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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 108 50 785 985 390 000
municipal
INR 390 4 963 023 885 380
HKD 1 25 000 000 000
corporate
INR 6347 16 193 347 295 960
USD 133 61 942 249 000
SGD 6 795 000 000
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 7.37 16apr2023 - Domestic bonds IN0020180025 7.37% 30 000 000 000  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, NI GS 09apr2020 - Domestic bonds IN0020180017 6.65% 20 000 000 000  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
Rural Electrification Corp, 4.625% 22mar2028, USD - International bonds XS1791439257 4.625% 300 000 000  USD 03/15/2018 03/22/2028
HDFC Bank, 8.1% 22mar2025, INR - International bonds XS1794215696 8.1% 23 000 000 000  INR 03/15/2018 03/22/2025
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
Shriram Transport Finance, 7.9% 12mar2021, INR - International bonds XS1789617484 7.9% 3 200 000 000  INR 03/05/2018 03/12/2021

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 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Asian International Bonds Markets
India’s international bonds, USD bln 69.972 69.374 70.860 67.646 66.504 65.001 64.940
India’s corporate international bonds, USD bln 69.972 69.374 70.860 67.646 66.504 65.001 64.940
India’s sovereign international bonds, USD bln 0.000 0.000 0.000 0.000   0.000  
Asian International Bonds Markets (adjusted for amortization)
India international bonds, USD bln 69.820 69.221 70.656 67.485 66.343 63.960 63.794
India corporate international bonds, USD bln 69.820 69.221 70.656 67.485 66.343 63.960 63.794
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: 04/20/2018 04/19/2018 04/18/2018 04/17/2018 04/16/2018 04/13/2018 04/12/2018
Default Probability
6M Default Probability India 0.1200 0.1200 0.1200 0.1300 0.1300 0.1300 0.1300
1Y Default Probability India 0.2500 0.2500 0.2500 0.2600 0.2600 0.2600 0.2600
2Y Default Probability India 0.8200 0.8200 0.8300 0.8400 0.8500 0.8400 0.8500
3Y Default Probability India 1.8400 1.8400 1.8400 1.8700 1.8900 1.8800 1.9000
4Y Default Probability India 3.2300 3.2300 3.2300 3.2800 3.3200 3.2900 3.3300
5Y Default Probability India 5.1300 5.1200 5.1300 5.2000 5.2800 5.2300 5.2900
7Y Default Probability India 9.5900 9.5800 9.5900 9.7100 9.8300 9.7500 9.8600
10Y Default Probability India 16.6800 16.6600 16.6800 16.8400 17.0200 16.9000 17.0600
15Y Default Probability India 28.7400 28.7200 28.7300 28.9400 29.1800 29.0100 29.2300
20Y Default Probability India 39.6100 39.5800 39.6000 39.8200 40.0800 39.8900 40.1500
30Y Default Probability India 56.9100 56.8600 56.8800 57.0800 57.3500 57.1600 57.4500
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 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (India) 4.28 4.44 5.07 5.21 4.88 3.58 3.28
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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: 04/20/2018 04/19/2018 04/18/2018 04/17/2018 04/16/2018 04/13/2018 04/12/2018
Stock market (Asia)
BSE Sensex  34 415.58 34 427.29 34 331.68 34 395.06 34 305.43 34 192.65 34 101.13
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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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