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Informist, Thursday, Nov. 6, 2025

By Vaishali Tyagi

MUMBAI – Yields on corporate bonds were unchanged in the secondary market Thursday due to lack of fresh domestic triggers, dealers said. Market participants continued to focus on two big-ticket issuances, dealers said. Trading in the secondary market remained limited and based on traders demand, which kept yields steady, they said. 

"As of now, secondary market is mostly steady and traders have no guidance to place bets accordingly," a fund manager at a mid-sized mutual fund house said. "Market participants said investors are buying and selling if they find rates lucrative but there is no aggressive demand."

Dealers said that there was subdued participation which was indicated in lower volumes as participants are holding back for better investment opportunities. "Volumes were good before Wednesday's holiday, but they're declining again, and the market's feeling dull if we talk in yield terms," a dealer at a brokerage firm said. He added that neither domestic nor global cues are there to drive investment interest.

In the secondary market, deals aggregating to INR 89.27 billion were recorded on the National Stock Exchange and BSE combined on Thursday, significantly lower than INR 137.21 billion on Tuesday. Mutual funds were actively buying and selling papers across various tenures, with a more pronounced demand in shorter-tenure papers. Companies and a few banks were active in the secondary market to buy bonds. A handful of insurance companies, along with a handful of pension funds, were active in buying and selling bonds as per their requirments.  

Most traded papers Thursday were those issued by the Vivriti Capital Ltd., Earlysalary Services Pvt Ltd., Housing And Urban Development Corp. Ltd., Krazybee Services Pvt Ltd., Apex Homes Pvt Ltd., and The Andhra Pradesh Mineral Development Corp. Ltd.  

In the primary market, companies issued bonds worth over INR 29.85 billion on Thursday. On Friday, issuances aggregating to INR 51.50 billion are scheduled. NTPC Green Energy Ltd. plans to raise up to INR 15 billion through the issuance of non-convertible debentures maturing on Nov. 12, 2035. The issuances have a base size of INR 5 billion and a green shoe option of INR 10 billion. The coupon will be paid annually. Another big issuance will be by JSW Paints Ltd. which plans to raise INR 33 billion through the issuance of five-year bonds maturing on Nov. 10, 2030. Hinduja Housing Finance and ESAF Small Finance Bank are scheduled to borrow funds Friday from corporate debt market

On the primary issuance front, dealers said issuances were steady in terms of quantum and number, with issuers coming in as needed, but there was no significant surge or bullish momentum driving aggressive issuance.

UDAY BONDS

In the secondary market, Ujwal DISCOM Assurance Yojana bonds aggregating to INR 71.4 billion were traded across five bonds, according to data on the RBI's Negotiated Dealing System-Order Matching System Thursday.

* INR 44.00 million of Uttar Pradesh's 8.75%, 2030 bond was dealt at 7.1009%

* INR 10.80 million of Haryana's 8.21%, 2026 bond was dealt at 6.1376%

* INR 8.50 million of Rajasthan's 8.39%, 2026 bond was dealt at 6.2739%

* INR 5.30 million of Tamil Nadu's 7.78%, 2026 bond was dealt at 6.1647%

* INR 2.80 million of Tamil Nadu's 7.75%, 2031 bond was dealt at 7.0413%

BENCHMARK LEVELS FOR CORPORATE BONDS:

End

With inputs from Aaryan Khanna

Edited by Akul Nishant Akhoury

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