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Informist, Friday, Jan. 17, 2025

By Siddhi Chauhan

MUMBAI – After a week of robust issuances, the short term debt market took a breather on Friday with just INR 37.50 billion issuances through certificates of deposits against INR 82.50 billion on Thursday. 

"This week was quite heavy on the issues side. Those who were in need of funds borrowed at the start of the week," a dealer at a brokerage fund said. This week, till Thursday, INR 172.5 billion was raised through CD while INR 133.27 billion was raised through commercial papers, dealers said. 

On Friday, Canara Bank was the largest issuer of CD, raising INR 20 billion through paper maturing in a year at 7.61%, followed by Indian Bank raising INR 10 billion through the same tenure at 7.62%. On Thursday, Punjab National Bank was the largest issuer, raising a total amount of INR 32.50 billion through two CDs maturing in three months and one year at 7.50% and 7.64%, respectively.

Meanwhile, on the commercial paper segment, no issuances through commercial papers took place. On Thursday, the National Bank for Agriculture and Rural Development was the largest CP issuer, raising INR 20 billion through a three-month paper at 7.53%.

The rates on three-month CPs issued by manufacturing companies were the same from the previous day's level of 7.50-7.60%, dealers said. Similarly, three-month CPs issued by non-banking finance companies were flat at 7.70-7.75%. The rates on the three-month CD were also unchanged from Thursday at 7.55-7.60%.

--Primary market

* No funds were raised funds through CPs.

* Canara Bank, Federal Bank and Indian Bank raised funds through CDs.

--Secondary market

* Punjab National Bank's CD maturing on Feb. 4 was traded twice at a weighted average yield of 7.1998.
* Bajaj Financial Securities Ltd's CP maturing on Jan. 22 was traded twice at a weighted average yield of 7.4975%.

The following were the volumes, in INR billion, in the secondary market for short-term debt at 1700 IST, as detailed by the Clearing Corp. of India's F-TRAC platform:

End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Akul Nishant Akhoury

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