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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 51 275 985 390 000
municipal
INR 394 5 000 763 885 380
HKD 1 25 000 000 000
corporate
INR 6710 17 737 785 366 960
USD 135 64 559 249 000
SGD 6 795 000 000
EUR 4 2 775 000 000
CNY 4 2 190 000 000
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 ***
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
HDFC Bank, FRN 12feb2021, USD - International bonds XS1769939957 3M LIBOR USD + 0.685% 25 000 000  USD 02/06/2018 02/12/2021
Yes Bank, 3.75% 6feb2023, USD - International bonds XS1756056229 3.75% 600 000 000  USD 01/29/2018 02/06/2023
Export-Import Bank of India, 3.875% 1feb2028, USD - International bonds US30216KAC62 3.875% 1 000 000 000  USD 01/25/2018 02/01/2028
Tata Steel, 5.45% 24jan2028, USD - International bonds XS1753595328 5.45% 1 000 000 000  USD 01/18/2018 01/24/2028
Tata Steel, 4.45% 24jul2023, USD - International bonds XS1753594198 4.45% 300 000 000  USD 01/18/2018 07/24/2023
ITNL, 7.5% 18jan2021, CNY - International bonds HK0000389657 7.5% 900 000 000  CNY 01/10/2018 01/18/2021
India, GS 7.17 08jan2028 - Domestic bonds IN0020170174 7.17% 330 000 000 000  INR 01/05/2018 01/08/2028
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

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 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017
Asian International Bonds Markets
India’s international bonds, USD bln 70.860 67.646 66.504 65.001 64.940 65.624 66.960
India’s corporate international bonds, USD bln 70.860 67.646 66.504 65.001 64.940 65.624 66.960
India’s sovereign international bonds, USD bln 0.000 0.000   0.000     0.000
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Credit Risk Indicators

Daily indices

Type: 02/20/2018 02/19/2018 02/16/2018 02/15/2018 02/14/2018 02/13/2018 02/12/2018
Default Probability
6M Default Probability India 0.0500 0.0500 0.0500 0.0400 0.0500 0.0500 0.0500
1Y Default Probability India 0.1600 0.1600 0.1600 0.1400 0.1400 0.1400 0.1400
2Y Default Probability India 0.6300 0.6400 0.6400 0.6500 0.6600 0.6700 0.6600
3Y Default Probability India 1.4700 1.4700 1.4900 1.6100 1.6300 1.6300 1.6200
4Y Default Probability India 2.7000 2.7100 2.7300 2.9800 3.0200 3.0200 3.0000
5Y Default Probability India 4.4500 4.4600 4.5000 4.8900 4.9500 4.9500 4.9100
7Y Default Probability India 8.8100 8.7900 8.8800 9.5600 9.6200 9.6000 9.5300
10Y Default Probability India 15.3300 15.2800 15.4000 16.3600 16.4900 16.4800 16.3500
15Y Default Probability India 26.6000 26.5000 26.6400 27.8300 28.0900 28.2100 28.0900
20Y Default Probability India 37.1200 36.9600 37.1500 38.5300 38.8000 38.9900 38.8000
30Y Default Probability India 54.1600 53.9600 54.1400 55.5900 55.8600 56.1700 55.9900
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 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (India) 5.07 5.21 4.88 3.58 3.28 3.36 2.36
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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: 02/20/2018 02/19/2018 02/16/2018 02/15/2018 02/14/2018 02/12/2018 02/09/2018
Stock market (Asia)
BSE Sensex  33 703.59 33 774.66 34 010.76 34 297.47 34 155.95 34 300.47 34 005.76
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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) 
ELMI India * * * * * * *
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