The National Bank for Financing Infrastructure and Development (NaBFID) is developing a credit default swap (CDS) product for infrastructure bonds to expand the corporate bond market. This product, akin to an insurance policy, aims to transfer credit risk and boost investor confidence, particularly for lower-rated bonds. NaBFID is reviewing existing RBI regulations and plans consultations to revive the CDS market, which has previously struggled to gain traction. The initiative is expected to increase participation in the bond market, currently dominated by high-rated issuers.