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Informist, Monday, Feb. 9, 2026

By Vaishali Tyagi

NEW DELHI – Yields on corporate bonds ended steady in the secondary market Monday as trading activity was mixed with mutual funds rebalancing portfolios and other participants carrying out need-based trades, dealers said. Focus shifted to the primary market, where yields remained steady as participants awaited upcoming state-owned entity issuances, limiting movement in the secondary market, dealers said.

Dealers are anticipating a surge in primary market bond issuances, driven by comfortable liquidity in the banking system, which may put pressure on secondary market yields. "This week will see good primary market activity as many key issuers will tap the bond market," a dealer said. 

Wednesday, National Bank for Financing Infrastructure and Development plans to raise up to INR-40-billion ten-year bonds and Housing and Urban Development Corp. Ltd. plans to raise up to INR-15-billion perpetual bonds, while Small Industries Development Bank of India will raise up to INR 80 billion through bonds maturing on Apr. 9, 2029.

In the primary market, deals aggregating to INR 36.40 billion were scheduled Monday. On Tuesday, issuances aggregating to INR 6.50 billion are scheduled. Edel Finance Co. plans to raise INR 3.75 billion through three-year two-month bonds maturing on Apr. 13, 2029. Mufin Green Finance Ltd. plans to raise up to INR 1.25 billion through the issuance of 15-month bonds maturing on May 11, 2027. 

"Market was quiet, and yields were steady as traders were mostly inactive," a dealer at a brokerage firm said. "Activity was there mostly in the shorter segment, particularly 2026 papers is seeing most of the trading activity, mainly driven by mutual funds and insurance companies," a dealer at a brokerage firm said. Overall, trading volume remains low, with trades happening across all tenures but lacking significant momentum, the dealer added.

In the secondary market, mutual funds and insurance companies were seen trading papers across maturities with concentration in shorter-tenure bonds. Pension funds and banks were seen selling across maturities in very low volume. Monday, volume in the secondary market on the National Stock Exchange and BSE combined was INR 80.09 billion, marginally lower than INR 83.47 billion Friday.

Bonds issued by Canara Bank, IIFL Finance, Aditya Birla Capital, HDB Financial Services, Sammaan Capital, Bajaj Finance, Indian Renewable Energy Development Agency, Larsen And Toubro, Kerala Infrastructure Investment Fund Board, National Bank For Agriculture And Rural Development, and Telangana State Industrial Infrastructure Corp. were traded the most.

UDAY BONDS

In the secondary market, one Ujwal DISCOM Assurance Yojana bond was traded Monday, according to data on the RBI's Negotiated Dealing System-Order Matching system.

* INR 150.00 million of Uttar Pradesh's 8.71%, 2028 bond was dealt at 6.4590%.

End

Edited by Deepshikha Bhardwaj

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