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Informist, Thursday, Apr. 23, 2026

 

By Nandini Sinha 

 

MUMBAI – A rise in government bond yields and crude oil prices pushed up corporate bond rates Thursday, dealers said. Bonds maturing in up to three years were most traded in the market, they said.

 

The yield on the 10-year benchmark government bond rose nearly 3 basis points to 6.95% Thursday, while the June Brent crude futures touched a near two-week high of $106.15 per barrel amid uncertainty over the fragile ceasefire between the US and Iran. At 1819 IST, the contract was at $101.59 a barrel. 

"More than selling by mutual funds, the rates (on corporate bonds) have risen because there are no buyers," a dealer at a state-owned bank said. "Yields have gone up, but still there were no buyers," a dealer at a private sector bank said. Some mutual funds were also selling corporate bonds as they churned their portfolios, the private-sector bank dealer said. 
 

Market participants are divided over their assessment of the minutes of the Monetary Policy Committee's April meeting, released on Wednesday. The rate-setting panel of the Reserve Bank of India had said that the "supply shock due to disruptions in the Strait of Hormuz would act as a drag on domestic production" in 2026-27 (Apr-Mar).

While some expect no significant impact on the corporate bond market from the war in West Asia, others expect yields to rise as inflation rises. "With regard to MPC minutes, market sentiment is negative. Along with this, crude price has gone up, so have the G-sec (government securities) yields, which will definitely impact corporate bond levels," a dealer from a second private sector bank said. 
 

In the secondary market, yields on three-year bonds of the National Bank for Agriculture and Rural Development were at 7.45-7.48% Thursday, up from 7.35-7.40% Wednesday, dealers said. Yields on the five-year bonds of NABARD were up five basis points to 7.55-7.60% from 7.50-7.55% Wednesday, while the 10-year bonds of NABARD were traded in the range of 7.63-7.65% Thursday, little changed from 7.62-7.67% Wednesday.

 

At 1500 IST, deals aggregating INR 50.46 billion were recorded in the secondary market on the National Stock Exchange and BSE combined Thursday, down from 54.63 billion Wednesday.

 

Papers issued by Edelweiss Housing Finance, Mufin Green Finance, Power Finance Corp., Kosamattam Finance, Kerala Infrastructure Investment Fund Board and Aditya Birla Capital were traded the most. 

 

UDAY BONDS

No Ujwal DISCOM Assurance Yojana bond was traded Thursday, according to data on the RBI's Negotiated Dealing System-Order Matching system.

 

BENCHMARK LEVELS FOR CORPORATE BONDS:

 

Tenure	Thursday	Wednesday
Three-year	7.45-7.48%	7.35-7.40%
Five-year	7.55-7.60%	7.50-7.55%
10-year	7.63-7.65%	7.62-7.67%

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

With inputs from Meera Nair
Edited by Saji George Titus

 

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