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Informist, Wednesday, Jul. 15, 2026

 

By Nandini Sinha

 

MUMBAI – Yields on corporate bonds ended broadly steady Wednesday due to lack of any significant cues, dealers said. The volume in the secondary market rose, even as market participants await more clarity on the geopolitical front amid tensions in West Asia.

 

Corporate bonds maturing in up to three years were actively traded. Mutual funds were seen as the most active participants Wednesday, as they balanced their portfolios.

 

The yield on three-year bonds issued by the National Bank for Agriculture and Rural Development was unchanged at 7.40-7.45%. The indicative yield on NABARD's five-year bonds was also unchanged at 7.42-7.47%.

 

In the secondary market, deals worth INR 113.65 billion were recorded on the National Stock Exchange and BSE combined, against INR 113.55 billion on Tuesday. Papers issued by the Small Industries Development Bank of India, Mahindra & Mahindra Financial Services, NABARD and NTPC Green Energy were traded actively Wednesday.

 

The primary market saw issuances worth INR 46.50 billion on Wednesday. State-run REC raised INR 29.19 billion through bonds maturing on Jul. 1, 2031, dealers said. The power financier set the coupon on the bond at 7.30%. According to the bid book accessed by Informist, the company received 84 bids aggregating to INR 58.44 billion in the coupon range of 7.11-7.45%.  

 

Mutual funds are likely to have been major participants in the REC bond auction, a dealer at a public sector bank said. "Had EPFO (Employees' Provident Fund Organisation) been there, they (REC) would've got better levels. Seems like it was mutual funds," the dealer said.

 

ICICI Home Finance Co. raised funds through the issuance of three-year floating-rate bonds. Poonawalla Fincorp raised INR 2.5 billion through the issuance of bonds maturing on Sept. 26, 2029 at 8.1390%.

 

Very few market participants are slated to tap the corporate bond market Thursday. TVS Motor Co. plans to raise INR 5 billion through the issuance of three-year bonds at 7.30%. HDB Financial Services will seek bids for up to INR 5 billion through the issuance of bonds maturing on Jul. 4, 2031.  

 

Corporate bond issuances are expected to pick up pace towards the month-end, mainly as non-banking finance companies are likely to tap the market due to rollover of commercial papers, a dealer at a private sector bank said. 

 

UDAY BONDS

In the secondary market, four Ujwal DISCOM Assurance Yojana bonds worth INR 119 million were traded on Wednesday, according to data on the RBI's Negotiated Dealing System-Order Matching System.

 

* INR 50 million of Uttar Pradesh's 8.58%, 2031 bond was dealt at 7.10455%

* INR 40 million of Madhya Pradesh's 8.02%, 2030 bond was dealt at 7.2512%

* INR 24 million of Uttar Pradesh's 8.77%, 2031 bond was dealt at 7.11595%

* INR 5 million of Punjab's 8.47%, 2029 bond was dealt at 7.09045%

 

BENCHMARK LEVELS FOR CORPORATE BONDS:

Tenure	Wednesday	Tuesday
Three-year	7.40-7.45%	7.40-7.45%
Five-year	7.42-7.47%	7.42-7.47%
10-year	--	7.43-7.45%

 

End

 

With inputs from J. Navya Sruthi

Edited by Avishek Dutta

 

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