{"id":4187,"date":"2022-07-01T12:05:12","date_gmt":"2022-07-01T12:05:12","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=4187"},"modified":"2026-04-07T10:54:21","modified_gmt":"2026-04-07T10:54:21","slug":"the-journey-of-corporate-bonds-in-india","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/the-journey-of-corporate-bonds-in-india\/","title":{"rendered":"The journey of corporate bonds in India"},"content":{"rendered":"<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Individual investors are constantly looking for a consistent fixed income, while corporations are looking for an investment that will help them expand their business. Though there are numerous options available in the market to meet the needs of both segments, the concept of <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/whats-a-corporate-bond-how-to-select-one\/\" target=\"_blank\" rel=\"noopener noreferrer\">corporate bonds<\/a> has been widely written or discussed to a great extent lately. Though the concept has been around for a long time, it has recently received a lot of attention. Everyone may have a better understanding of corporate bonds as a result of the recent publicity surrounding them, but many of us may be unaware of &#8220;the journey of corporate bonds in India&#8221; thus far.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/the-journey-of-corporate-bonds-in-india\/#What_are_corporate_bonds\" >What are corporate bonds?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/the-journey-of-corporate-bonds-in-india\/#Why_do_corporate_sells_bonds\" >Why do corporate sells bonds?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/the-journey-of-corporate-bonds-in-india\/#Corporate_bonds_in_India\" >Corporate bonds in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/the-journey-of-corporate-bonds-in-india\/#Indian_corporate_bonds_challenges\" >Indian corporate bonds challenges<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/the-journey-of-corporate-bonds-in-india\/#Key_Highlights\" >Key Highlights\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_are_corporate_bonds\"><\/span><b>What are corporate bonds?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Corporate bonds are a type of debt <a href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/the-3-bucket-strategy-a-practical-framework-for-long-term-financial-planning\/\">security<\/a> that corporates sell to investors to raise funds for their operations or expansion. The principal or interest earned over a period of time is repaid in full.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">To understand in simple words; by purchasing this type of <a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/rbi-floating-rate-savings-bonds-explained\/\">bond<\/a>, you are giving a loan to the corporation to fund its operations. These bonds are not the same as stocks. Bonds are legal agreements that obligate the corporation to repay the borrowed funds to you with interest at predetermined intervals. Corporate bonds typically yield\u00a0 higher interest rate than government bonds.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_do_corporate_sells_bonds\"><\/span><b>Why do corporate sells bonds?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The primary reason for bond sales is to raise funds. Companies can raise funds through a variety of channels and methods. They can raise funds by selling equity (initial public offering if it is the first time or rights issue if the company is already listed), borrowing from a bank, or issuing bonds. The bond is a loan made to the bond issuer by the bondholder. The <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/what-changed-in-the-bond-market-after-the-budget-2026\/\">bond<\/a> issuer owes holders money and is required to repay the principal as well as interest on a regular basis. Because of the fixed-rate interest component (we refer to fixed-rate bonds), bonds are also known as fixed-income securities.<\/span><\/p>\n<p style=\"text-align: center;\"><strong><a href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/whats-a-corporate-bond-how-to-select-one\/?utm_source=blog&amp;utm_medium=blog&amp;utm_corporatejourney\"><span style=\"color: #004f98;\">What\u2019s a corporate bond? How to select one.<\/span><\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_bonds_in_India\"><\/span><b>Corporate bonds in India<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A well-developed corporate <a href=\"https:\/\/goldenpi.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">bond market<\/a> promotes economic growth. It serves as an alternative source of finance and supplements the banking system in order to meet the needs of the corporate sector in raising funds for long-term <a href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/investment-options-for-people-who-dont-want-to-track-markets\/\">investment<\/a>. When the equity market is volatile, this segment is thought to act as a stable source of finance, allowing firms to tailor their asset and liability profiles to reduce the risk of maturity. It also aids in the diversification of system risks.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <a href=\"https:\/\/goldenpi.com\/blog\/market-view\/impact-of-hike-in-repo-rate-on-the-indian-economy\/\">Indian economy<\/a> has always relied on banks for financing. Only since the 1980s have there been some activities in the primary market of corporate bonds, with PSUs issuing and banks and FIs investing. Previously, corporates relied heavily on Domestic Financial institutions (DFIs) such as ICICI, IDBI, and IFCI to finance long-term investments. With the conversion of these DFIs into banks, obtaining financing for long-term projects has become difficult. Banks have performed this function, but their capacity is limited due to asset-liability mismatch issues in providing long-term credit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since 2008, the corporate bond market has seen increased investment flows, primarily from institutional investors.<\/span><\/p>\n<p>The map below shows the contribution of corporate bonds to a nation&#8217;s GDP.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-4236\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124411\/fredmap1-1-1024x599.png\" alt=\"Corporate bonds in India\" width=\"695\" height=\"406\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124411\/fredmap1-1-1024x599.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124411\/fredmap1-1-300x176.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124411\/fredmap1-1-768x449.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124411\/fredmap1-1-585x342.png 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124411\/fredmap1-1.png 1169w\" sizes=\"(max-width: 695px) 100vw, 695px\" \/><span style=\"font-weight: 400;\">As of December 2020, the outstanding corporate debt stood at 35.1 lakh crore (18.2 percent of India&#8217;s GDP). There has been a big leap from 2011 to 2020. However, developed countries such as the <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/the-global-bond-sell-off-as-us-treasury-yields-surge\/\">United States<\/a> (123.47%), South Korea (74.3%), and Malaysia (44.5%) had a higher corporate debt market to GDP ratio in 2018.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">The total amount that Indian corporate companies raised funds through corporate bonds (The list only includes listed companies)<\/span><img decoding=\"async\" class=\"aligncenter wp-image-4237\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124536\/Total-amount-1.jpg\" alt=\"Corporate bonds in India\" width=\"673\" height=\"500\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124536\/Total-amount-1.jpg 791w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124536\/Total-amount-1-300x223.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124536\/Total-amount-1-768x570.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124536\/Total-amount-1-585x434.jpg 585w\" sizes=\"(max-width: 673px) 100vw, 673px\" \/><\/p>\n<p style=\"text-align: right;\">Source: sebi public data base<\/p>\n<p style=\"text-align: center;\"><strong><a href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/difference-between-corporate-and-governments-bonds\/?utm_source=blog&amp;utm_medium=blog&amp;utm_corporatejourney\"><span style=\"color: #004f98;\">What is the difference between Corporate and Governments Bonds?<\/span><\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Indian_corporate_bonds_challenges\"><\/span><strong>Indian corporate bonds <\/strong><strong>challenges <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Corporate bonds have faced numerous challenges, but still, it prevailed. Initially, there were no structural reforms available where corporations could raise funds or invest. Though structural reforms were gradually implemented in the system, the corporate bond market was small in comparison to the government bond market. Over the last decade, <a href=\"https:\/\/goldenpi.com\/blog\/sovereign-gold-bond\/understanding-premature-redemption-of-sovereign-gold-bonds-sgbs-a-detailed-insight\/\">sovereign bonds<\/a> have dominated the Indian bond market, with corporate bonds accounting for a smaller share (27 per cent).<\/p>\n<p><span style=\"font-weight: 400;\">Corporate bonds faced a supply and demand problem because government securities were issued to a large extent, reducing space for corporate bonds. Other factors influencing supply and demand included constant inflation, higher interest rates, limited diversification options, the absence of credit default swaps\/insurance, and the recent credit defaults of <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/how-can-one-diversify-their-portfolio-with-nbfc-bonds\/\">NBFCS<\/a>, which harmed the Indian corporate bond market.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-4238 size-large\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124717\/Default-1-1024x349.jpg\" alt=\"Indian corporate bonds challenges\" width=\"1024\" height=\"349\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124717\/Default-1-1024x349.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124717\/Default-1-300x102.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124717\/Default-1-768x262.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124717\/Default-1-585x200.jpg 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124717\/Default-1.jpg 1126w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><span style=\"font-weight: 400;\">Another major challenge for corporate bonds was persuading individual investors to invest in bonds because most of them were accustomed to investing in fixed deposits (FD), mutual funds (MF), life insurance (LIC), and so on. Because retail investors had been habituated, they did not have enough interest to gather adequate information on <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/whats-a-corporate-bond-how-to-select-one\/\" target=\"_blank\" rel=\"noopener noreferrer\">corporate bonds<\/a> or the financial market. According to a survey, more than 76% of Indian adults do not understand basic financial concepts such as interest rates, inflation, and currency exchange rates.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Corporate bond issuances were dominated by the financial sector (72%), rather than other sectors that need to be developed in order to improve the country&#8217;s economy. Manufacturing, information technology, and other industries received less attention. The credit rating was complicating matters because AAA, AA, and A-rated bonds were only thought to be less risky than other lower-rated bonds. However, &#8216;<a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/list-of-aaa-rated-bonds\/\">AAA<\/a>-rated companies account for only 0.85 percent of the market in India, the lowest among emerging economies, according to Crisil. This would negate a significant number of industries&#8217; fund requirements, potentially stalling the country&#8217;s growth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since India aims to have a $5 trillion economy by 2024-25, a deep, liquid, and vibrant corporate bond market is essential and has become a necessity. It will increase the country&#8217;s GDP growth and may allow it to achieve the desired results.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Key_Highlights\"><\/span><strong>Key Highlights\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: center;\"><img decoding=\"async\" class=\"alignnone wp-image-4239 size-large\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124806\/Key-Highlights-1-1024x453.jpg\" alt=\"Key Highlights of Corporate Bonds\" width=\"1024\" height=\"453\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124806\/Key-Highlights-1-1024x453.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124806\/Key-Highlights-1-300x133.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124806\/Key-Highlights-1-768x340.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124806\/Key-Highlights-1-585x259.jpg 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/06124806\/Key-Highlights-1.jpg 1118w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><strong><a href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/why-should-millennials-consider-investing-in-bonds-and-debentures\/?utm_source=blog&amp;utm_medium=blog&amp;utm_corporatejourney\"><span style=\"color: #004f98;\">Why should millennials consider investing in Bonds and Debentures<\/span><\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Individual investors are constantly looking for a consistent fixed income, while corporations are looking for an investment that will help them expand&hellip;<\/p>\n","protected":false},"author":4,"featured_media":12021,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[24],"tags":[],"class_list":["post-4187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bond-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The journey of corporate bonds in India - GoldenPi | Blogs<\/title>\n<meta name=\"description\" content=\"The journey of corporate bonds in India\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/the-journey-of-corporate-bonds-in-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The journey of corporate bonds in India - GoldenPi | Blogs\" \/>\n<meta property=\"og:description\" content=\"The journey of corporate bonds in India\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/the-journey-of-corporate-bonds-in-india\/\" \/>\n<meta property=\"og:site_name\" content=\"GoldenPi | Blogs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/goldenpitech\" \/>\n<meta property=\"article:author\" content=\"goldenpitech\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-01T12:05:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-07T10:54:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/07\/24142102\/The-Journey-of-Corporate-Bonds-in-India.png\" \/>\n\t<meta property=\"og:image:width\" content=\"731\" \/>\n\t<meta property=\"og:image:height\" content=\"347\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Abhijit Roy, CEO &amp; 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