The value of listed corporate bond private placements by Indian companies rose 50.5% in September from a year earlier, though the six-month total was lower.
Private placements listed on Indian exchanges totaled ₹1.12 trillion in September, Securities and Exchange Board of India (SEBI) data show. The regulator counted 228 issues, compared with 148 in September 2025. From April through September, listed placements totaled ₹4.34 trillion, down 6.9% from the same period a year earlier.
Akshay Naik, Citi’s India head of debt capital markets, told Reuters that “this could be a record year for supply,” barring unexpected volatility. The forecast concerns a broader measure of private placements than the one behind SEBI’s September increase.
Prime Database’s series includes unlisted bonds, while SEBI’s figures cover placements listed on the National Stock Exchange, BSE or both. A record for the broader market would therefore not necessarily mean a record for listed issues.
Reuters reported that analysts said some companies were bringing borrowing plans forward ahead of possible rate increases. The outlet also reported strong investor demand for highly rated debt. The timing may help borrowers secure financing before any further rise in costs, though a future rate move remains uncertain.
Reliance Industries Limited allotted ₹12,000 crore of five-year debentures on Sept. 16 and ₹13,000 crore of 10-year debentures on Oct. 1, according to its exchange filings. The issues carry annual coupons of 7.47% and 7.90%, respectively. Their different maturities mean the coupon gap alone does not show how borrowing costs changed. Both allotments preceded the Reserve Bank of India’s (RBI) Oct. 7 increase in its policy repo rate by 25 basis points to 5.50%.
The RBI is scheduled to publish minutes of its October meeting on Oct. 21. Its next rate-setting meeting is set for Dec. 2–4, with further action dependent on growth and inflation developments.
