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Informist, Friday, Feb. 27, 2026

By Vaishali Tyagi

NEW DELHI – Yields on corporate bonds in the secondary market ended steady Friday as market participants shifted their focus to robust activity in the primary market and the upcoming supply of bonds, dealers said. Trading activity in the secondary market was mixed with mutual funds rebalancing portfolios and other participants carrying out need-based trades, they said.

"Traders' main focus was primary market today (Friday), with limited activity in secondary market... infact this whole week primary market activity remained good... investors like pension funds and insurance companies were active in primary market to add fresh supply of bonds in their kitty," a dealer at a brokerage firm said. "For the whole week and even today (Friday), the secondary market was more or less dull."

Several non-banking financial companies, manufacturing companies and state-owned companies raised funds from the debt market this week, and some more have announced plans to raise funds through bond issuances next week.

Dealers said the secondary market was largely steady, with banks and mutual funds conducting requirement-based buying and selling of bonds. Insurance companies and pension funds were absent in the secondary market as they were more active in the primary market, dealers said. The volume of trades in the secondary market was lower, with deals aggregating to INR 93.88 billion being recorded on the National Stock Exchange and BSE combined, against INR 120.15 billion Thursday.

Papers issued by Muthoot Fincorp, Housing and Urban Development Corp., Tata Power Renewable Energy, REC, Kerala Infrastructure Investment Fund Board, Bank of India, Capri Global Capital, HDFC Financial Services, and Andhra Pradesh State Beverages Corp. were traded the most.

In the primary market, bond issuances rose to INR 155 billion from INR 90 billion Thursday. National Bank for Agriculture and Rural Development raised INR 50.55 billion at a coupon of 7.10% through bonds maturing on Mar. 29, 2029. NABARD had planned to raise INR 80 billion but saw poor participation, with mostly arrangers participating in the issue.

Power Finance Corp. Ltd. Friday raised INR 60 billion through two bonds, dealers said.  The power sector financier raised INR 30 billion through two-year bonds maturing on Mar. 2, 2028, at a coupon of 6.96% and INR 30 billion through 10-year bonds maturing on Mar. 3, 2036, at a coupon of 7.31%.

Several state-owned entities, including Small Industries Development Bank of India and Bank of Baroda, are set to raise funds next week. On Monday, over INR 7 billion worth of bonds will hit the market.

UDAY BONDS

In the secondary market, three Ujwal DISCOM Assurance Yojana bonds worth INR 155.18 million were traded Friday, according to data on the RBI's Negotiated Dealing System-Order Matching system.

* INR 100.00 million of Uttar Pradesh's 8.44%, 2029 bond was dealt at 6.8190%

* INR 50.00 million of Uttar Pradesh's 8.63%, 2029 bond was dealt at 6.7933% 

* INR 5.18 million of Haryana's 8.21%, 2026 bond was dealt at 6.1329% 

BENCHMARK LEVELS FOR CORPORATE BONDS

End

Edited by Saji George Titus

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