Kerala

State Govt · Sovereign

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Methodology v1.0 Download Report (PDF)
Latest Rating
Total Debt Outstanding
₹1,776 Cr
Across 116 instruments
Listed Bonds
116
First Issue
2020-07-27
Latest Issue
2026-07-10
Maturity Range
2027 - 2064
Observation
116 active bonds tracked from this issuer.
View details →
Coverage: Medium Data Quality: Medium Sources: NSE, BSE, SEBI, rating agencies
01 Issuer Overview
Sector
Sovereign
Issuer Type
State Govt
First Tracked Bond
2020-07-27
Start of this issuer's debt program timeline
  • 116 active bonds tracked from this issuer.
  • Most recent rating action: reaffirm by CRISIL on 2026-08-18.

Kerala is a State Government entity in the sovereign sector. Coupon rates on outstanding bonds range from 6.17% - 8.96%, paid semi annual. Bonds mature between 2027 - 2064.

Data sourced from NSDL, BSE, NSE, and registered credit rating agencies. Verify against the issuer's offer document before transacting.

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02 Debt Profile
Outstanding Bonds
116
Tracked by RetailBonds
Amount Tracked
₹1,776 Cr
Of bonds tracked by RetailBonds — not the issuer's total outstanding debt
Avg Coupon
7.41%
Range 6.17% - 8.96%
Avg Remaining Tenure
16.0 Yrs
Nearest maturity 2027-12
Secured
0%
0 of 0 bonds with known status
Callable
0
Of 116 bonds
Avg Spread vs G-Sec
+110 bps
Credit premium (indicative)

Maturity Profile

Active bonds maturing, by year. Bar height relative to the tallest year (59 bonds).

0 2027: 3 bonds, ₹40 Cr tracked, avg coupon 6.37% 3 2027 2028: 2 bonds, ₹17 Cr tracked, avg coupon 6.88% 2 2028 2029: 1 bond, ₹10 Cr tracked, avg coupon 7.18% 1 2029 2030: 4 bonds, ₹40 Cr tracked, avg coupon 6.98% 4 2030 2031: 4 bonds, ₹47 Cr tracked, avg coupon 6.91% 4 2031 2032: 5 bonds, ₹75 Cr tracked, avg coupon 7.41% 5 2032 2033: 2 bonds, ₹15 Cr tracked, avg coupon 7.18% 2 2033 2034: 7 bonds, ₹111 Cr tracked, avg coupon 7.42% 7 2034 2035: 6 bonds, ₹77 Cr tracked, avg coupon 7.56% 6 2035 2036: 5 bonds, ₹82 Cr tracked, avg coupon 7.31% 5 2036 2037: 2 bonds, ₹50 Cr tracked, avg coupon 7.64% 2 2037 2038: 4 bonds, ₹65 Cr tracked, avg coupon 7.48% 4 2038 2039: 8 bonds, ₹113 Cr tracked, avg coupon 7.54% 8 2039 2040: 4 bonds, ₹62 Cr tracked, avg coupon 7.47% 4 2040 2042+: 59 bonds, ₹972 Cr tracked, avg coupon 7.51% 59 2042+

Security Type / Instrument Mix

  • SDL 116 bonds · 100% · ₹1,776 Cr tracked

Funding Evolution

■ Issued that year — Cumulative outstanding (tracked)
2020: ₹116 Cr issued 2020 2021: ₹180 Cr issued 2021 2022: ₹189 Cr issued 2022 2023: ₹360 Cr issued 2023 2024: ₹325 Cr issued 2024 2025: ₹261 Cr issued 2025 2026: ₹344 Cr issued 2026 Cumulative: ₹116 Cr Cumulative: ₹296 Cr Cumulative: ₹485 Cr Cumulative: ₹845 Cr Cumulative: ₹1,171 Cr Cumulative: ₹1,432 Cr Cumulative: ₹1,776 Cr

Based on 116 of 116 active bonds with a known issue date and issue size.

03 Credit Profile
  • Unrated 116 bonds · 100%

Recent Rating Actions

2026-08-18 · CRISIL
D
Reaffirmed
2026-06-26 · CRISIL
Other
04 Outstanding Bonds View all bonds →
ISIN Bond Name Coupon Rating Maturity YTM Last Trade
IN2020200290 672KL27 6.72% 2027-12-31
IN2020200225 622KL27 6.22% 2027-12-31
IN2020200233 617KL27 6.17% 2027-12-31
IN2020200134 673KL28 6.73% 2028-12-31
IN2020200266 702KL28 7.02% 2028-12-31
IN2020190178 718KL29 7.18% 2029-12-31
IN2020200118 655KL30 6.55% 2030-12-31
IN2020200019 791KL30 7.91% 2030-12-31
IN2020190228 684KL30 6.84% 2030-12-31
IN2020200092 663KL30 6.63% 2030-12-31
IN2020210109 697KL31 6.97% 2031-12-31
IN2020240205 708KL31 7.08% 2031-12-31
IN2020210018 678KL31 6.78% 2031-12-31
IN2020210042 681KL31 6.81% 2031-12-31
IN2020200027 810KL32 8.10% 2032-12-31
IN2020220116 763KL32 7.63% 2032-12-31
IN2020210208 731KL32 7.31% 2032-12-31
IN2020200316 682KL32 6.82% 2032-12-31
IN2020210182 717KL32 7.17% 2032-12-31
IN2020250139 752KL33 7.52% 2033-12-31
IN2020210026 684KL33 6.84% 2033-12-31
IN2020220017 785KL34 7.85% 2034-12-31
IN2020230222 739KL34 7.39% 2034-12-31
IN2020220124 764KL34 7.64% 2034-12-31
IN2020220041 767KL34 7.67% 2034-12-31
IN2020210190 742KL34 7.42% 2034-12-31
IN2020210125 704KL34 7.04% 2034-12-31
IN2020210034 696KL34 6.96% 2034-12-31 7.78% 2026-08-10
IN2020230206 776KL35 7.76% 2035-12-31 7.91% 2026-07-08
IN2020200035 896KL35 8.96% 2035-12-31
IN2020220025 785KL35 7.85% 2035-12-31 7.12% 2026-07-08
IN2020210141 686KL35 6.86% 2035-12-31
IN2020240213 712KL35 7.12% 2035-12-31
IN2020200324 682KL35 6.82% 2035-12-31
IN2020230271 749KL36 7.49% 2036-12-31
IN2020240031 736KL36 7.36% 2036-12-31
IN2020250311 768KL36 7.68% 2036-12-31
IN2020210166 705KL36 7.05% 2036-12-31
IN2020210158 699KL36 6.99% 2036-12-31
IN2020230123 747KL37 7.47% 2037-12-31
IN2020260021 781KL37 7.81% 2037-12-31 7.81% 2026-08-19
IN2020230180 762KL38 7.62% 2038-12-31 7.03% 2026-07-08
IN2020220033 776KL38 7.76% 2038-12-31 7.80% 2026-07-08
IN2020230081 736KL38 7.36% 2038-12-31
IN2020240296 717KL38 7.17% 2038-12-31
IN2020230115 747KL39 7.47% 2039-12-31 7.35% 2026-07-08
IN2020240015 749KL39 7.49% 2039-12-31
IN2020220181 783KL39 7.83% 2039-12-31
IN2020230149 745KL39 7.45% 2039-12-31
IN2020250238 764KL39 7.64% 2039-12-31
Compare (/) Compare Bonds

YTM and Last Trade depend on secondary-market volume — shown only for bonds with a recorded BSE/NSE trade.

05 Market Activity

Last 30 days, across all outstanding bonds from this issuer.

Traded Value (Last 30 Days)
₹0.0 Cr
Number of Trades (Last 30 Days)
16
Avg. Yield (Last 30 Days)
8.06%
06 Regulatory Filings
Credit Rating Rationale
07 Methodology & Data Coverage
DatasetCountFreshness
Credit Ratings (current) 0
Rating Actions History 2 2026-08-18
Secondary-Market Trades 105 2026-08-27
Reg52(4) Payment Disclosures 0

Methodology version 1.0. See full methodology for sources and limitations.

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Disclaimer: This page aggregates publicly available data about Kerala for informational purposes only. Ratings shown are the opinion of the issuing rating agency and are not buy/sell recommendations. RetailBonds.in does not issue its own ratings or investment advice. Verify all data against the issuer’s offer document before transacting.