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Informist, Friday, Feb. 13, 2026

By Vaishali Tyagi

MUMBAI – Rates on certificates of deposit and commercial papers were broadly steady from the previous day on Friday, dealers said. The volume of both was down in the secondary market due to need-based activity, they said.

Trading volume in CDs was INR 76.55 billion, down from INR 150.90 billion Thursday. The trading volume in CPs was INR 18.65 billion, down from INR 67.35 billion Thursday.

Rates on three-month and six-month CDs were broadly steady from the previous session at 6.94-7.04% and 6.95-7.02%, respectively. Rates on one-year CDs were also steady at 6.85-6.88%. Investors are showing keen interest due to ample liquidity in the system, dealers said. In the primary market, the National Bank for Agriculture and Rural Development raised INR 23 billion through three-month CDs at 6.97%, dealers said.

Dealers said other deals also took place but those were not confirmed at the time of reporting. Rates were steady as ample primary supply was absorbed by demand, dealers said. "Traders are focusing on CP-CD market over NCDs (non-convertible debentures or corporate bonds), given the liquidity in these segments," a dealer at a brokerage firm said.

Participants from different segments were present in the money market to invest due to ample liquidity in the banking system, dealers said. According to latest data, the net liquidity absorbed from the banking system by the Reserve Bank of India -- a proxy for the liquidity surplus -- rose to INR 3.03 trillion Thursday from INR 2.86 trillion Wednesday.

Rates on commercial papers were firm as aggressive investor demand soaked up heavy supply, dealers said. Non-banking finance companies issued decent volumes, drawing investor interest, market participants said. Rates on three-month CP issued by non-banking finance companies were 7.45-7.50%, broadly in the same range as the previous day.

--Primary market

* NABARD raised funds through CPs

--Secondary market

* Bajaj Financial Securities' CP maturing Monday was traded twice at a weighted average yield of 4.9864%

* Punjab National Bank's CD maturing Tuesday was traded once at a weighted average yield of 5.4509%

The 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 Ashish Shirke

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