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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 52 148 825 390 000
municipal
INR 389 4 944 904 585 380
HKD 1 25 000 000 000
corporate
INR 5927 16 409 788 597 260
USD 130 61 557 249 000
SGD 5 695 000 000
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 ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Power Finance Corporation, 5.25% 10aug2028, USD - International bonds XS1864036576 5.25% 300 000 000  USD 08/02/2018 08/10/2028
JM FINANCIAL CREDIT SOLUTIONS, 9.75% 7jun2028, INR (V) - Domestic bonds INE651J07622 9.75% 2 148 085 000  INR 06/07/2018 06/07/2028
Dewan Housing Finance Corporation, 9% 4jun2023, INR (2-2) - Domestic bonds INE202B07JA0 9% 2 500 000 000  INR 06/04/2018 06/04/2023
India, GS FRN 25jan2035 - Domestic bonds IN0020180041 Floating Rate 260 000 000 000  INR 05/04/2018 12/07/2031
India, GS 7.37 16apr2023 - Domestic bonds IN0020180025 7.37% 130 000 000 000  INR 04/13/2018 04/16/2023
Dewan Housing Finance Corporation, 8.5% 18apr2023, INR - International bonds XS1804974399 8.5% 10 000 000 000  INR 04/11/2018 04/18/2023
India, GS 6.65 09apr2020 - Domestic bonds IN0020180017 6.65% 180 000 000 000  INR 04/06/2018 04/09/2020
Kerala Financial Corporation, 8.69% 4apr2022, INR (A) - Domestic bonds INE818F07021 8.69% 625 000 000  INR 04/04/2018 04/04/2022
Bussan Auto Finance India, 7.69% 27mar2021, INR - International bonds XS1796991336 7.69% 400 000 000  INR 03/20/2018 03/27/2021
HDFC Bank, 8.1% 22mar2025, INR - International bonds XS1794215696 8.1% 23 000 000 000  INR 03/15/2018 03/22/2025

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 Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018
Asian International Bonds Markets
India international bonds, USD bln 66.915 67.096 67.192 67.794 67.806 69.820 69.221
India corporate international bonds, USD bln 66.915 67.096 67.192 67.794 67.806 69.820 69.221
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: 08/21/2018 08/20/2018 08/17/2018 08/16/2018 08/15/2018 08/14/2018 08/13/2018
Default Probability India (Interactive Data)
6M Default Probability India 0.0700 0.0700 0.0700 0.0700 0.0700 0.0700 0.0700
1Y Default Probability India 0.2100 0.2100 0.2100 0.2100 0.2100 0.2100 0.2200
2Y Default Probability India 0.9100 0.9100 0.9200 0.9200 0.9200 0.9200 0.9300
3Y Default Probability India 1.9900 1.9900 2.0100 2.0100 2.0200 2.0200 2.0300
4Y Default Probability India 3.6200 3.6200 3.6500 3.6700 3.6700 3.6700 3.6900
5Y Default Probability India 5.8600 5.8500 5.9000 5.9300 5.9400 5.9400 5.9700
7Y Default Probability India 10.8100 10.8000 10.8700 10.8800 10.8800 10.8900 10.9500
10Y Default Probability India 18.9100 18.9000 19.0100 19.0000 19.0100 19.0300 19.1000
15Y Default Probability India 32.1900 32.1900 32.3400 32.3200 32.3300 32.3600 32.4500
20Y Default Probability India 43.5600 43.6100 43.7800 43.7500 43.7600 43.7900 43.9000
30Y Default Probability India 60.8000 60.9000 61.0800 61.0400 61.0400 61.0900 61.1900
CDS India (Interactive Data)
CDS 6M India 15.0400 15.0700 15.1800 15.2200 15.2400 15.2300 15.3200
CDS 1Y India 18.6400 18.6500 18.7600 18.7400 18.7400 18.7200 18.8400
CDS 2Y India 36.6400 36.6400 36.8100 36.8100 36.8100 36.7600 36.9600
CDS 3Y India 51.8500 51.8600 52.1300 52.1800 52.2000 52.1600 52.4400
CDS 4Y India 69.6200 69.6100 69.9900 70.2200 70.2500 70.2000 70.5900
CDS 5Y India 89.3800 89.3100 89.8000 90.2400 90.2800 90.2400 90.7400
CDS 7Y India 118.0400 117.9000 118.5100 118.5600 118.6000 118.5600 119.1700
CDS 10Y India 147.3500 147.2600 147.9600 147.9200 147.9600 147.9300 148.6000
CDS 15Y India 176.0800 176.0800 176.8000 176.6900 176.7100 176.7100 177.4000
CDS 20Y India 190.3600 190.5600 191.2500 191.1300 191.1400 191.1400 191.8300
CDS 30Y India 202.7500 203.1300 203.8000 203.6200 203.6100 203.6200 204.3000
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (India) 4.17 5.00 4.87 4.58 4.28 4.44 5.07
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Yearly indices

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

Stock market (World)

Daily indices

Type: 08/21/2018 08/20/2018 08/16/2018 08/14/2018 08/13/2018 08/10/2018 08/09/2018
Stock market (Asia)
BSE Sensex  38 285.75 38 278.75 37 663.56 37 852.00 37 644.90 37 869.23 38 024.37
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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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