Disclaimer:Market data shown below is indicative and for reference only. It is not real-time, not investment advice, and should not be relied upon for transaction decisions. Consult current market sources before any issuance or investment.
Benchmark Rates
Key Rate Benchmarks
Indicative levels — update manually from RBI / FBIL / NSE data
RBI Repo Rate
—%
RBI Monetary Policy
10Y G-Sec Yield
—%
Benchmark sovereign yield
5Y G-Sec Yield
—%
Mid-curve sovereign
3M T-Bill
—%
Short-end sovereign
MIBOR Overnight
—%
FBIL benchmark
3M CP Rate (AAA)
—%
Commercial paper benchmark
Credit Spreads
Indicative Credit Spread Framework
Spreads over comparable G-Sec — indicative ranges, update from market data
| Issuer Type | Tenor | Spread Range (over G-Sec) |
|---|---|---|
| PSU / Govt Backed | 3Y | — to — bps |
| PSU / Govt Backed | 5Y | — to — bps |
| AAA NBFC | 3Y | — to — bps |
| AAA NBFC | 5Y | — to — bps |
| AAA Corporate | 3Y | — to — bps |
| AAA Corporate | 5Y | — to — bps |
| Issuer Type | Tenor | Spread Range (over G-Sec) |
|---|---|---|
| AA+ NBFC | 3Y | — to — bps |
| AA+ NBFC | 5Y | — to — bps |
| AA Corporate | 3Y | — to — bps |
| AA Corporate | 5Y | — to — bps |
Market Structure
India Debt Capital Markets — Key Segments
Government Securities (G-Secs)
Sovereign bonds issued by the Government of India. The benchmark yield curve for all rupee-denominated debt. Traded on NDS-OM. Key tenors: 91-day, 182-day, 364-day T-Bills; 2Y, 5Y, 10Y, 14Y, 30Y bonds.
Corporate Bonds (Listed NCDs)
Non-Convertible Debentures issued by corporates, NBFCs, HFCs and PSUs. Listed on BSE/NSE. Regulated by SEBI. Rated by CRISIL, ICRA, CARE, India Ratings. Key investors: mutual funds, insurance, provident funds.
Commercial Paper (CP)
Short-term unsecured instruments with tenors of 7 days to 1 year. Issued by corporates and NBFCs. Regulated by RBI. Key investors: liquid and ultra-short duration mutual funds.
Securitisation / PTCs
Pass-Through Certificates backed by loan pools — mortgage, vehicle, microfinance and other retail assets. Issued by NBFCs and HFCs. Key investors: banks (for PSL compliance) and select mutual funds.
Infrastructure Bonds / InvITs
Long-tenor bonds issued by infrastructure entities and InvITs. Eligible for insurance and provident fund investment. Typically rated AAA or AA+. Tenors of 10–30 years.
Perpetual / Hybrid Instruments
AT1 bonds (banks), Tier 2 capital instruments and hybrid NCDs with equity-like features. Regulated by RBI (banks) and SEBI (corporates). Higher yield, subordinated in capital structure.
Investor Universe
Key Institutional Investor Categories
Understanding investor mandates is central to effective bond syndication
Mutual Funds
Largest buyer of corporate bonds
Investment Mandate
Duration-managed; credit quality driven by scheme mandate. Liquid/ultra-short: CP and short NCDs. Short/medium duration: 1–5Y NCDs. Credit risk funds: AA and below.
Key schemes / vehicles: Liquid, Ultra Short, Low Duration, Short Duration, Corporate Bond, Credit Risk, Banking & PSU
Insurance Companies
Long-duration buyers
Investment Mandate
Long-tenor, high-quality bonds. Preference for AAA and AA+. Tenors of 10–30 years. Regulated by IRDAI. Significant buyers of infrastructure and PSU bonds.
Key schemes / vehicles: Life insurance (traditional, ULIP), General insurance
Provident Funds / EPFO
Regulated, conservative mandate
Investment Mandate
Minimum AA+ rated bonds. Preference for PSU, government-backed and infrastructure issuers. Long tenors. Regulated by Ministry of Labour / EPFO investment guidelines.
Key schemes / vehicles: EPFO, exempt PF trusts, NPS
Banks
Selective corporate bond buyers
Investment Mandate
HTM and AFS portfolios. Buyers of PSL-eligible securitisation, infrastructure bonds and select corporate NCDs. Regulated by RBI.
Key schemes / vehicles: Treasury / investment book, PSL portfolio
Corporate Treasuries
Short to medium duration
Investment Mandate
Surplus cash deployment. Preference for short-tenor, high-quality NCDs and CPs. Yield-focused within credit quality constraints.
Key schemes / vehicles: Treasury / cash management
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