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Informist, Tuesday, Sept. 15, 2026

 

By Nandini Sinha

 

MUMBAI – Yields on corporate bonds ended higher Tuesday, tracking yields on Indian government bonds, dealers said. India's retail inflation, which rose to a 20-month high of 4.82% in August, and elevated crude oil prices also weighed on investor sentiment. Volume in the secondary market was down at 1500 IST from that seen at the same time Friday due to cautious trading. Indian financial markets were shut Monday for Ganesh Chaturthi.

 

"The (secondary) market was not much active. Participants are not there," a dealer at a brokerage said. Some mutual funds were seen selling papers, while some insurance companies were seen on the buying side. Papers in the three-year and four-year segments were actively traded.

 

Volume remained low due to caution ahead of the US Federal Open Market Committee's policy rate decision on Wednesday, a dealer at a state-owned bank said. "Market has already priced in the rate hike. If all central banks raise the rates, then RBI (Monetary Policy Committee) also has to do it," the dealer said. 

 

The indicative yield on three-year bonds issued by the National Bank for Agriculture and Rural Development rose 10-15 basis points to 7.80-7.85% from 7.70-7.75% Friday, while the indicative yield on NABARD's five-year bonds rose 10 bps to 7.85-7.90% from 7.75-7.80% Friday. The indicative yield on NABARD's 10-year bonds rose to 7.90% from 7.80–7.85% Friday. 

 

The yield on the 10-year benchmark Indian government bond settled at 7.0727% Tuesday, the highest since May 22. At 1725 IST, Brent crude oil futures for November delivery were at $106 per barrel.

 

In the secondary market, deals worth INR 51.49 billion were recorded on the National Stock Exchange and BSE combined, sharply lower than INR 92.59 billion Friday. Papers issued by Manipal Education and Medical Group India, Bajaj Finance, REC, Mangalore Refinery and Petrochemicals, and Aditya Birla Capital were actively traded. 

 

 

On Wednesday, borrowers will seek to raise up to INR 68.95 billion through bond issuances. Canara Bank has sought bids for up to INR 45 billion through the issuance of perpetual, additional tier-I bonds. The issue has a base size of INR 20 billion and a greenshoe option of INR 25 billion. Godrej Industries has sought bids for INR 7.5 billion through the issuance of bonds maturing in March 2032.

 

PNB Housing Finance plans to raise up to INR 6 billion through the issuance of five-year bonds, while Godrej Housing Finance plans to raise up to INR 5 billion through five-year bonds. 

 

Trust Investments will seek to raise up to INR 1.7 billion through the issuance of two bonds with different maturities. 360 One Alternates Asset Management plans to raise up to INR 1.25 billion through the issuance of three-year bonds.

 

Hella Infra Market Retail plans to raise up to INR 1.25 billion through two-year bonds, while Edelweiss Asset Reconstruction Co. plans to raise INR 1.25 billion through the reissue of zero-coupon bonds.  

 

UDAY BONDS

In the secondary market, no Ujwal DISCOM Assurance Yojana bonds were traded on Tuesday, according to data on the RBI's Negotiated Dealing System-Order Matching System.

 

BENCHMARK LEVELS FOR CORPORATE BONDS:

 

Tenure	Tuesday	Friday
Three-year	7.80-7.85%	7.70-7.75%
Five-year	7.85-7.90%	7.75-7.80%
10-year	7.90%	7.80–7.85%

 

End

 

US$1 = INR 95.9550

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

 

Edited by Avishek Dutta

 

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