Bond Auction

The company is set to issue ₹9,000 crore ($1.01 billion) worth of bonds maturing in two years and in three years and is likely to pay a coupon of 7.25 per cent and 7.35 per cent, respectively

After Maharashtra last week, Tamil Nadu rejects bids for 15-year paper

Six states borrowed Rs 14,900 crore at the weekly auction while Nagaland did not accept bids for its 10-year bond as long-term state bond yields fell sharply this week

In the previous auction, the cut-off yield on 10-year state bonds was set in the range of 7.18 per cent to 7.27 per cent

It has also infused Rs 1.25 trillion through long-term repos, and around Rs 440 billion rthrough a dollar/rupee swap, taking the total infusion to around Rs 2.68 trillion over the last one month

The central bank will conduct Open Market Operation purchase auctions of government securities worth Rs 600 bn ($6.96 bn) in three tranches and hold a 56-day variable rate repo auction for Rs 500 bn

The benchmark 10-year yield was at 6.9649 per cent as of 10:00 a.m. IST after closing at 6.9632 per cent in the previous session

The yield spread between the 10-year government bond and state bonds stood between 34 basis points and 38 basis points

Since July 2021, the RBI has been conducting auctions for bonds, under uniform pricing, except for ultra-long duration bonds maturing in 30 years and beyond

Adani Green and associated firms raised $409 million this month in the conglomerate's first debt sale since a damaging short-seller report last year

The cut-off yield on 10-year papers was set in the range of 7.44 per cent - 7.50 per cent on Tuesday, against 7.36 per cent - 7.41 per cent at the previous auction

Amount higher than scheduled figure of Rs 32,532 crore, a first in seven weeks

The weighted average cut-off of the state securities was unchanged at 7.46 per cent from last week, despite a mild decline in the weighted average tenor to 13 years from 14 years during same period

NBFC firm Navi Finserv on Monday said it plans to raise up to Rs 600 crore through issuance of Non-Convertible Debentures (NCDs) to fund business growth. The total issue size includes a green shoe option of up to Rs 300 crore to retain oversubscription. The secured, rated, listed NCDs will have tenors of 18, 27, and 36 months and offer effective yields between 10.47-11.19 per cent per annum, the company said in a statement. The issue would open for subscription from February 26 onwards, it said. The funds raised through the bond issue will be used for onward lending, financing, loan repayment, and general corporate purposes, it said. This is the third capital raise through NCDs in the last two years by Sachin Bansal-led Navi Finserv.

India's benchmark 10-year yield was at 7.0808% as of 10:00 a.m. IST, following its previous close of 7.0789%

Indian bonds have rallied over the past three months, fueled by overseas inflows ahead of global index inclusion starting June

The union territory of Jammu and Kashmir (J&K) raised Rs 1,100 crore by issuing paper with the longest tenure of 30 years

Spreads widens between 10-yr State & GOI bonds

A Citi spokesperson at that time had said the company did not discriminate against the sector and that it believed it was complying with Texas' law

Cut-off yield highest in FY24 so far