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Informist, Wednesday, Oct. 15, 2025

By Vaishali Tyagi

MUMBAI – Yields on corporate bonds in the secondary market ended steady as traders mostly focused on requirement-based trading, dealers said. "Participants from across segments were trading papers across tenures, but yields did not move much since it was mostly specific need-based," a dealer at a mid-sized brokerage firm said. "Overall volume was fine today (Wednesday) in the market, as several trades in longer tenure were also seen, which were seen very less in the last few days." 

Dealers said that traders are focused on primary market activity, as several non-banking financial companies have tapped the bond market, and some key marquee issuers are expected to tap the market in the near term. The activity in the secondary market remained limited to requirement-based trades, which kept the yields steady, they said.

While there was some activity in the secondary market, it was overshadowed by the primary market. "Some bidding took place today (Wednesday), but market participants are cautious, waiting for major issuers to come," the dealer said. "Requirement—based trade cannot move the levels (yield)... for the secondary market, it was a usual day."

In the secondary market, deals aggregating to INR 123.84 billion were reported on the National Stock Exchange and BSE combined Wednesday, slightly higher than INR 101.96 billion on Tuesday. Mutual funds were seen as active on the selling side, along with a handful of banks, dealers said. Insurance companies, pension funds and corporate entities were also present in longer tenure bonds on Wednesday. 

Papers issued by HDB Financial Services, Small Industries Development Bank of India, IIFL Finance, Bajaj Housing Finance, National Bank for Agriculture and Rural Development, Telangana State Industrial Infrastructure Corp., The Andhra Pradesh Mineral Development Corp., HDFC Bank, and REC were traded the most on bourses Wednesday.

In the primary market, companies issued bonds worth INR 60.40 billion Wednesday, significantly lower than INR 194.96 billion raised on Tuesday. On Thursday, issuances aggregating over INR 16.70 billion are scheduled. Adani Transmission Step-Two has invited bids to raise INR 9.95 billion through seven bonds of different maturities. UGRO Capital and Muthoot Capital Services have invited bids to raise INR 1.5 billion each through bonds. Lucina Land Development and Profectus Capital also plan to raise funds through bonds. 

Dealers anticipate a rise in primary corporate bond market activity by the end of the week, driven by upcoming large issuances and the approaching festive season. "Some traders are anxiously waiting for big names, especially PSUs (public sector undertakings) to tap the market," the dealer quoted above said. 

UDAY BONDS

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In the secondary market, no Ujwal DISCOM Assurance Yojana bonds were traded, according to data on the RBI's Negotiated Dealing System-Order Matching System Wednesday.

BENCHMARK LEVELS FOR CORPORATE BONDS:

End

Edited by Saji George Titus

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