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Informist, Friday, Apr. 24, 2026

By Nandini Sinha

MUMBAI – Yields on corporate bonds remained elevated as crude oil prices jumped and market participants remained cautious of the fragile ceasefire between the US and Iran, dealers said. "The market sentiment is weak. Crude price touched $106 today," a dealer at a state-owned bank said. Papers with maturities of up to three years were traded the most, dealers said. Few mutual funds sold corporate bonds maturing in 2028-29 (Apr-Mar) due to redemption pressure, while banks and insurance companies bought corporate bonds. 

In the secondary market, yields on three-year bonds of the National Bank for Agriculture and Rural Development were at 7.47-7.49% Friday from 7.45-7.48% Thursday, dealers said. Yields on the five-year bonds of NABARD were up 5 basis points at 7.60-7.65% from 7.55-7.60% Thursday, while the 10-year bonds of NABARD were traded in the range of 7.65-7.68% from 7.63-7.65% Thursday.

Deals aggregating INR 74.83 billion were recorded in the secondary market on the National Stock Exchange and BSE combined Friday, down from 94.32 billion Thursday.

Papers issued by MAS Financial Services Ltd., IIFL Samasta Finance Ltd., Spandana Sphoorty Financial Ltd., Tapir Constructions Ltd., The Andhra Pradesh Mineral Development Corp. Ltd., and Kerala Infrastructure Investment Fund Board were traded the most. 

Bond issuances in the primary market were INR 25.60 billion Friday. Spandana Sphoorty plans to raise up to INR 5 billion, Mahindra and Mahindra Financial Services Ltd. plans to raise up to INR 10 billion, and Keertana Finserv plans to raise up to INR 1.25 billion through issuances in the primary market Monday. HDB Financial Services Ltd. plans to raise up to INR 5 billion, while Godrej Finance Ltd. plans to raise up to INR 1.5 billion Monday in the primary market. 

Small Industries Development Bank of India plans to raise up to INR 60 billion through the issuance of bonds maturing in August 2029 at the auction Tuesday. Market participants expect the cut-off for SIDBI's bonds at 7.50-7.60%. 

"NABARD got it at 7.49%, so we are also expecting in similar band," a dealer at SIDBI said on condition of anonymity. There is not much volatility in the three-year segment and with reversal of VRRR (variable rate reverse repo) and the government's month-end inflows starting from next week, yields on corporate bonds are likely to soften by 3-5 bps," the dealer said. The reversal of VRRR auction worth INR 2 trillion took place Friday, improving liquidity levels in the banking system. 

Public financial institutions are expected to raise around INR 3 trillion through non-convertible debentures in the financial year 2026-27 (Apr-Mar), the dealer quoted in the first instance said. Issuances from public financial institutions such as the Export Import Bank of India and National Bank for Financing Infrastructure and Development are expected in the coming days after the issuances by NABARD and SIDBI, dealers said. 
 

UDAY BONDS

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

BENCHMARK LEVELS FOR CORPORATE BONDS:

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Edited by Akul Nishant Akhoury

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