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Informist, Wednesday, Nov. 12, 2025

By Vaishali Tyagi

NEW DELHI – Yields on the corporate bonds in the secondary market ended flat after moving in a narrow range on Wednesday, amid limited trading activity due to the absence of significant global or domestic market triggers. Market participants focused mainly on meeting basic portfolio requirements, they said.

Dealers said trading activity will remain limited till the Reserve Bank of India's Monetary Policy Committee meeting outcome in December. Market participants will take positions based on the outcome. Till then, corporate bond yields are expected to stay range-bound. Movement will likely be driven by significant data, but these days, it is mostly demand and supply driving the market. "Participants are not taking aggressive bets in the absence of major cues, with no significant buying or selling pressure," a dealer at a private sector bank said.

India's October inflation came in at 0.25%, but had no impact on corporate bond yields, dealers said. Data, released at 1600 IST, showed India's CPI inflation fell to a record low in October, from 1.44% in September. The print was in line with an Informist poll, which had estimated the figure at 0.3%.

In the secondary market, deals aggregating to INR 40.06 billion were recorded on the National Stock Exchange and BSE combined Wednesday at 1500 IST, lower than INR 64.77 billion on Tuesday. Mutual funds, along with a handful of corporates, were seen selling and buying bonds across tenures, dealers said. Banks and insurance companies were also doing selective trading across tenures. Pension funds were seen largely absent from the market.

"Banks and corporates are doing need-based trades, but mutual funds are the main players here, and they (mutual funds) will keep trading based on requirements and sometimes may take some aggressive positions, but when banks and corporates jump in, we see noticeable movement, but right now, banks are just doing need-based trades," a dealer said.

Papers issued by Vivriti Capital, REC, Godrej Housing Finance, Muthoot Microfin, Vedika Credit Capital, Indian Railway Finance Corp., Krazybee Services, Akara Capital Advisors, Anand Ratji Global Finance, Andhra Pradesh State Beverages Corp., Ambium Finserve, and Muthoottu Mini Financiers were traded the most on exchanges Wednesday.

Dealers said some traders were focused on primary-market issuances, including two key bond issuances by the National Bank for Financing Infrastructure and Development. NaBFID raised INR 41.20 billion through two bonds. The infrastructure financier raised INR 24.60 billion through 15-year bonds at a coupon of 7.15% and INR 16.60 billion through bonds maturing in five years at a coupon of 6.86%. Dealers said the coupons of both issuances were in line with expectations.

In the primary market, companies issued bonds worth INR 68.20 billion Wednesday, higher than INR 57.90 billion on the previous day. On Thursday, issuances aggregating to INR 38.50 billion are scheduled, including INR 25 billion by Tata Capital through two bonds, INR 3.50 billion by Navi Finserv through reissuance of three bonds, INR 7 billion by Mindspace REIT through November 2030 bonds, and INR 3 billion by 360 One Prime through reissuance of June 2027 bonds.

UDAY BONDS

In the secondary market, Ujwal DISCOM Assurance Yojana bonds aggregating to INR 305 million were traded, according to data on the RBI's Negotiated Dealing System-Order Matching System Wednesday.

* INR 300.00 million of Punjab's 8.65%, 2028 bond was dealt at a weighted average yield of 6.4462%

* INR 5.00 million of Uttar Pradesh's 8.14%, 2026 bond was dealt at 6.1817%

BENCHMARK LEVELS FOR CORPORATE BONDS:

End

With inputs from Aaryan Khanna

Edited by Saji George Titus

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