Indian issuers raise over 10,000 crore in a single day through bond sales
HUDCO, PFC and Tata Capital tapped India's debt market on Friday. Issuers are moving before possible rate hikes as the 10-year government yield reaches 7.29%.
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what happened
Indian companies and state lenders tapped the bond market on Friday, with three large deals totaling 8,441 crore and overall single-day volume topping 10,000 crore, Moody's reported. State-run HUDCO sold 2,500 crore of 10-year paper at 7.92%. Power Finance Corporation placed 2,968 crore of 18-month bonds at 8.21% and 2,973 crore of five-year notes at 8.05%.
A dealer at a private firm said the HUDCO deal was likely arranged in advance, since only three big bids arrived for the longer tenor, including ones from LIC and EPFO, which pushed the coupon below 8%. Tata Capital Housing Finance raised 753 crore, while Nirmal Bang Securities brought in 50 crore.
The 10-year government benchmark yield rose 4 basis points to 7.29%, though it stayed under October's peak of 7.50%, according to CCIL. Softer yields and expectations of a December rate increase have driven a wave of issuance over recent weeks.
why it matters
Issuers appear keen to lock in funding before any policy tightening, since higher rates would make new bonds more expensive. The rise in government yields suggests that the earlier decline has partly reversed.
market impact
India corporate bonds: heavy issuance and rising government yields weigh on the segment
tags
instruments
sources
- HUDCO, PFC, Others Raise Over 10k cr Via Bond Sales — Moody's, 14 November 2026 at 04:12 UTC
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