India Corporate Bonds
Yields steady amid uncertainty on RBI MPC outcome
This story was originally published at 22:22 IST on 14 November 2025
Register to read our real-time news.Informist, Friday, Nov 14, 2025
By Janwee Prajapati
MUMBAI – Corporate bond yields ended steady Friday as traders did not place aggressive bets amid lack of fresh domestic and global triggers, dealers said. Trading activity will remain limited till the Reserve Bank of India's Monetary Policy Committee meeting in December, they said. Market participants will take positions based on the outcome, they said. "Traders were cautious to place aggressive bets amid uncertainty regarding the outcome of the Monetary Policy Committee meet," a dealer at a broking firm said.
Dealers said traders are not taking significant positions, neither buying nor selling, as they do not see any opportunity to take profits. "Traders are on the sidelines, waiting for clearer direction," the dealer quoted above said.
In the secondary market, deals aggregating to INR 74.84 billion were recorded on the National Stock Exchange and BSE combined Friday at 1500 IST, up from INR 46.10 billion Thursday. Trading activity was mixed as banks sold corporate bonds whereas corporations and long-term investors such as insurers and pension funds were on the buying side. Mutual funds were largely absent from the market, dealers said.
Paper issued by HDB Financial Services Ltd., Sundaram Finance Ltd., Muthoot Finance Ltd., National Bank for Agriculture and Rural Development, Bajaj Finance Ltd., Power Finance Corp. Ltd., REC Ltd., Cholamandalam Investment and Finance Co. Ltd., LIC Housing Finance Ltd., Telangana State Industrial Infrastructure Corp. Ltd., and The Andhra Pradesh Mineral Development Corp. Ltd. were traded the most on the exchanges Friday.
In the primary market, companies issued bonds worth INR 5.05 billion Friday, down sharply from INR 38.50 billion Thursday. Monday, issuances aggregating to INR 25.75 billion are scheduled. Aditya Birla Housing Finance Ltd. plans to raise up to INR 5 billion by issuing five-year bonds maturing Nov. 18, 2030. Aditya Birla Capital plans to raise up to INR 4 billion by reissuing bonds maturing May 4, 2035. Jio Credit Ltd. plans to raise INR 5 billion through a five-year bond. JM Financial Services Ltd. plans to raise INR 3 billion through issuance of two bonds of different maturities. Apart from these big issuances, Auxilo Finserve Pvt. Ltd., Keertana Finserv Ltd., and Maithon Power Ltd. have also invited bids to raise funds. A few dealers expect primary market activity to pick up towards the end of November.
UDAY BONDS
In the secondary market, two Ujwal DISCOM Assurance Yojana bonds aggregating to INR 14 million were traded, according to data on the RBI's Negotiated Dealing System-Order Matching system Friday.
* INR 12.00 million of Andhra Pradesh's 7.35%, 2030 bond was dealt at 6.7723%
* INR 2.00 million of Tamil Nadu's 8.04%, 2029 bond was dealt at 6.7050%
BENCHMARK LEVELS FOR CORPORATE BONDS:
Tenure | Friday | Thursday |
Three-year | 6.70-6.73% | 6.71-6.73% |
Five-year | 6.80-6.83% | 6.80-6.82% |
10-year | 7.11-7.14% | 7.11-7.13% |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
With inputs from Aaryan Khanna
Edited by Rajeev Pai
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