Corporate Bond Explorer
Compare coupon, yield, rating and maturity for corporate bonds traded on NSE and BSE, and work out what a bond could earn you.
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About the corporate bonds on this page
This page shows corporate bonds and debentures that traded on the NSE or BSE in recent weeks. For each one you can see the latest traded price, the yield to maturity (YTM), the coupon, the maturity date, how often interest is paid and, where available, the credit rating reported on NSDL India Bond Info. Use the filters to shortlist bonds, tick up to three to compare them side by side, and open the calculator to estimate what a bond could earn if you hold it until maturity.
What is a listed corporate bond?
A corporate bond, or non-convertible debenture (NCD), is a loan you give to a company or institution. In return it promises to pay you interest, called the coupon, at fixed intervals and to repay the face value on the maturity date. “Listed” means the bond is registered on a stock exchange such as the NSE or BSE, so its trades are recorded and a market price can be seen. Listing does not make a bond safe, and it does not guarantee that you can sell it quickly.
How to read the table
- Coupon
- The yearly interest rate promised on the face value.
- Price (per ₹100)
- The latest traded price for every ₹100 of face value. A price below 100 means the bond traded at a discount; above 100, at a premium.
- YTM
- Yield to maturity: the yearly return you would earn if you bought at that price, received every payment on time and held the bond until maturity. It is an estimate, not a promise.
- Current yield
- The yearly coupon divided by the price. Unlike YTM, it ignores any gain or loss at maturity.
- Rating
- An opinion from a credit rating agency on the issuer's ability to repay. AAA is the highest; ratings below BBB- are considered below investment grade. Where several agencies rate a bond, the table shows the lowest.
- Interest paid
- How often the coupon is paid, such as yearly or monthly.
- Last trade
- The date of the most recent trade. Many bonds trade rarely, so an older date means the price may be out of date.
- Face value
- The amount of one bond on which interest is calculated. It can range from ₹1,000 to ₹10 lakh or more, which sets your minimum investment.
Types of bonds you will find here
- PSU and institutional bonds: issued by government-owned companies and institutions such as REC, PFC, NABARD, SIDBI and IRFC. Many are rated AAA.
- Bank and NBFC bonds: issued by banks, housing finance companies and non-banking finance companies. Yields vary widely with credit quality.
- Private company debentures: issued by industrial, infrastructure and other companies.
- Tax-free bonds: issued in earlier years by certain government-backed entities. As per their issue terms, the interest is exempt from income tax for the holder. Their yields are usually lower.
- Zero-coupon and cumulative bonds: pay no regular interest; the return arrives when the bond matures.
- Perpetual and subordinated bonds: have no fixed maturity or rank below other debt. The issuer may be able to call them and, in some cases, they can be written down. Read the terms carefully.
Risks to understand before you invest
- Credit risk: the issuer may delay or fail to pay interest or principal. A rating is an opinion and it can change, so check the latest rating from the agency.
- Higher yield, higher risk: a yield far above what safer bonds offer usually reflects a higher chance that the issuer will not repay in full or on time.
- Interest-rate risk: when market interest rates rise, the price of an existing bond usually falls.
- Liquidity risk: many bonds trade rarely. You may not be able to sell before maturity, or not at the price you want.
- Call, put and reinvestment risk: some bonds can be redeemed early by the issuer or the investor, which changes your actual return.
- Tax: interest is generally taxable at your income-tax slab rate, except on specific tax-free bonds. Ask your tax adviser how it applies to you.
How to buy a listed bond
- Have a demat account and a trading account, or an account with a SEBI-registered online bond platform.
- Shortlist bonds by rating, yield, maturity and how comfortable you are with the issuer. Note the ISIN.
- Read the issuer's offer document and the latest rating report.
- Place the order through your broker or platform. Settlement and payouts happen through your demat and bank accounts.
- Keep records of your purchase, the interest you receive and the maturity proceeds for tax purposes.
Have a question about a particular bond? Use the WhatsApp button on that bond, or request a callback below.
Frequently asked questions
What are listed corporate bonds?
They are bonds or debentures issued by companies and institutions and registered on a stock exchange such as the NSE or BSE. You lend money to the issuer, it pays you interest (the coupon) at fixed intervals and returns the face value on the maturity date. Listing makes trades and prices visible, but it does not remove credit risk or liquidity risk.
Are corporate bonds safe?
No investment is completely risk-free. How safe a bond is depends mainly on the financial strength of the issuer. Credit ratings (AAA is the highest) are a useful guide, but they are opinions and can change. Bonds from strong issuers with high ratings generally carry lower credit risk than unrated or low-rated bonds. Spreading your money across several issuers and reading the terms before you invest can help.
What is yield to maturity (YTM) and why is it different from the coupon?
The coupon is the interest rate printed on the bond. YTM is the yearly return you would earn if you buy at today's price, receive every payment on time and hold the bond until maturity. If you buy below the face value, your YTM is higher than the coupon; if you buy above it, your YTM is lower. YTM is an estimate, not a promise.
Where do the ratings on this page come from?
Ratings are taken from NSDL India Bond Info, which collects rating details reported by credit rating agencies such as CRISIL, ICRA, CARE, India Ratings and Acuite. The data may lag behind the agencies' latest actions, so please confirm the current rating on the agency's website. “Unrated” means no rating is reported there, not necessarily that none exists.
Why are bond prices quoted per ₹100?
Exchanges quote bond prices per ₹100 of face value so that bonds with different face values can be compared. The amount you actually pay is the price divided by 100, multiplied by the face value, plus accrued interest and any charges.
Can I sell a bond before maturity?
You can if there is a buyer, but many corporate bonds trade only rarely. You may have to wait or accept a lower price than you paid. The “Last trade” date tells you how recently the bond changed hands.
Is the interest on bonds taxable?
Interest on most corporate bonds is generally taxable at your income-tax slab rate, and tax may be deducted at source in some cases. Certain tax-free bonds are exempt as per their issue terms. Gains or losses on selling a bond are treated under capital gains rules that depend on how long you hold it. Please check with your tax adviser.
How often is the data on this page updated?
Prices and yields come from the daily NSE and BSE reports, and the “Data as of” date at the top shows when they were last refreshed. Ratings, interest frequency and tax status come from the NSDL list, which is refreshed about once a month. The page is not a live price feed.
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Chat on WhatsAppData note: Prices are per ₹100 of face value from the latest trade reported on NSE or BSE; yields are as reported for those trades (“~” means estimated here). Credit ratings, interest frequency and tax status are as reported on NSDL India Bond Info and may lag; always confirm with the rating agency and the offer document. Many bonds trade rarely, so check the last-trade date. Estimates ignore accrued interest, brokerage, taxes and call or put options. Information only, not investment advice.