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Informist, Thursday, Jul. 10, 2025

By Siddhi Chauhan

MUMBAI – Yields on the corporate bonds in the secondary market were steady Thursday as traders resorted to just need based trading amid lack of firm cues on the domestic front, dealers said. Due to little activity from traders, volumes remained muted, they added. 

The yields on the three-year, five-year, and 10-year papers issued by National Bank for Agriculture and Rural Development closed near Wednesday's closing level despite participation from banks and mutual funds, dealers said. 

"Yields are flat, volumes were also muted. Nothing new is happening right now," a dealer at a mid-sized brokerage firm said. "Traders are just churning their portfolios, other than that, there is nothing else." Mutual funds and banks were both seen buying and selling papers with respect to the levels lucrative for them, dealers said. 

Insurance companies were seen purchasing Indian Railway Finance Corp.'s longer tenure bonds due to some requirements, dealers said. However, it did not result in a sharp fall in yields as they were buying in light volumes, dealers said. 

Trade volumes in the secondary market were muted for the fourth consecutive session, with deals aggregating to INR 87.19 billion recorded on the National Stock Exchange and BSE combined at 1800 IST, largely similar to INR 86.28 billion the previous session.

Papers issued by Larsen & Toubro, Rural Electrification Corp, HDFC Bank, Indian Railway Finance Corp., Radiance Renewables and Indian Renewable Energy Development Agency were the traded most on bourses.

In the primary market, Aditya Birla Capital Ltd. raised INR 5.90 billion through the reissuance of a bond maturing Aug. 7, 2028, and set a yield of 7.3018%. The reissue had a base size of INR 2.00 billion and a greenshoe option of INR 8.00 billion. On Friday, Kotak Mahindra Prime Ltd. plans to raise INR 4 billion by issuing bonds maturing on Apr. 10, 2028. Other than Kotak Mahindra Prime, Mangal Credit And Fincorp Limited will also tap the corporate bond market. 

UDAY BONDS

In the secondary market, Ujwal DISCOM Assurance Yojana bonds aggregating to INR 423.10 million were traded at a weighted average yield of 5.9841-6.8800%, data from the Reserve Bank of India's Negotiated Dealing System–Order Matching System showed Tuesday.

* INR 100.00 million of Punjab's Mar. 31, 2029, bond was dealt at a weighted average yield of 6.5001%

* INR 50.00 million of Telangana's Mar. 22, 2029, bond was dealt at a weighted average yield of 6.5200%

* INR 3.00 million of Tamil Nadu's Feb. 22, 2032, bond was dealt at a weighted average yield of 6.7981%

* INR 2.50 million of Tamil Nadu's Feb. 22, 2028, bond was dealt at a weighted average yield of 6.3461%

* INR 1.00 million of Tamil Nadu's Feb. 22, 2031, bond was dealt at a weighted average yield of 6.6981%

* INR 10.00 million of Rajasthan's Mar. 31, 2026, bond was dealt at a weighted average yield of 5.9841%

* INR 150.00 million of Uttar Pradesh's Mar. 21, 2031, bond was dealt at a weighted average yield of 6.8800%

* INR 50.00 million of Uttar Pradesh's Mar. 29, 2031, bond was dealt at a weighted average yield of 6.8800%

* INR 50.00 million of Uttar Pradesh's Jun. 2, 2031, bond was dealt at a weighted average yield of 6.8800%

* INR 6.60 million of Uttar Pradesh's Jun. 2, 2028, bond was dealt at a weighted average yield of 6.2063%

BENCHMARK LEVELS FOR CORPORATE BONDS:

End

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

Edited by Akul Nishant Akhoury

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