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Informist, Friday, Jul. 10, 2026

 

By Nandini Sinha 

 

MUMBAI – Yields on corporate bonds ended broadly steady Friday with a downward bias as market participants bought and sold papers ahead of the weekend, dealers said. Some insurance companies and banks bought papers along with mutual funds, which were also seen selling papers due to redemption pressure.

 

The yield on three-year bonds issued by the National Bank for Agriculture and Rural Development was 7.33-7.35%, down from 7.35-7.37% Thursday, while the indicative yield on NABARD's five-year bonds was 7.32-7.35%, compared with 7.32-7.34% Thursday. 

 

Papers by oil marketing companies were actively traded Friday in the secondary market. Hindustan Petroleum Corp.'s August 2028 bonds worth INR 40 billion were traded, as were Indian Oil Corp.'s January 2030 papers worth INR 40 billion. "OMCs (oil marketing companies' papers) are always in demand. They are high-quality assets," a dealer at a state-owned bank said. 

 

Banks were more active in the Indian government securities and short-term debt markets this week, according to market participants. They were less active in corporate bond markets as they found the yields on Indian government bonds better. Banks actively traded in the short-term debt market owing to rollover pressure, traders said.

 

In the secondary market, deals worth INR 117.69 billion were recorded on the National Stock Exchange and BSE combined Friday, up from INR 105.99 billion on Thursday. Papers issued by Hindustan Petroleum Corp., Bajaj Finance, Indian Oil Corp., Power Grid Corp. of India, and Hyderabad Metropolitan Development Authority were actively traded. 

 

Bonds worth INR 9.75 billion were issued Friday, nearly triple the issuances worth 3.35 billion Thursday. On Monday, Tata Power Co. plans to raise INR 15 billion through the issuance of five-year bonds. Nomura Fixed Income Securities will seek bids for INR 3 billion through the issuance of bonds maturing in August 2028.

 

Globe Fincap will tap the market to raise up to INR 3 billion through the issuance of two bonds with different maturities, while InCred Financial Services will seek bids for INR 1 billion through the reissue of the 8.80%, June 2028 bonds.

 

Corporate bond traders will track developments in the US-Iran conflict over the weekend for their positions on Monday. "Hopefully, the (corporate bond) levels will be better. But can't say much. If it's (US President Donald) Trump, then even two days is a lot," the dealer at the public sector bank said. 

 

UDAY BONDS

In the secondary market, four Ujwal DISCOM Assurance Yojana bonds worth INR 304.60 million were traded on Friday, according to data on the RBI's Negotiated Dealing System-Order Matching System.

 

* INR 100 million of Telangana's 7.81%, 2027 bond was dealt at 6.6702%

* INR 75 million of Jammu and Kashmir's 8.48%, 2029 bond was dealt at 7.3932%

* INR 70 million of Chhattisgarh's bond was dealt at 7.4895%

* INR 59.60 million of Telangana's 8.04%, 2030 bond was dealt at 7.3899%

 

BENCHMARK LEVELS FOR CORPORATE BONDS:

Tenure	Friday	Thursday
Three-year	7.33-7.35%	7.35-7.37%
Five-year	7.32-7.35%	7.32-7.34%
10-year	--	--

 

End

 

Edited by Avishek Dutta

 

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