.75% 12nov2019, USD   USD 11/12/2019 09/22/2017 ***.** *.** 09/22/2017 ***.* *.**
JSW Steel, 5.25% 13apr2022, USD   USD 04/13/2022 09/22/2017 ***.** *.** 09/22/2017 ***.** *.*
Lodha Developers P.L., 12% 13mar2020, USD   USD 03/13/2020 09/22/2017 ***.*********** *.** 09/22/2017 ***.*********** *
Neerg Energy, 6% 13feb2022, USD   USD 02/13/2022 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
NTPC, 2.75% 1feb2027, EUR   EUR 02/01/2027 09/22/2017 ***.** *.** 09/22/2017 ***.* *.**
NTPC, 4.25% 26feb2026, USD   USD 02/26/2026 09/22/2017 ***.********** *.** 09/22/2017 ***.* *.**
NTPC, 4.375% 26nov2024, USD   USD 11/26/2024 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
NTPC, 4.750% 3oct2022, USD   USD 10/03/2022 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
NTPC, 5.625% 14jul2021, USD   USD 07/14/2021 09/22/2017 ***.* *.** 09/22/2017 ***.** *.**
NTPC, 7.25% 3may2022, INR   INR 05/03/2022 09/22/2017 ***.* *.** 09/22/2017 ***.** *.*
NTPC, 7.375% 10aug2021, INR   INR 08/10/2021 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
Oil India, 3.875% 17apr2019, USD   USD 04/17/2019 09/22/2017 ***.** *.** 09/22/2017 ***.* *.**
Oil India, 4% 21apr2027, USD   USD 04/21/2027 09/22/2017 ***.** *.* 09/22/2017 ***.** *.**
Oil India, 5.375% 17apr2024, USD   USD 04/17/2024 09/22/2017 ***.*********** *.* 09/22/2017 ***.** *.**
ONGC, 2.5% 7may2018, USD   USD 05/07/2018 09/22/2017 ***.* *.** 09/22/2017 ***.** *.**
ONGC, 2.75% 15jul2021, EUR   EUR 07/15/2021 09/22/2017 ***.* * 09/22/2017 ***.** *.**
ONGC, 2.875% 27jan2022, USD   USD 01/27/2022 09/22/2017 **.************ *.** 09/22/2017 **.************ *.**
ONGC, 3.25% 15jul2019, USD   USD 07/15/2019 09/22/2017 ***.* *.** 09/22/2017 ***.* *.**
ONGC, 3.75% 27jul2026, USD   USD 07/27/2026 09/22/2017 ***.*********** *.** 09/22/2017 ***.*********** *.*
ONGC, 3.75% 7may2023, USD   USD 05/07/2023 09/22/2017 ***.** *.* 09/22/2017 ***.** *.**
ONGC, 4.625% 15jul2024, USD   USD 07/15/2024 09/22/2017 ***.** *.** 09/22/2017 ***.* *.*
Power Grid Corporation, 3.875% 17jan2023, USD   USD 01/17/2023 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
REI Agro, 5.5% 13nov2014, USD   USD 11/13/2014 09/22/2017 *** * 09/22/2017 *
Reliance Communications, 6.5% 6nov2020, USD   USD 11/06/2020 09/22/2017 **.************ **.* 09/22/2017 **.* **.**
Reliance Industries, 4.125% 28jan2025, USD   USD 01/28/2025 09/22/2017 ***.* *.** 09/22/2017 ***.* *.**
Reliance Industries, 4.50% 19oct2020, USD   USD 10/19/2020 09/22/2017 ***.* *.** 09/22/2017 ***.** *.**
Reliance Industries, 4.875% 10feb2045, USD   USD 02/10/2045 09/22/2017 ***.* *.** 09/22/2017 ***.* *.**
Reliance Industries, 5.40% 14feb2022, USD   USD 02/14/2022 09/22/2017 ***.** *.** 09/22/2017 ***.* *.**
Reliance Industries, 5.875% perp., USD   USD 09/22/2017 ***.* * 09/22/2017 ***.* *
Reliance Industries, 6.250% 19oct2040, USD   USD 10/19/2040 09/22/2017 ***.** *.** 09/22/2017 ***.* *.**
Sintex Industries, 7% 25may2022, USD (Conv.)   USD 05/25/2022 09/22/2017 ***.*** -*.** 09/22/2017 ***.*** -*.**
State Bank of India, 3.25% 18apr2018, USD   USD 04/18/2018 09/22/2017 ***.* *.* 09/22/2017 ***.** *.**
State Bank of India, 3.25% 24jan2022, USD   USD 01/24/2022 09/22/2017 ***.*********** * 09/22/2017 ***.*********** *.**
State Bank of India, 5.5% perp., USD   USD 09/22/2017 *** * 09/22/2017 ***.** *
Syndicate Bank, 3.875% 4dec2019, USD   USD 12/04/2019 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
Syndicate Bank, 4.125% 12apr2018, USD   USD 04/12/2018 09/22/2017 ***.** *.** 09/22/2017 ***.** *.*
Tata International, 6.65% perp., SGD   SGD 09/22/2017 **.** * 09/22/2017 ***.*** *
Tata Motors, 4.625% 30apr2020, USD   USD 04/30/2020 09/22/2017 ***.** *.** 09/22/2017 ***.*** *.**
Tata Motors, 5.75% 30oct2024, USD   USD 10/30/2024 09/22/2017 ***.* *.** 09/22/2017 ***.** *.**
Tata Motors, 5.75% 7may2021, USD   USD 05/07/2021 09/22/2017 ***.*********** *.** 09/22/2017 ***.* *.**
Tata Steel, 4.85% 31jan2020, USD   USD 01/31/2020 09/22/2017 ***.*** *.** 09/22/2017 *** *.*
Tata Steel, 5.95% 31jul2024, USD   USD 07/31/2024 09/22/2017 ***.** *.** 09/22/2017 ***.* *.**
Union Bank of India, 3.625% 25oct2018, USD   USD 10/25/2018 09/22/2017 ***.*********** *.** 09/22/2017 ***.*********** *.**
Union Bank of India, 4.5% 28oct2019, USD   USD 10/28/2019 09/22/2017 ***.*********** *.** 09/22/2017 ***.********** *.**
Vedanta, 6% 31jan2019, USD   USD 01/31/2019 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
Vedanta, 6.125% 9aug2024, USD   USD 08/09/2024 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
Vedanta, 6.375% 30jul2022, USD   USD 07/30/2022 09/22/2017 ***.** *.** 09/22/2017 ***.*** *.*
Vedanta, 7.125% 31may2023, USD   USD 05/31/2023 09/22/2017 *** *.** 09/22/2017 ***.* *.**
Vedanta, 8.250% 7jun2021, USD   USD 06/07/2021 09/22/2017 ***.** *.** 09/22/2017 ***.** *.**
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