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Informist, Thursday, Nov. 13, 2025

By Vaishali Tyagi

NEW DELHI – Primary issuances in the commercial paper market rose due to increased borrowing from large companies and non-banking financial companies as they flocked to the market to fulfil their rollover requirements for November, dealers said. Primary borrowing through CP on Thursday totalled INR 61.00 billion, higher than 39.75 billion Wednesday. 

Reliance Industries was the biggest CP issuer on Thursday. The company raised INR 40.00 billion through CP maturing at the end of December at 5.90%. Bajaj Finance Securities, Kotak Securities and Godrej Industries were the other issuers. Kotak Securities raised INR 6.25 billion through two CPs maturing in three months. The company raised INR 6.00 billion at 6.64% and INR 250 million at 6.61%. Bajaj Finance Securities raised INR 6.00 billion through three-month CP at 6.65%, while Godrej Industries raised INR 2.25 billion through the issuance of CP maturing in three months at 6.13%. 

Rates in the secondary market were steady due to balanced demand and supply, dealer said. The indicative rates on CP remained unchanged Thursday as demand from issuers was easily met by mutual funds, dealers said. Rates on three-month papers issued by manufacturing companies remained steady at 6.03-6.13%. Rates on papers of similar maturity issued by non-banking finance companies were at 6.65-6.75%, also broadly unchanged from Wednesday. 

Meanwhile, on fundraising through certificates of deposit remained flat Thursday at INR 15.00 billion against previous day. Most banks stayed on the sidelines Thursday after fulfilling their rollover requirements, dealers said. "Very few banks were seen in the market Thursday as there is comfortable liquidity above INR 2.00 trillion mark...very few banks raised funds via CDs to meet specific capital needs, but otherwise, major players were absent," a dealer at a brokerage firm said. Thursday, only two banks raised funds through CDs. Indian Bank raised INR 10.00 billion, while Canara Bank raised INR 5.00 billion. Both state-owned lenders raised funds through three-month CD at 5.95%.

Dealers said indicative rates on CDs remained largely unchanged Thursday. Indicative rates on three-month CDs were 6.00-6.08% on Thursday compared with 5.99-6.07% from Wednesday. Yields on six-month and one-year CDs remained unchanged at 6.20–6.25% and 6.42–6.47%, respectively.

--Primary market

* Reliance Industries, Kotak Securities, Godrej Industries, ICICI Securities, Bajaj Finance Securities, Aditya Birla Money raised funds through CPs

* Indian Bank, Canara Bank raised funds through CD

--Secondary market

* Punjab National Bank's CD maturing on Friday was traded four times at a weighted average yield of 5.1940%

* Jio Credit' CP maturing Friday was traded six times at a weighted average yield of 5.2705%

Following were the volumes, in INR billion, in the secondary market for short-term debt at 1700 IST, as detailed by the Clearing Corp. of India's F-TRAC platform:

End

Edited by Deepshikha Bhardwaj

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