Where the numbers come from

Data sources

• Prices come from NSE's end-of-day file for the capital-market segment. Only bonds that traded that day appear in it, so each bond shows its last traded price and the date of that trade.
• The list of bonds (coupon, face value, maturity) comes from NSE's list of listed debt securities.
• Credit ratings, payout schedules and security details for corporate and PSU bonds come from NSDL's India Bond Info. G-secs, state loans, T-bills and gold bonds are government-backed and shown as sovereign.

Data is refreshed every trading day after NSE publishes its end-of-day prices.

How yields are calculated

NSE bond prices include accrued interest (the interest built up since the last payment). Yields are calculated from that price and the payments a buyer would receive, using the convention each market quotes:

Corporate and PSU bonds

Annualised XIRR on the bond's scheduled interest and principal payments, the method SEBI prescribes for listed corporate bonds. A payment is counted only if a buyer settling the next working day would be on record for it.

G-secs and state loans

Yield to maturity with semi-annual compounding, which is how government bond yields are quoted in India.

T-bills

Discount yield: (100 − price) ÷ price × 365 ÷ days to maturity.

Some tax-free bonds pay a higher coupon to original retail investors. Buyers on the exchange usually don't get that step-up, so yields use the listed base coupon.

When we don't show a yield

• Gold bonds: their price follows gold, not interest rates.
• Bonds maturing within 30 days: a one-paisa price change moves the annualised yield by whole percentage points.
• Bonds with no recent trade or an incomplete payment schedule.

Reading the numbers

• Rating shows the lowest current rating across all agencies that rate the bond, so the list never overstates credit quality.
• vs G-sec is the bond's yield minus the yield of a government bond with the same time to maturity, read off a curve drawn through recently traded G-secs.
• Thin trading: most listed bonds trade rarely and in small lots. A yield marked ! is far outside the normal range and probably comes from a one-off trade. Check the price on your platform before you invest.