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Informist, Friday, Nov. 21, 2025

 

By J. Navya Sruthi and Vaishali Tyagi

 

MUMBAI – Secondary market yields on 10-year corporate bonds ended higher by two basis points, tracking a rise in government bond yields on the back of a weaker rupee, dealers said. The yields on shorter tenure bonds are also likely to rise slightly by two to three bps Monday due to the fall in the rupee, they said. Meanwhile, major public sector companies have lined up big-ticket bond issuances next week ahead of the Reserve Bank of India's Monetary Policy Committee meeting.  

 

"Ten-year bond yields moved up by 2 bps because of the rupee," a dealer at a brokerage firm said. Yields on the 10-year National Bank for Agriculture and Rural Development bond ended at 7.16-7.18% Friday, against 7.15-7.16% Thursday. "Bonds (prices) will be bearish and can see selling pressure (on weak rupee)," another dealer said.

The rupee declined 78 paise, the most in a day since May 8, to a record closing low of 89.4800 a dollar. The rupee touched a lifetime low of 89.4950 during the day. The yield on the 10-year benchmark gilt 6.48%, 2035, rose to 6.52% from 6.49% Thursday.

 

Meanwhile, major public sector companies have lined up big-ticket issuances next week. Power Finance Corp.,  Small Industries Development Bank of India, and National Bank for Agriculture and Rural Development plan to raise up to 190 billion rupees on Tuesday. Power Finance Corp. plans to raise up to INR 60 billion through two bonds, while SIDBI and NABARD plan up to INR 60 billion and INR 70.00 billion, respectively Tuessday.

 

"With currency under pressure, the expectation of a rate cut has become very low. On top of that, so many issuances. Everything put together will bring bond yields under tremendous pressure," a fund manager at a mutual fund house said. 

 

In the primary market, companies issued bonds worth INR 14.98 billion Friday, higher than INR 10.50 billion raised Thursday. Monday, issuances aggregating to INR 28.70 billion are scheduled. Aditya Birla Capital plans to raise up to INR 3.0 billion and Cholamandalam Investment and Finance Company plans to raise up to INR 10.0 billion. Other issuers on Monday include Finkurve Financial Services, Kosamattam Finance, SK Finance, and Anzen India Energy Yield Plus Trust.

 

In the secondary market, deals aggregating to INR 134.47 billion were recorded Friday on the National Stock Exchange and BSE combined, marginally higher than INR 132.01 billion Thursday. Private sector banks were on the selling side along with major mutual fund houses and a few insurance companies, dealers said.  

 

Papers issued by Vivriti Capital, Earlysalary Services, REC, Indian Railway Finance Corp., Krazybee Services, Shri Ram Finance Corp., Akara Capital Advisors, Anand Rathi Global Finance, Indel Money, Keertana Finserv, The Andhra Pradesh Mineral Development Corp., Ambium Finserve, Muthoottu Mini Financiers, Hinduja Leyland Finance, Telangana State Industrial Infrastructure Corp., Muthoot Capital Services, and Navi Finserv were traded the most on exchanges Friday.

 

UDAY BONDS

In the secondary market, two Ujwal DISCOM Assurance Yojana bonds aggregating to INR 8.10 million were traded, according to data on the RBI's Negotiated Dealing System-Order Matching system Friday.

 

* INR 5.60 million of Tamil Nadu's 8.24%, 2028 bond was dealt at 7.119%

* INR 2.50 million of Telangana's 7.81%, 2027 bond was dealt at 7.5958%

 

BENCHMARK LEVELS FOR CORPORATE BONDS

 

Tenure	Friday	Thursday
Three-year	6.74-6.76%	6.74-6.75%
Five-year	6.85-6.87%	6.85-6.86%
10-year	7.16-7.18%	7.15-7.16%

 

End

 

Edited by Saji George Titus

 

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