More Stories

Informist, Monday, Jun. 15, 2026

 

By Meera Nair

 

MUMBAI – Yields on three-month certificates of deposit and commercial papers fell as investor appetite improved after Brent crude prices eased after the US and Iran announced a peace agreement, dealers said. Mutual funds stepped up buying papers maturing in the three-month segment, which added to the decline in short-term rates, they said. The three-month segment was most active in both the CD and CP secondary markets on Monday. 

 

"The three-month rates fell sharply today as there were a lot of mutual funds buying in the three-month segment. Crude oil prices getting better also helped the fall in yields," the dealer at a brokerage firm said. "In the coming days, CD rates will go down, especially in the three-month segment, as June is the quarter end. By the month-end, the levels will come down below 70 (6.70%) levels."

 

In the secondary market, yields on AAA-rated CDs fell 10-15 basis points in three-month and one-year segments, while they were unchanged in the six-month segment. Yield on AAA-rated three-month CDs fell 10 bps to 6.70-75% Monday from 6.80-6.85% Friday. Six-month yields were unchanged at 7.20-7.25%, while one-year yields fell 15 bps to 7.45-7.50% from 7.60-7.65% Friday. 

 

Meanwhile, yields on AAA-rated three-month commercial papers issued by non-banking financial companies fell 30 basis points, while those in the six-month and one-year segments were unchanged. Yield on the three-month paper was at 7.05-7.10% Monday, down from 7.35-7.40% Friday. Six-month and one-year were broadly unchanged at 7.50-7.55% and 7.80-7.85%, respectively. 

 

CD issuances rose to INR 88.15 billion as of 1838 IST, from INR 63.90 billion Friday, according to data from the Clearing Corp of India Ltd. Seven banks – ICICI Bank, Axis Bank, Bank of Baroda, Punjab and Sind Bank, DCB Bank, Karur Vysysa Bank, and Ujjivan Small Finance Bank – tapped the primary market to raise funds. 

 

ICICI Bank raised INR 30 billion through an almost four-month CD at a weighted average yield of 6.90%. Bank of Baroda raised INR 30 billion through a three-month CD at a weighted average yield of 6.70%. Punjab and Sind Bank raised INR 9.5 billion at 6.98%, while DCB Bank raised INR 5 billion at 7.32% through three-month papers. 

 

Issuance of CPs fell sharply to INR 86.80 billion as of 1838 IST Monday, from INR 185.87 billion Friday. Issuers included Reliance Retail Ventures, ICICI Securities, Tata Steel, Godrej Consumer Products, Kotak Securities, Tata Communications, HDFC Securities, Muthoot Fincorp, Alembic Pharmaceuticals, Axis Securities, Pilani Investments and Industries Corp. and Grasim Industries. 

 

Reliance Retail Ventures raised INR 33.50 billion through 88-day CPs at a weighted average yield of 6.94%, while ICICI Securities raised INR 9.5 billion at 7.39%, according to data from the Clearing Corp of India. Tata Steel raised INR 7.5 billion at 6.99%, while Godrej Consumer Products raised INR 5.5 billion at 7.12%. 

 

In the secondary market, trading volume of CDs fell sharply to INR 88.15 billion, from INR 194.50 billion Friday, according to CCIL data. Trading volume of CPs also fell sharply to INR 89.35 billion from INR 150.75 billion Friday.

 

--Primary market
* ICICI Bank, Axis Bank, Bank of Baroda, Punjab and Sind Bank, DCB Bank, Karur Vysysa Bank, and Ujjivan Small Finance Bank raised funds via CD.

* Reliance Retail Ventures, ICICI Securities, Tata Steel, Godrej Consumer Products, Kotak Securities, Tata Communications, HDFC Securities, Muthoot Fincorp, Alembic Pharmaceuticals, Axis Securities, Pilani Investments and Industries Corp. and Grasim Industries issued CPs. 

 

--Secondary market

* Union Bank of India's CD maturing Wednesday was traded once at a weighted average yield of 5.55%
* ICICI Securities' CP maturing Tuesday was traded four times at a weighted average yield of 5.30%

 

The following were the volumes, in INR billion, in the secondary market for short-term debt at 1811 IST, as detailed on CCIL's F-TRAC platform:

 

Certificates of deposit		Commercial paper
Monday	Friday	Monday	Friday
88.15	194.50	89.35	150.75

 

 

End

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

 

Edited by Saji George Titus

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2026. All rights reserved.