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Informist, Wednesday, Jun. 25, 2025

 

By Vaishali Tyagi 

 

MUMBAI – Axis Bank has retained its top spot among arrangers of corporate bonds for the fourth consecutive month in May. According to data compiled by Informist, the private sector bank helped raise INR 196.25 billion through 21 deals, including seven solely handled deals for Bajaj Finance, HDB Financial Services, Jio Credit, Mindspace Business Parks, and Poonawalla Fincorp.

 

ICICI Bank climbed to the second spot in May, arranging 31 deals worth INR 96.45 billion. It solely arranged seven deals worth INR 65.45 billion for Tata Capital Housing Finance, Muthoot Finance, HDB Financial Services, Cholamandalam Investment and Finance Co., L&T Finance, and Poonawalla Fincorp.

 

ICICI Bank traded places with HDFC Bank, which slipped to the third spot in May, arranging 19 deals worth INR 91.70 billion. The country's largest private sector bank was the sole arranger for one deal for Sundaram Finance, aggregating INR 12.00 billion.

 

Trust Investment Advisors rose to fourth spot in May from sixth in April, helping mobilise funds worth INR 58.91 billion through 28 deals. These included eight solely handled deals worth INR 40.74 billion.

 

ICICI Securities Primary Dealership retained the fifth spot in May, managing 21 deals and helping raise INR 53.30 billion. Notably, it was the sole arranger for Jio Credit's maiden bond issue. Jio Credit, a subsidiary of Jio Financial Services, raised INR 10 billion through bonds maturing in two years and 10 months at a cut-off yield of 7.19%. The issue received bids worth INR 15 billion, triple the base issue size, with strong interest from mutual funds due to the shorter maturity. 

 

SBI Capital Markets and A.K Capital Services helped raise INR 41.60 billion and INR 35.05 billion, respectively, in May. LKP Securities made a comeback, arranging three bond issuances worth INR 1.50 billion in May, after not arranging any deals in April. Most arrangers jointly participated in big-ticket issuances, including Housing and Urban Development Corp., India Infrastructure Finance Co., Indian Renewable Energy Development Agency, Indian Railway Finance Corp., National Bank for Agriculture and Rural Development, Power Finance Corp., and REC. 

 

Fundraising through private placement of corporate bonds saw a significant year-on-year increase in May, as corporates leveraged ample liquidity in the banking system. According to data compiled by Informist, fundraising through corporate bonds rose nearly a third on year to INR 965 billion in May through the placement of 196 bonds. In the same month last year, corporates placed 238 bonds worth INR 730 billion. However, corporate bond issuances in May slowed from INR 1.03 trillion raised in April.

 

Market participants expect a surge in bond issuances in the coming quarters, driven by a fall in rates due to policy rate cuts by thge Reserve Bank of India. Corporate bond markets are likely to benefit from faster lending rate transmission, as lenders face challenges from high funding costs and intense competition for deposits. According to ICRA, a rate cut scenario favours domestic debt capital market issuances, making bonds a preferred funding source for large, well-rated corporates over bank loans.

 

Following is a list of corporate bond arrangers in order of the quantum arranged in May:

 

ARRANGER	ISSUES ARRANGED (SOLELY OR JOINTLY)	AMOUNT ARRANGED (INR BILLION)
Axis Bank	21	196.25
ICICI Bank	31	96.45
HDFC Bank	19	91.70
Trust Investment Advisors	28	58.91
ICICI Securities Primary Dealership	21	53.30
SBI Capital Markets	12	41.60
AK Capital Services	24	35.05
PNB Gilts	21	17.45
Tipsons Financial Services	9	5.15
Yes Bank	4	4.25
LKP Securities	3	1.45

 

End

 

Edited by Avishek Dutta

 

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