This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
India Upgraded to BBB; View the List of Popularly Traded Indian Dollar Bonds
August 15, 2025
India was upgraded to BBB from BBB- by S&P, citing sustained high economic growth, improved monetary policy credibility, and a clearer fiscal consolidation path. Real GDP growth averaged 8.8% between FY2022-24, the fastest in the APAC region. S&P projects it to average at 6.8% over the next three years, helping stabilise debt ratios despite still-elevated deficits. S&P cited the government’s commitment to narrow the general government deficit from 7.3% of GDP in FY2026 to 6.6% by FY2029, supported by stronger tax collections, reduced subsidies, and higher-quality spending. Monetary reforms, including the RBI’s inflation-targeting framework, have helped anchor inflation expectations. Besides, inflation has averaged at 5.5% over the past three years despite global shocks. S&P also believes that the effect of US tariffs will be manageable, as 60% of India’s economic growth stems from domestic consumption. Dollar bonds of several Indian corporates including the likes of Reliance, Piramal, Shriram, Vedanta, Adani have risen by about 0.5 points.
Given this macro backdrop, dollar bonds issued by Indian entities have been of interest to investors seeking exposure to India’s growth without direct rupee depreciation risk. On BondbloX, these securities are traded actively, particularly by Non-Resident Indians (NRIs). With bonds ranging from investment-grade to high-yield, investors can select bonds according to their risk preferences. We have compiled a list of popularly traded Indian dollar bonds on the platform in the table below.
| Bond | Amount Outstanding ($mn) | Composite Bond Rating | Price | YTM |
| Vedanta 11.250% 2031 | 500 | B+ | 106.2 | 9.9% |
| Greenko 7.250% 2028 | 1,000 | BB | 102.1 | 6.5% |
| HDFC 3.700% Perp | 1,000 | Ba3 | 98.2 | 6.6% |
| Shriram 6.625% 2027 | 750 | BB+ | 102.3 | 5.2% |
| Tata Steel 5.450% 2028 | 1,000 | NR | 101.8 | 4.7% |
| Muthoot 6.375% 2029 | 650 | BB | 101.1 | 6.0% |
| Exim IN 5.500% 2035 | 1,000 | BBB- | 103.9 | 5.0% |
| Vedanta 10.875% 2029 | 1,200 | NR | 103.8 | 9.7% |
| SBI 4.875% 2028 | 750 | BBB- | 101.1 | 4.4% |
| Vedanta 9.475% 2030 | 550 | B2 | 99.9 | 9.5% |
| IIFL 8.750% 2028 | 425 | B+ | 102.0 | 8.0% |
| HDFC Bank 5.686% 2026 | 750 | Baa3 | 100.7 | 4.4% |
| DIAL 6.450% 2029 | 500 | BB+ | 103.7 | 5.3% |
| Piramal Capital 7.800% 2028 | 450 | Ba3 | 102.4 | 6.7% |
| Adani 4.200% 2027 | 750 | BBB- | 97.6 | 5.5% |
| Reliance 2.875% 2032 | 1,500 | Baa2 | 90.1 | 4.7% |
| Muthoot 7.125% 2028 | 750 | BB | 103.1 | 5.8% |
| Axis Bank 4.100% Perp | 600 | Ba3 | 98.1 | 7.0% |
| REC 2.250% 2026 | 500 | BBB- | 97.7 | 4.5% |
| REC 5.625% 2028 | 750 | Baa3 | 102.8 | 4.5% |
| JSW 3.950% 2027 | 500 | BB | 97.9 | 5.3% |
| HPCL 5.250% 2027 | 375 | BB | 100.1 | 5.2% |
| Vedanta 9.850% 2033 | 550 | B2 | 101.0 | 9.6% |
| DIAL 6.125% 2026 | 523 | BB+ | 101.3 | 5.0% |
| Power Finance 3.350% 2031 | 500 | Baa3 | 93.8 | 4.6% |
| SBI 5.125% 2029 | 500 | BBB- | 102.5 | 4.5% |
| Biocon 6.670% 2029 | 800 | BB | 95.2 | 8.0% |
| Shriram 6.150% 2028 | 500 | BB+ | 101.2 | 5.6% |
| Adani Elec 3.867% 2031 | 300 | BBB- | 91.8 | 5.5% |
| Adani 4.375% 2029 | 750 | BBB- | 96.4 | 5.4% |
| ReNew Power 4.500% 2028 | 585 | BB- | 96.0 | 6.0% |
Source: BondbloX | Data as of 15 August 25; Amount Outstanding >=$300mn
Sign-up to BondbloX by clicking here
Go back to Latest bond Market News
Related Posts:
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.