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Informist, Monday, Oct. 27, 2025

By Vaishali Tyagi

MUMBAI – Yields on corporate bonds in the secondary market ended steady Monday as traders refrained from placing aggressive bets due to lack of fresh domestic or global triggers, dealers said. Trading activity from all entities was limited to portfolio requirement and government bond market also did not lend any cues to the corporate debt market, which led to unchanged yield levels, they added. Yields of most government bonds remained in a narrow range amid muted trade volume due to uncertainty around a trade deal between the US and India, dealers said. 

"Traders returned to the market after a long break (Diwali holidays and weekend) and are reassessing cues on the first day of the week," a dealer at a brokerage firm said. "They are waiting for triggers to take bets, but today there weren't any clear cues and even government bond (yields) stayed in a thin band as there is uncertainty around US-India trade deal."

Market participants said some investors were seen shifting from longer-tenure bonds to shorter-tenure ones. "Today's activity was mostly in shorter-tenure bonds," the dealer quoted above said. Trading may increase in coming days, depending on investor needs. Until then, yields are expected to stay steady with only need-based trades.

Mutual funds were seen buying shorter-tenure bonds as per their requirements, dealers said. A few banks also followed a similar approach for bonds maturing in upto three years, dealers said. Most other participants, including insurance companies, pension funds and corporates, were largely absent from the market, dealers said. In the secondary market Monday, deals aggregating INR 43.94 billion were reported on the National Stock Exchange and BSE combined at 1500 IST, higher than INR 34.99 billion Friday.

Papers issued by Navi Finserv, Vivriti Capital, Ambium Finserve, Telangana State Industrial Infrastructure Corp., IIFL Samasta Finance, UGRO Capital, Kerala Infrastructure Investment Fund Board, Mahindra and Mahindra Financial Services, and Manba Finance were the traded most on exchanges Monday.

In the primary market Monday, activity remained subdued with deals aggregating to over INR 15 billion. On Tuesday, a few companies and an infra trust are in line to issue bonds to raise funds amounting to over INR 19.00 billion. Among large issuances, ONGC Petro additions Ltd., a subsidiary of Oil and Natural Gas Corp. Ltd., plans to raise up to INR 10 billion through the issuance of five-year bonds. Among others, Oriental Infratrust, Edel Finance Co. Ltd. and Progfin Pvt. Ltd. have invited bids to borrow funds. 

UDAY BONDS

In the secondary market, Ujwal DISCOM Assurance Yojana bonds aggregating to INR 220 million were traded across four bonds in single trades, according to data on the RBI's Negotiated Dealing System-Order Matching System Monday.

* INR 170 million of Haryana's 8.21%, 2026 bond was dealt at 7.0000%

* INR 35 million of Uttar Pradesh's 8.49%, 2028 bond was dealt at 6.1392%

* INR 10 million of Tamil Nadu's 8.09%, 2029 bond was dealt at 6.7535%

* INR 5 million of Tamil Nadu's 7.77%, 2030 bond was dealt at 6.8775%

BENCHMARK LEVELS FOR CORPORATE BONDS:

End

With inputs by Aaryan Khanna

Edited by Deepshikha Bhardwaj

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