Corporate bond issuances fell by around 22 per cent in August, despite easing yields as issuers delayed raising funds awaiting the US Federal Reserve to start cutting interest rates from this month.
Corporates and financial institutions expect yields to fall further and borrowing costs to become cheaper, said market participants. The US Fed is widely expected to cut interest rates by 25 bps in the 17-18 September meeting, marking the start of a downward interest rate cycle.
Indian companies and banks raised 81,238 crore in August against 1.04 trillion in July, according to data by Prime Database.
The overseas bond issuances by corporate also took a hit during the month with only one issuance worth ₹100 crore by Muthoot Microfin during the month.
This story is from the September 11, 2024 edition of Business Standard.
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This story is from the September 11, 2024 edition of Business Standard.
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