COUNTRY • INDIA
Last Update: 10 Jun 2023 2:15 GMT+0

The India 10Y Government Bond has a 7.039% yield.

10 Years vs 2 Years bond spread is 14.6 bp.
Yield Curve is flat in Long-Term vs Short-Term Maturities.

Central Bank Rate is 6.50% (last modification in February 2023).

The India credit rating is BBB-, according to Standard & Poor's agency.

Current 5-Years Credit Default Swap quotation is 107.14 and implied probability of default is 1.79%.

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Residual
Maturity
Yield ZC Price Last
Change
Last Chg 1M Chg 6M Last Chg 1M Chg 6M
3 months 6.760% -18.0 bp +37.0 bp 09 Jun
6 months 6.880% -10.0 bp +13.0 bp 09 Jun
1 year 6.764% -16.0 bp -3.7 bp 93.66 +0.15 % +0.03 % 09 Jun
2 years 6.893% -0.6 bp -0.2 bp 87.52 +0.01 % 0.00 % 09 Jun
3 years 6.945% -2.5 bp -15.3 bp 81.76 +0.07 % +0.43 % 09 Jun
4 years 6.986% +0.2 bp -15.8 bp 76.33 -0.01 % +0.59 % 09 Jun
5 years 6.976% -1.3 bp -20.4 bp 71.38 +0.06 % +0.96 % 09 Jun
6 years 7.019% -2.4 bp -26.2 bp 66.56 +0.14 % +1.48 % 09 Jun
7 years 7.021% -4.0 bp -22.5 bp 62.19 +0.26 % +1.48 % 09 Jun
8 years 7.045% -4.0 bp -24.4 bp 58.01 +0.31 % +1.84 % 09 Jun
9 years 7.076% -1.1 bp -25.3 bp 54.05 +0.09 % +2.15 % 09 Jun
10 years 7.039% +0.3 bp -26.0 bp 50.65 -0.02 % +2.45 % 09 Jun
11 years 7.018% -12.9 bp -35.3 bp 47.42 +1.32 % +3.70 % 09 Jun
12 years 7.110% -5.1 bp -27.3 bp 43.86 +0.57 % +3.10 % 09 Jun
13 years 7.142% -0.3 bp -27.3 bp 40.79 +0.05 % +3.37 % 09 Jun
14 years 7.123% -1.3 bp -32.0 bp 38.16 +0.16 % +4.26 % 09 Jun
15 years 7.121% -4.4 bp -37.1 bp 35.64 +0.62 % +5.35 % 09 Jun
19 years 7.159% -3.3 bp -31.9 bp 26.88 +0.60 % +5.79 % 09 Jun
24 years 7.177% +1.7 bp -23.8 bp 18.95 -0.37 % +5.45 % 09 Jun
30 years 7.240% +6.7 bp -19.9 bp 12.28 -1.92 % +5.68 % 09 Jun
40 years 7.241% +7.2 bp -18.5 bp 6.10 -2.71 % +7.02 % 09 Jun
Last Update: 10 Jun 2023 2:15 GMT+0

India Yield Curve Analysis

Normally, longer-duration interest rates are higher than short-duration. So, the yield curve normally slopes upward as duration increases. For this reason, the spread (i.e. the yield difference) between a longer and a shorter bond should be positive. If not, the yield curve can be flat or inverted.
The curve convexity is measured considering some key bond durations (usually 2 years and 10 years, but also other maturities).
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Residual
Maturity
Yield Spread vs Bond Spread vs
Central Bank
Rate (6.50%)
3 months 1 year 2 years 5 years 10 years
30 years 7.240% 74.0 bp
10 years 7.039%
53.9 bp
5 years 6.976%
47.6 bp
2 years 6.893%
39.3 bp
1 year 6.764%
26.4 bp
3 months 6.760%
26.0 bp
Focusing on 2 years Government Bond:
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2Y vs 1Y 12.9 bp Normal Convexity in Short-Term Maturities
5Y vs 2Y 8.3 bp Yield Curve is flat in Mid-Term vs Short-Term Maturities
10Y vs 2Y 14.6 bp Yield Curve is flat in Long-Term vs Short-Term Maturities

India Credit Ratings

A credit rating is an assessment of the creditworthiness of a borrower (in general terms or with respect to a particular debt or financial obligation). For a deeper analysis of credit ratings, click here India Credit Ratings History
Rating Agency Rating Outlook
Standard & Poor's
BBB-
-
Moody's Investors Service
Baa3
-
Fitch Ratings
BBB-
-
DBRS
BBB (low)
-

India Interest Rates

A bank rate is the interest rate at which a nation's central bank lends money to domestic banks, often in the form of very short-term loans.
Interest Rates Value
Central Bank Rate 6.50%

India Credit Default Swaps

The term credit default swap (CDS) refers to a financial derivative that allows an investor to swap or offset their credit risk with that of another investor. To swap the risk of default, the lender buys a CDS from another investor who agrees to reimburse the lender in the case the borrower defaults.
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Credit Default Swap CDS Value Var % 1W Var % 1M Var % 1Y Implied PD(*)
5 Years CDS 107.14 +7.66 % +20.00 % +44.80 % 1.79 %
(*) Implied probability of default, calculated on the hypothesis of a 40% recovery rate.

India 10Y Bond Yield Spread

The India 10Y Government Bond has a 7.039% yield. Click on Spread value for the historical serie.

A positive spread, marked by , means that the 10Y Bond Yield is higher than the corresponding foreign bond. Instead, a negative spread is marked by a green circle.

Click on the values in "Current Spread" column, for the historical series of the spread.
Click on the "Compare" button, for a report with the full comparison between the two countries, with all the available data.
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India 10Y vs Current Spread Chg 1M Chg 6M
Japan 10Y 661.5 bp -1.0 bp -42.5 bp Compare
Germany 10Y 466.4 bp -7.8 bp -69.5 bp Compare
China 10Y 433.5 bp +3.3 bp -3.9 bp Compare
France 10Y 412.2 bp -3.9 bp -77.9 bp Compare
Spain 10Y 368.6 bp +2.7 bp -65.3 bp Compare
Canada 10Y 363.8 bp -48.0 bp -77.9 bp Compare
United States 10Y 329.6 bp -30.1 bp -41.9 bp Compare
Australia 10Y 309.3 bp -52.9 bp -84.0 bp Compare
Italy 10Y 292.4 bp +8.4 bp -53.6 bp Compare
United Kingdom 10Y 279.7 bp -44.2 bp -131.7 bp Compare
Russia 10Y -381.1 bp -18.7 bp -100.0 bp Compare
Brazil 10Y -412.8 bp +108.1 bp +159.2 bp Compare

India Government Bonds Prices

Price Simulation: bonds with a face value of 100, with different coupon rates. The highlighted column refers to the zero coupon bond.
Click on for a forecast of the yield.
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Residual
Maturity
Yield Bond Price - with different Coupon Rates Fx
0% 1% 3% 5% 7% 9%
40 years 7.241% 6.10 19.07 45.01 70.94 96.87 122.81
30 years 7.240% 12.28 24.40 48.63 72.86 97.09 121.32
24 years 7.177% 18.95 30.24 52.83 75.41 98.00 120.59
19 years 7.159% 26.88 37.10 57.52 77.95 98.38 118.80
15 years 7.121% 35.64 44.67 62.75 80.83 98.91 116.98
14 years 7.123% 38.16 46.84 64.21 81.57 98.93 116.29
13 years 7.142% 40.79 49.08 65.66 82.24 98.82 115.40
12 years 7.110% 43.86 51.75 67.55 83.34 99.13 114.92
11 years 7.018% 47.42 54.91 69.90 84.88 99.87 114.85
10 years 7.039% 50.65 57.66 71.68 85.70 99.73 113.75
9 years 7.076% 54.05 60.54 73.53 86.52 99.51 112.49
8 years 7.045% 58.01 63.97 75.89 87.81 99.73 111.65
7 years 7.021% 62.19 67.57 78.35 89.12 99.89 110.66
6 years 7.019% 66.56 71.33 80.85 90.38 99.91 109.44
5 years 6.976% 71.38 75.48 83.69 91.89 100.10 108.30
4 years 6.986% 76.33 79.72 86.49 93.27 100.05 106.82
3 years 6.945% 81.76 84.38 89.64 94.89 100.14 105.40
2 years 6.893% 87.52 89.33 92.95 96.57 100.19 103.82
1 year 6.764% 93.66 94.60 96.47 98.35 100.22 102.09
Maturity Date 100.00 100.00 100.00 100.00 100.00 100.00

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