Credit Pulse

Three numbers on India's listed corporate bond market, from the data we track: how much of it actually trades, how much comes due in the next year, and which way CRISIL's ratings are moving.

Most Listed NCDs Never Trade

Of 23,855 listed NCDs and PSU bonds outstanding, only 854 (3.6%) recorded a trade on NSE or BSE in the last 30 days, and 1,273 (5.3%) in the last 90. A listing gives a bond an exchange quote; it does not guarantee a buyer or seller on any given day.

Share of bonds in each rating band with at least one trade in 30 days. Active listed NCDs and PSU bonds in the RetailBonds universe; a trade is any NSE or BSE print we recorded. Bands use the current rating we hold for the ISIN; 'No rating on file' means we hold none, not that the bond is unrated.

What Comes Due in the Next 12 Months

5,349 NCDs and PSU bonds in our universe mature over the next twelve months, with a combined original issue size of about ₹7.10 lakh crore.

Active NCDs and PSU bonds in the RetailBonds universe. Amount is the original issue size; bonds with no recorded issue size are counted, not summed.

Which Way CRISIL's Ratings Are Moving

Over the last 13 weeks CRISIL published 292 upgrades and 116 downgrades — 2.52 upgrades for every downgrade. These cover every entity CRISIL rates, including bank-loan ratings of companies with no listed bonds.

CRISIL rating actions only (all rated entities, including bank-loan ratings), not other agencies. 'Not cooperating' counts issuers CRISIL rated on best-available information after they stopped sharing data; these are not confirmed defaults. We track CRISIL from 2026-06-16. Live feed: /ratings.