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Informist, Monday, Nov. 10, 2025

By Vaishali Tyagi

MUMBAI – Yields on corporate bonds moved in a narrow range across tenures in the secondary market Monday, before they closed flat compared to Friday. This was because investors primarily engaged in requirement-based trades, dealers said. Dearth of fresh cues also led to less aggressive bets, they added. Participants shifted their focus to upcoming issuances in the primary market, dealers said.

"Secondary market activity was better in volume terms but in yields term it was like any other day, completely steady as most traders were doing requirement-based trade...as people in market are waiting for (Reserve Bank of India's) policy outcome in December and looking for fresh cues, maybe some data point which can provide some cue to investors," a dealer at a mid-sized brokerage firm said

Investors have adopted a wait-and-watch approach, holding off aggressive bets until economic data provides cues on potential rate trajectory. "For now, the market's steady, with dealers adopting a cautious stance, neither buying nor selling aggressively, which is keeping yields stable," a dealer at a brokerage firm said.

In the secondary market, deals aggregating to INR 105.86 billion were recorded on the National Stock Exchange and BSE combined, higher than INR 78.38 billion on Friday. Mutual funds were actively buying and selling shorter-tenure papers. A handful of insurance companies and corporates were active in buying and selling bonds as per their requirements. Pension funds were largely absent from the secondary market.

The most-traded papers on Monday were those issued by Vivriti Capital, REC, HDFC Bank, Krazybee Services, Akara Capital Advisors, the Andhra Pradesh Mineral Development Corp., Muthoottu Mini Financiers, Sammaan Capital, Telangana State Industrial Infrastructure Corp., and the National Bank for Agriculture and Rural Development.

In the primary market, companies issued bonds worth over INR 14.25 billion Monday, significantly lower from INR 51.50 billion Friday.

On Tuesday, issuances aggregating to INR 57.90 billion are scheduled. Bajaj Finance Ltd. plans to raise up to INR 30.00 billion through the reissuance of September 2030 bonds. SMFG India Credit Co. Ltd. plans to raise up to INR 14.0 billion by issuing bonds maturing on Nov. 10, 2028. JSW Energy Ltd. plans to raise up to INR 2.50 billion through three-year bonds maturing on Nov. 10, 2028. Kotak Mahindra Prime Ltd. and Muthoot Fincorp Ltd. scheduled to borrow funds from the corporate debt market.

UDAY BONDS

In the secondary market, Ujwal DISCOM Assurance Yojana bonds aggregating to INR 24.3 million were traded across four bonds, according to data on the RBI's Negotiated Dealing System-Order Matching System Monday.

* INR 9.20 million of Uttar Pradesh's 8.77%, 2031 bond was dealt at 7.0271%

* INR 3.10 million of Uttar Pradesh's 8.49%, 2028 bond was dealt at 6.4936%

* INR 7.00 million of Telangana's 7.96%, 2032 bond was dealt at 7.1086%

* INR 5.00 million of Telangana's 7.81%, 2027 bond was dealt at 6.4685%

BENCHMARK LEVELS FOR CORPORATE BONDS:

End

With inputs from Kabir Sharma

Edited by Ashish Shirke

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