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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 50 998 825 390 000
municipal
INR 390 4 963 023 885 380
HKD 1 25 000 000 000
corporate
INR 6240 17 148 681 025 260
USD 129 61 257 249 000
SGD 5 695 000 000
EUR 4 2 775 000 000
CHF 3 650 000 000
CNY 3 1 500 000 000
AUD 2 314 500 000
JPY 2 35 000 000 000
GBP 1 50 000 000

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.) ***
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
India, GS FRN 25jan2035 - Domestic bonds IN0020180041 Floating Rate 100 000 000 000  INR 05/04/2018 12/07/2031
India, GS 7.37 16apr2023 - Domestic bonds IN0020180025 7.37% 60 000 000 000  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% 90 000 000 000  INR 04/06/2018 04/09/2020
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
Rural Electrification Corp, 4.625% 22mar2028, USD - International bonds XS1791439257 4.625% 300 000 000  USD 03/15/2018 03/22/2028
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

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 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017
Asian International Bonds Markets
India international bonds, USD bln 67.192 67.806 69.820 69.221 70.656 67.485 66.343
India corporate international bonds, USD bln 67.192 67.806 69.820 69.221 70.656 67.485 66.343
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: 06/20/2018 06/19/2018 06/18/2018 06/15/2018 06/14/2018 06/13/2018 06/12/2018
Default Probability India (Interactive Data)
6M Default Probability India 0.1100 0.1100 0.1000 0.1000 0.1100 0.1100 0.1100
1Y Default Probability India 0.2600 0.2500 0.2500 0.2500 0.2500 0.2500 0.2500
2Y Default Probability India 1.0000 1.0100 0.9800 0.9800 0.9800 0.9700 1.0000
3Y Default Probability India 2.1600 2.2000 2.1300 2.1300 2.1300 2.1200 2.1500
4Y Default Probability India 3.8500 3.9500 3.8400 3.8400 3.8500 3.8200 3.8300
5Y Default Probability India 6.1200 6.1600 5.9800 6.0000 6.0200 6.0000 5.9500
7Y Default Probability India 11.2000 11.1400 10.8500 10.8500 10.9000 10.8900 10.7400
10Y Default Probability India 18.8400 18.6500 18.2500 18.2400 18.3400 18.3500 18.0800
15Y Default Probability India 31.5000 31.1800 30.6000 30.6000 30.7100 30.6900 30.3000
20Y Default Probability India 42.5800 42.1900 41.5200 41.5000 41.6200 41.6400 41.2000
30Y Default Probability India 59.7000 59.2400 58.5700 58.6100 58.7500 58.8900 58.4100
CDS India (Interactive Data)
CDS 6M India 15.7400 15.6700 15.1700 15.0200 15.0900 15.0700 15.1800
CDS 1Y India 18.9000 18.8100 18.1900 17.9700 18.0400 17.9900 18.1100
CDS 2Y India 36.7500 37.1600 35.9400 35.6400 35.7300 35.5300 36.4600
CDS 3Y India 53.0300 53.9200 52.1900 51.8800 51.9000 51.5500 52.2600
CDS 4Y India 70.7100 72.6600 70.3800 70.2700 70.3500 69.8100 69.9200
CDS 5Y India 90.0800 90.7600 88.0000 88.1400 88.3600 87.8900 87.1700
CDS 7Y India 119.1200 118.5700 115.3000 115.1300 115.6500 115.3600 113.7600
CDS 10Y India 144.2800 143.0000 139.4200 139.2700 139.9900 139.8700 137.7700
CDS 15Y India 169.9900 168.3100 164.4300 164.3000 164.9200 164.6000 162.2700
CDS 20Y India 183.5000 181.6600 177.7100 177.5500 178.1600 177.9700 175.5900
CDS 30Y India 195.7000 193.7700 189.9300 189.9600 190.5800 190.6800 188.2900
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Macroeconomic Indicators (World economy)

Monthly indices

Type May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (India) 4.87 4.58 4.28 4.44 5.07 5.21 4.88
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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: 06/21/2018 06/20/2018 06/19/2018 06/18/2018 06/14/2018 06/13/2018 06/12/2018
Stock market (Asia)
BSE Sensex  35 547.33 35 547.33 35 286.74 35 548.26 35 599.82 35 739.16 35 692.52
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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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