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Informist, Monday, Sept. 7, 2026

 

By Nandini Sinha

 

MUMBAI – Yields on corporate bonds ended broadly steady Monday, tracking the yields on Indian government bonds, dealers said. Bonds in the 2027 and 2028 segments were traded most actively, dealers said. Mutual funds and banks were the most active buyers and sellers in the secondary market. 

 

Fresh exchange of fire between the US and Iran over the weekend pushed crude oil prices up, with Brent futures for November delivery touching $97 per barrel. Fears of disruptions in energy supply also grew as Iran said it would announce a new restricted zone in the Persian Gulf, according to media reports quoting Mohsen Rezaei, secretary of Iran's Supreme National Security Council. Ships entering the new zone would be added to a sanctions list, reports said.

 

However, corporate bond yields were not impacted much by the rise in crude oil prices, dealers said. "2027 segment was active only," a dealer at a brokerage said. "Nothing major happened in the market today (Monday). G-sec (Indian government securities) is also at yesterday's (Friday) level." 

 

The yield on three-year bonds issued by the National Bank for Agriculture and Rural Development was 7.60% against 7.58–7.60% Friday, while the indicative yield on NABARD's five-year bonds was at 7.70% against 7.68–7.70% Friday.

 

In the secondary market, deals worth a total of INR 100.17 billion were recorded on the National Stock Exchange and BSE, down from INR 158.87 billion Friday. Papers issued by Bajaj Finance, Small Industries Development Bank of India, Tata Capital, Greenko Energy Projects, and Tata Power Renewable Energy were traded actively.

 

Monday, state-owned power financier REC raised INR 5 billion through India's first tokenised bond at 7.30%. The coupon on the bond was in line with expectations, market participants said.

 

Tata Capital has raised INR 30 billion through the issuance of three-year bonds at 8.05%, dealers said. Bajaj Finance has raised INR 20.50 billion through the reissue of the 8.07%, March 2030 bonds, while Bajaj Housing Finance has raised INR 20 billion through the reissue of the August 2031 bonds. GMR Airports' INR-15-billion three-year bonds and Kotak Mahindra Prime's INR-7-billion October 2031 bonds were fully subscribed Monday. 

 

Tuesday, bonds worth INR 95.85 billion are slated to be issued. Aditya Birla Capital has sought bids for up to INR 45 billion through the reissue of four bonds, dealers said. Shriram Finance will seek to raise up to INR 30 billion through the reissue of the 7.80%, September 2029 bond, while HDB Financial Services will seek to raise up to INR 20 billion through the reissue of the 8.05%, August 2029 bond.

 

UDAY BONDS

In the secondary market, eight Ujwal DISCOM Assurance Yojana bonds worth INR 488.60 million were traded Monday, according to data on the Reserve Bank of India's Negotiated Dealing System-Order Matching System.

 

* INR 146.00 million of Punjab's 8.72%, 2031 bond was dealt at 7.6491%

* INR 100.00 million of Uttar Pradesh's 8.45%, 2029 bond was dealt at 7.4800%
* INR 100.00 million of Tamil Nadu's 8.04%, 2029 bond was dealt at 7.0296%
* INR 85.00 million of Uttar Pradesh's 8.77%, 2031 bond was dealt at 7.7200%
* INR 50.00 million of Tamil Nadu's 7.72%, 2029 bond was dealt at 7.0294%
* INR 5.00 million of Tamil Nadu's 8.05%, 2031 bond was dealt at 7.1197%
* INR 2.00 million of Uttar Pradesh's 8.75%, 2030 bond was dealt at 6.9390%
* INR 600,000 of Uttar Pradesh's 8.70%, 2031 bond was dealt at 7.6266%

 

BENCHMARK LEVELS FOR CORPORATE BONDS:

Tenure	Monday	Friday
Three-year	7.60%	7.58–7.60%
Five-year	7.70%	7.68-7.70%
10-year	--	7.70%

 

End

 

US$1 = INR 94.4850

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

 

Edited by Shubhayan Bhattacharya

 

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