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2025-09-16 17:23:38
[India's Local Government Bond Tenders Remain Active, Yields Stable with Slight Rise] ⑴ Fourteen Indian states raised 184 billion rupees through bond issuances on Tuesday, fully in line with planned targets and demonstrating stable market demand for local government debt. ⑵ The yield caps for bonds issued in Assam and Jammu and Kashmir were set at 7.47%, Goa at 7.39%, and Mizoram at 7.48%, indicating relatively high borrowing costs in these states. ⑶ Notably, Nagaland's bond yield caps were 7.14%, Sikkim at 7.41%, Tamil Nadu at 7.05%, and Telangana at 7.46%. These yield levels reflect differences in fiscal conditions and market acceptance across states. ⑷ Haryana's 14-year and 17-year bond yield caps were 7.43% and 7.45%, respectively, while Jharkhand's 9-year and 16-year bond yield caps were 7.33% and 7.44%, respectively. (5) Odisha's 4-year bond yield cap is 6.77%, and its 15-year bond yield cap is 7.43%. West Bengal's 19-year and 21-year bonds both have yield caps of 7.47%. (6) Maharashtra's 7.18% bond maturing in 2033 has an implied yield of 7.1796%, its 6.74% bond maturing in 2029 has an implied yield of 6.7278%, and its 7.24% bond maturing in 2034 has an implied yield of 7.1998%. These data reflect the pricing of India's local government debt issuance market. Overall yields fluctuate within an acceptable range, demonstrating investor confidence in India's local government debt.
