NSE Indices launches India’s first Municipal Bond Index

NSE Indices launches India’s first Municipal Bond Index

Daily Current Affairs   /   NSE Indices launches India’s first Municipal Bond Index

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Category : Business and economics Published on: February 27 2023

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  • The NSE’s index services subsidiary, NSE Indices Limited has launched India’s first ever Municipal Bond Index at a SEBI workshop on Municipal Debt Securities at Bengaluru.
  • The Nifty India Municipal Bond Index tracks the performance of municipal bonds issued by Indian municipal corporations across maturities and having investment grade credit rating.
  • NSE’s bond index will have 28 municipal bonds, which were issued by 10 issuers, as its constituents. The bonds in the index have a credit rating of AA category.
  • There is a thriving municipal bond market in India that has seen a three-fold rise in fund raising since 2017.
  • The index, which will be reviewed quarterly, is computed using the total return methodology including price return and coupon return. The index has a base date of January 1, 2021, and a base value of 1,000.
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