India Government Bonds - Yields Curve

COUNTRY • SUMMARY
INDIA
Last Update: 28 Nov 2023 15:15 GMT+0

The India 10Y Government Bond has a 7.273% yield.

10 Years vs 2 Years bond spread is -0.7 bp.
Yield Curve is inverted 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 82.90 and implied probability of default is 1.38%.

Table of contents

India Yield Curve

If data are not all visible, swipe table left
Residual
Maturity		 Yield ZC Price Last
Change
Last Chg 1M Chg 6M Last Chg 1M Chg 6M
3 months 6.950% 0.0 bp +19.0 bp 28 Nov
6 months 7.130% -2.0 bp +22.0 bp 28 Nov
1 year 7.137% -19.6 bp +35.9 bp 93.34 +0.18 % -0.33 % 28 Nov
2 years 7.280% -4.1 bp +45.3 bp 86.89 +0.08 % -0.84 % 28 Nov
3 years 7.248% -7.1 bp +37.7 bp 81.06 +0.20 % -1.06 % 28 Nov
4 years 7.268% -7.6 bp +33.0 bp 75.53 +0.28 % -1.23 % 28 Nov
5 years 7.284% -6.3 bp +35.4 bp 70.36 +0.30 % -1.64 % 28 Nov
6 years 7.286% -8.7 bp +30.4 bp 65.58 +0.49 % -1.68 % 28 Nov
7 years 7.294% -9.5 bp +29.4 bp 61.09 +0.63 % -1.89 % 28 Nov
8 years 7.335% -8.0 bp +30.7 bp 56.76 +0.58 % -2.27 % 28 Nov
9 years 7.318% -7.9 bp +27.4 bp 52.96 +0.67 % -2.27 % 28 Nov
10 years 7.273% -7.8 bp +27.0 bp 49.56 +0.73 % -2.48 % 28 Nov
11 years 7.372% -10.0 bp +34.8 bp 45.73 +1.04 % -3.50 % 28 Nov
12 years 7.390% -6.4 bp +33.2 bp 42.50 +0.71 % -3.65 % 28 Nov
13 years 7.385% -5.7 bp +28.9 bp 39.60 +0.69 % -3.46 % 28 Nov
14 years 7.400% -5.9 bp +31.2 bp 36.81 +0.77 % -3.99 % 28 Nov
15 years 7.428% -5.3 bp +33.1 bp 34.14 +0.74 % -4.53 % 28 Nov
19 years 7.410% -7.9 bp +29.5 bp 25.71 +1.38 % -5.09 % 28 Nov
24 years 7.430% -4.4 bp +34.3 bp 17.91 +1.02 % -7.35 % 28 Nov
30 years 7.491% -3.6 bp +34.1 bp 11.45 +0.97 % -9.13 % 28 Nov
40 years 7.488% -3.9 bp +32.5 bp 5.57 +1.46 % -11.31 % 28 Nov
Last Update: 28 Nov 2023 15:15 GMT+0

India Yield 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).

If data are not all visible, swipe table left
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 7.491%
54.1 bp
21.1 bp
99.1 bp
10 years 7.273%
32.3 bp
13.6 bp
-0.7 bp
-1.1 bp
77.3 bp
5 years 7.284%
14.7 bp
0.4 bp
78.4 bp
2 years 7.280%
78.0 bp
1 year 7.137%
63.7 bp
3 months 6.950%
45.0 bp

Focusing on 2 years Government Bond:

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2Y vs 1Y 14.3 bp Normal Convexity in Short-Term Maturities
5Y vs 2Y 0.4 bp Yield Curve is flat in Mid-Term vs Short-Term Maturities
10Y vs 2Y -0.7 bp Yield Curve is inverted in Long-Term vs Short-Term Maturities
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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 82.90 -0.01 % -0.02 % +2.93 % 1.38 %
(*) 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 7.273% yield.

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.
If data are not all visible, swipe table left
India 10Y vs Current Spread Chg 1M Chg 6M Compare
Countries
vs Japan 10Y 652.0 bp +4.3 bp -6.8 bp
vs Germany 10Y 476.8 bp +23.1 bp +30.0 bp
vs China 10Y 456.8 bp -4.8 bp +29.9 bp
vs France 10Y 420.1 bp +29.0 bp +29.7 bp
vs Spain 10Y 376.4 bp +32.2 bp +33.7 bp
vs Canada 10Y 362.5 bp +29.2 bp -1.9 bp
vs United Kingdom 10Y 305.1 bp +26.2 bp +37.6 bp
vs Italy 10Y 300.8 bp +49.6 bp +37.4 bp
vs United States 10Y 290.8 bp +40.2 bp -28.3 bp
vs Australia 10Y 280.8 bp +27.4 bp -47.1 bp
vs Brazil 10Y -369.9 bp +67.1 bp +91.4 bp
vs Russia 10Y -479.7 bp +34.2 bp -110.0 bp

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.
If data are not all visible, swipe table left
Residual
Maturity		 Yield Bond Price - with different Coupon Rates Fx
0% 1% 3% 5% 7% 9%
40 years 7.488% 5.57 18.18 43.40 68.62 93.85 119.07
30 years 7.491% 11.45 23.27 46.91 70.55 94.20 117.84
24 years 7.430% 17.91 28.95 51.05 73.15 95.25 117.35
19 years 7.410% 25.71 35.74 55.79 75.84 95.89 115.94
15 years 7.428% 34.14 43.00 60.74 78.47 96.21 113.94
14 years 7.400% 36.81 45.35 62.43 79.51 96.58 113.66
13 years 7.385% 39.60 47.78 64.14 80.49 96.85 113.21
12 years 7.390% 42.50 50.28 65.84 81.41 96.97 112.53
11 years 7.372% 45.73 53.09 67.81 82.54 97.26 111.98
10 years 7.273% 49.56 56.49 70.36 84.23 98.11 111.98
9 years 7.318% 52.96 59.39 72.24 85.10 97.96 110.81
8 years 7.335% 56.76 62.66 74.45 86.24 98.03 109.81
7 years 7.294% 61.09 66.42 77.09 87.76 98.43 109.10
6 years 7.286% 65.58 70.30 79.75 89.20 98.65 108.10
5 years 7.284% 70.36 74.43 82.57 90.71 98.84 106.98
4 years 7.268% 75.53 78.90 85.63 92.36 99.10 105.83
3 years 7.248% 81.06 83.68 88.90 94.13 99.35 104.58
2 years 7.280% 86.89 88.69 92.29 95.89 99.50 103.10
1 year 7.137% 93.34 94.27 96.14 98.01 99.87 101.74
Maturity Date 100.00 100.00 100.00 100.00 100.00 100.00

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