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Informist, Thursday, Jul. 23, 2026

 

By Nandini Sinha

 

MUMBAI – Yields on corporate bonds ended broadly unchanged Thursday after a volatile trading session as the market tracked the yield on the benchmark 10-year US Treasury note and Brent crude oil price, dealers said. Yields rose in the early trading hours but settled broadly at Wednesday's closing levels on demand for paper from mutual funds.

 

"Today the levels (yields on corporate bonds) were bad, then good, then bad and then ended flat," a dealer at a state-owned bank said. "Crude oil prices had impacted the levels early morning."

 

At 1802 IST, the yield on the 10-year benchmark US Treasury note was 4.7080%. Brent crude oil for September delivery was at $98.94 a barrel.

 

Mutual funds, insurance companies, and banks, including foreign banks, actively bought corporate bonds, dealers said. Some mutual funds were also seen selling paper.

 

"Nobody is interested in long-term (paper). They (market participants) are getting the same levels in three- to five-year papers, so they are going for those. Insurance companies were seen buying NBFC (non-banking finance company) paper," a dealer at a broking firm said.

 

The yield on three-year bonds issued by the National Bank for Agriculture and Rural Development was 7.44%, against 7.45-7.47% Wednesday. The indicative yields on NABARD's five-year and 10-year bonds were unchanged at 7.42–7.43% and 7.50-7.52%, respectively.

 

In the secondary market, deals worth INR 100.72 billion were recorded on the National Stock Exchange and BSE combined, down from INR 106.51 billion Wednesday. Paper issued by Tata Motors Finance, NABARD, SI Creva Capital Services, Indian Railway Finance Corp., and Indian Renewable Energy Development Agency were traded actively.

 

UDAY BONDS

In the secondary market, four Ujwal DISCOM Assurance Yojana bonds worth INR 11.5 million were traded Thursday, according to data on the RBI's Negotiated Dealing System-Order Matching System.

 

* INR 5.00 million of Telangana's 8.04%, 2031 bond was dealt at 7.2922%

* INR 4.00 million of Madhya Pradesh's 8.02%, 2030 bond was dealt at 7.2942%

* INR 2.00 million of Uttar Pradesh's 8.75%, 2030 bond was dealt at 7.1561%

* INR 500,000 of Uttar Pradesh's 8.77%, 2031 bond was dealt at 7.2234%

 

BENCHMARK LEVELS FOR CORPORATE BONDS:

Tenure	Thursday	Wednesday
Three-year	7.44%	7.45-7.47%
Five-year	7.42–7.43%	7.42-7.43%
10-year	7.50-7.52%	7.50-7.52%

 

End

 

US$1 = INR 96.56

 

Edited by Rajeev Pai

 

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