Corporate Bond Yield Curve
Rising interest rates to mute bond issuance this fiscal, says report
Corporate bond issuance is likely to remain muted witnessing 4-5 per cent growth this fiscal to touch Rs 41.42 lakh crore on rising coupon rates, despite the drawdown more than doubling in the second quarter, a report said. Bond sales more than doubled to Rs 2.1 lakh crore in the second quarter from the first quarter, when it was at a multi-year quarterly low of Rs 1 lakh crore, as banks issued bonds worth an all-time high of Rs 53,900 crore, and NBFCs, traditionally largest players in the market, issuing securities worth Rs 1.1 lakh crore in Q2, according to an analysis by Icra Ratings. Non-banking lenders have remained the largest issuers of bonds with a share of 47 per cent in the first half, followed by corporates and banks at 33 and 20 per cent, respectively, down from 50, 40 and 10 per cent, respectively from H1FY22, according to the report. Thanks to bumper sales in Q2, the overall bond issuances rose to Rs 3.3 lakh crore in the first half, and the agency expects Rs 3.7-4.2 .
 "Rising interest rates to mute bond issuance this fiscal, says report")
Govt, corporate bond yield spread to widen on rising supply: Analysts
The spread between Indian government bond yields and their corporate counterparts is expected to widen in the second half of this year
 "Govt, corporate bond yield spread to widen on rising supply: Analysts")
After hitting a new high in 2017, corporates cut back on bonds in 2018
In 2017, companies had raised record Rs 1.8 trillion from the bond market through 528 issuances
 "After hitting a new high in 2017, corporates cut back on bonds in 2018")
Cash squeeze inverts country's corporate bond yield curve
Seasonal demand from mutual funds for three-year corporate debt is aggravating the credit curve inversion
 "Cash squeeze inverts country's corporate bond yield curve")
