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Informist, Tuesday, Sept. 9, 2025

By Vaishali Tyagi and Ketaki Patil

MUMBAI – Corporate bond yields in the secondary market were steady Tuesday, as market participants were mostly reshuffling their portfolios and refrained from aggressive bets due to a lack of triggers, traders said. "The market seems dry these days, traders are completely clueless... they (traders) are waiting for some positive news to take aggressive bets,"  a dealer at a brokerage firm said. "We saw some specific requirements from mutual funds and a handful of pension funds... but right now, no big bets are in view."

In the secondary market, deals aggregating INR 105.77 billion were recorded on the National Stock Exchange and BSE combined Tuesday, significantly higher than INR 39.36 billion on Friday. Money markets were shut on Monday for Id-e-Milad. Mutual funds and pension funds were active in longer tenures, on both the buying and selling side, dealers said. Banks and insurance companies bought shorter-tenure bonds, while corporates were largely absent from the market. 

Papers issued by Kerala Infrastructure Investment Fund Board, Muthoot Fincorp, Navi Finserv, Telangana State Industrial Infrastructure Corp., Andhra Pradesh Mineral Development Corp., Sammaan Capital, Small Industries Development Bank of India, National Bank for Agriculture and Rural Development, Keertana Finserv, HDB Financial Services, and Adani Enterprises were traded the most Tuesday.

In the primary market, activity picked up with several companies raising funds aggregating to INR 37.0 billion. 360 One Prime raised INR 3.15 billion through a bond maturing in September 2027. 

On Wednesday, bond issuances aggregating to INR 99.50 billion are lined up. Manipal Hospitals plans to raise INR 53.10 billion and Bajaj Finance up to INR 20.00 billion through bonds. Sundaram Finance has also invited bids to raise INR 10.0 billion through bonds maturing on Sept. 10, 2027. Saya Hi-Tech, Mindspace Business Parks Reit, KPI Green Energy, and Keertana Finserv also plan to raise funds from the corporate bond market. Most of these bonds are short-term. 

Thursday, Indian Renewable Energy Development Agency plans to raise up to INR 5 billion through perpetual bonds. "Response to IREDA's issuance will influence primary market activity in the near future and whether it will pick up or not... and eventually it will impact the activity in the secondary market as well," the dealer quoted above said. 

UDAY BONDS

In the secondary market, Ujwal DISCOM Assurance Yojana bonds aggregating to INR 97.60 million were traded at a weighted average yield of 6.5739-7.3765%, according to data from the RBI's Negotiated Dealing System-Order Matching System Tuesday.

* INR 32.00 million of Jharkhand's 8.62%, 2030 bond was dealt at a weighted average yield of 7.2032%

* INR 14.00 million of Punjab's 8.48%, 2029 bond was dealt at a weighted average yield of 7.1292%

* INR 2.60 million of Rajasthan's 8.39%, 2026 bond was dealt at a weighted average yield of 7.3765%

* INR 7.00 million of Telangana's 7.96%, 2032 bond was dealt at a weighted average yield of 7.0565%

* INR 2.80 million of Tamil Nadu's 7.75%, 2031 bond was dealt at a weighted average yield of 7.0004%

* INR 30.00 million of Uttar Pradesh's 8.49%, 2028 bond was dealt at a weighted average yield of 6.5739%

* INR 9.20 million of Uttar Pradesh's 8.77%, 2031 bond was dealt at a weighted average yield of 7.0007%

BENCHMARK LEVELS FOR CORPORATE BONDS:

End

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

Edited by Saji George Titus

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