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                                                                                 Special Feature
Constant Maturity Yields (CMYs)  for fixed residual maturities estimated from YTMs of all Government bond trades reported to RBI. The monthly CMYs given here provide information on (Indian government) bond yields for several  chosen maturities, like 3 & 6 months, 1/2/5/10/12/15 years. Such CMYs based on marketwide information for the Indian Debt market are not regularly available anywhere else.

Marketwide Yield Curve (MWYC) are also estimated from liquid Govt. bonds which are regularly traded in the secondary market.

Corporate Bond Yield
As the secondary Indian corporate bond market is rather thin, there are no existing barometers of yield and (rating based) spreads derived from actual market-wide tade data. This is a first of its kind effort and should be useful to all looking for trade-based yields and risk-based spreads for the Indian corporate debt market. See also:
http://www.sebi.gov.in/Index.jsp?contentDisp=corpstatus
for developments in the Indian Corporate Bond Market.

  (See Terminology section for details...)

  Click  to view samples of  daily Government and Corporate Bond CMYC & MWYC (for January, 2008).

                       Monthly Average of Constant Maturity Yield for Government Bond-June, 2008
3 mnth
 6 mnth
 1 yr
 2 yr
 3 yr
 4 yr
 5 yr
 7 yr
 10 yr
 12 yr
 15 yr
7.83
 8.57
 8.45
 8.30
 8.63
 8.80
 8.28
 8.42
 8.38
 -
 8.84

                      Monthly Average of Constant Maturity Yield for Corporate Bond-June, 2008
Ratings
 3 mnth
 6mnth 1yr
 2 yr
 3 yr
 4 yr
 5 yr
 7 yr
 10 yr
 12 yr
 15 yr
A
 -
 -
 -
 -
 -
 9.51
 -
 -
 8.75
 -
 -
AA
 9.77
 -
 10.48
 9.29
 9.44
 7.44
 9.37
 10.35
 9.23
 -
 9.68
AAA
 9.45
 -
 -
 9.27
 9.95
 9.52
 9.88
 9.41
 9.73
 9.77
 9.70
Based on data provided by RBI/FIMMDA.