{"id":5288,"date":"2022-12-27T12:05:40","date_gmt":"2022-12-27T12:05:40","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=5288"},"modified":"2026-02-26T08:09:56","modified_gmt":"2026-02-26T08:09:56","slug":"municipal-bonds","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/municipal-bonds\/","title":{"rendered":"MUNICIPAL BONDS"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">India&#8217;s government is divided into three distinct levels, known as the Central government, the State government, and the Local Municipal authority. The final layer acts as the system&#8217;s weakest layer. In addition to taxes, both the Central and State governments can raise money by selling securities such as <a href=\"https:\/\/goldenpi.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">bonds<\/a> and treasury bills as well as by issuing development loans, as both direct and indirect taxes collected from individuals are used by both the Central and State governments for their development projects. In contrast, local municipal authorities are permitted by particular regulations to issue municipal bonds in order to raise money for their development projects.<\/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\/municipal-bonds\/#What_are_Municipal_Bonds\" >What are Municipal 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\/municipal-bonds\/#Types_of_Municipal_Bonds_in_India\" >Types of Municipal Bonds in India<\/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\/municipal-bonds\/#History_of_Municipal_Bonds_in_India\" >History of Municipal 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\/municipal-bonds\/#SEBI_Guidelines\" >SEBI Guidelines<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/municipal-bonds\/#TYPES_OF_GOVERNMENT_BONDS\" >TYPES OF GOVERNMENT BONDS<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/municipal-bonds\/#Advantages_and_Disadvantages_of_Investing_in_Municipal_Bonds\" >Advantages and Disadvantages of Investing in Municipal Bonds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/municipal-bonds\/#Grade_of_the_municipal_bonds\" >Grade of the municipal bonds<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_are_Municipal_Bonds\"><\/span><b>What are Municipal Bonds?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Municipal Bonds also referred as \u2018muni bonds\u2019 are issued by municipal corporations and urban local governments in India. These are another form of debt instruments which are issued when government bodies want to raise funds to finance projects for socio-economic development through building bridges, schools, hospitals, providing proper amenities to households, etc.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Types_of_Municipal_Bonds_in_India\"><\/span><b>Types of Municipal Bonds in India<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In India, the most common types of municipal bonds are:<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-5297\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27122955\/types-of-bonds-1-300x126.png\" alt=\"Types of Municipal Bonds in India\" width=\"729\" height=\"306\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27122955\/types-of-bonds-1-300x126.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27122955\/types-of-bonds-1-1024x430.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27122955\/types-of-bonds-1-768x322.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27122955\/types-of-bonds-1-1536x645.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27122955\/types-of-bonds-1-2048x860.png 2048w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27122955\/types-of-bonds-1-1170x491.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27122955\/types-of-bonds-1-1920x806.png 1920w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27122955\/types-of-bonds-1-585x246.png 585w\" sizes=\"(max-width: 729px) 100vw, 729px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"History_of_Municipal_Bonds_in_India\"><\/span><b>History of Municipal Bonds in India<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In India, municipal bonds have been around since 1997. The first urban local government in India to issue municipal bonds is Bangalore Municipal Corporation, followed by Ahmedabad in 1998 . Since then, the Indian municipal bond market has experienced steady expansion, with nine MCs generating over 1,200 crore (an average issue size of about 130 crore per corporation) by the middle of the 2000s. Following the 2005 introduction of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), which envisioned a total investment of over $1 lakh crore being made available to municipal corporations in the form of funds from the Centre, municipal bond issuances abruptly came to an end.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In India, municipal bonds have enjoyed a resurgence between 2017 and 21 thanks to nine MCs raising about Rs. 3840 crores. Recently, Indore, Lucknow, and Ghaziabad MCs raised about Rs. 490 Crores in India through the NSE and BSE bond platforms. In fact, the Ghaziabad MC issued green bonds in India for the first time in 2021, while the Indore MC became the first municipal corporation to list on the NSE in 2018. Despite being recognised as sufficiently safe with low credit risk, the coupon rates offered by the MCs are typically greater than those of government bonds with a similar maturity.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-5290\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115319\/bond-issuance-300x180.png\" alt=\"Municipal Bond Issuance In India\" width=\"543\" height=\"326\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115319\/bond-issuance-300x180.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115319\/bond-issuance-1024x615.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115319\/bond-issuance-768x461.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115319\/bond-issuance-1536x923.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115319\/bond-issuance-1170x703.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115319\/bond-issuance-585x351.png 585w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115319\/bond-issuance.png 1653w\" sizes=\"(max-width: 543px) 100vw, 543px\" \/><\/p>\n<p style=\"text-align: center;\"><i><span style=\"font-weight: 400;\">Source &#8211; RBI<\/span><\/i><\/p>\n<p style=\"text-align: center;\">The above graph shows the total amount raised through the issuance of Municipal Bonds in India.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"SEBI_Guidelines\"><\/span><b>SEBI Guidelines<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">For a municipality to be eligible to issue <a href=\"https:\/\/goldenpi.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">municipal bonds in India<\/a>, they must:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The prior three years&#8217; net worth for the municipality could not have been negative.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The municipality must not have defaulted in the past year on the repayment of debt securities and loans obtained from banks or non-banking financial institutions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It is forbidden to include the municipality, the promoter, or the directors on the Reserve Bank of India&#8217;s list of willful defaulters (RBI).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The municipality shouldn&#8217;t have any history of making late payments for principal or interest on debt instruments.<\/span><\/li>\n<\/ul>\n<h4 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"TYPES_OF_GOVERNMENT_BONDS\"><\/span><strong><a href=\"https:\/\/goldenpi.com\/blog\/essentials\/types-of-government-bonds\/?utm_source=blog&amp;utm_medium=blog&amp;utm_municipalbonds\">TYPES OF GOVERNMENT BONDS<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h2><span class=\"ez-toc-section\" id=\"Advantages_and_Disadvantages_of_Investing_in_Municipal_Bonds\"><\/span><b>Advantages and Disadvantages of Investing in Municipal Bonds<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>The following are the advantages of investing in municipal bonds \u2013<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Transparent:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These <a href=\"https:\/\/goldenpi.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">bonds<\/a> are rated by credit rating agencies like CRISIL. Investors now have transparency regarding their credibility.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Minimal Risk:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These bonds are issued by municipal administrations, which suggests a low risk associated with these assets.\u00a0<\/span><\/p>\n<p><strong>The following are the disadvantages of investing in municipal bonds \u2013<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Long Maturity:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Investors must deal with the difficulty of liquidity because of the three-year lock-in term for these bonds. However, if an unpopular municipal corporation issues them, it may be difficult to sell them early on the secondary market. As a result, their reliability and ability to produce are under doubt.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Low Return:<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Returns on these bonds are less than those of market-linked securities.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-5291\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115410\/coupon-rate-300x159.png\" alt=\"Average coupon rate and maturity pattern of Municipal Bonds\" width=\"626\" height=\"332\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115410\/coupon-rate-300x159.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115410\/coupon-rate-1024x542.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115410\/coupon-rate-768x407.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115410\/coupon-rate-1536x813.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115410\/coupon-rate-2048x1085.png 2048w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115410\/coupon-rate-1170x620.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115410\/coupon-rate-1920x1017.png 1920w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115410\/coupon-rate-585x310.png 585w\" sizes=\"(max-width: 626px) 100vw, 626px\" \/><\/p>\n<p style=\"text-align: center;\"><i><span style=\"font-weight: 400;\">Source &#8211; RBI<\/span><\/i><\/p>\n<p style=\"text-align: center;\">The above table shows the average coupon rate and maturity pattern of municipal bonds in India.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Grade_of_the_municipal_bonds\"><\/span><b>Grade of the municipal bonds<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">For the public offering, the municipal bonds are required by the market regulator to have a rating higher than investment-grade. Public issuance of municipal bonds is permitted if they have a credit rating of BBB or better as reported by India&#8217;s main credit rating agencies (such as CRISIL). These ratings have been given in an effort to support and promote the legitimacy of these bonds and to inspire investor trust in them. Financial entities like banks must be designated as a fiscal bureau, and the bonds must have a three-year maturity period.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-5292\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115459\/Rating-300x174.png\" alt=\"Rating of different Municipal Bonds by different rating agencies\" width=\"629\" height=\"365\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115459\/Rating-300x174.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115459\/Rating-1024x594.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115459\/Rating-768x446.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115459\/Rating-1536x891.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115459\/Rating-2048x1188.png 2048w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115459\/Rating-1170x679.png 1170w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115459\/Rating-1920x1114.png 1920w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/27115459\/Rating-585x339.png 585w\" sizes=\"(max-width: 629px) 100vw, 629px\" \/><\/p>\n<p style=\"text-align: center;\"><i><span style=\"font-weight: 400;\">Source &#8211; RBI<\/span><\/i><\/p>\n<p style=\"text-align: center;\">The above table shows the different rating assigned to different bonds issued by various Municipal Corporations.<\/p>\n<p style=\"text-align: center;\">\n","protected":false},"excerpt":{"rendered":"<p>India&#8217;s government is divided into three distinct levels, known as the Central government, the State government, and the Local Municipal authority. The&hellip;<\/p>\n","protected":false},"author":4,"featured_media":12182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[24],"tags":[],"class_list":["post-5288","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>MUNICIPAL BONDS - GoldenPi | Blogs<\/title>\n<meta name=\"description\" content=\"MUNICIPAL BONDS\" \/>\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\/municipal-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MUNICIPAL BONDS - GoldenPi | Blogs\" \/>\n<meta property=\"og:description\" content=\"MUNICIPAL BONDS\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/municipal-bonds\/\" \/>\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=\"2022-12-27T12:05:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-26T08:09:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2022\/12\/26080927\/Municipal-Bonds.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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