Jio Credit raises ₹1,025 crore in bond sale ahead of RBI review
What's the deal? Jio CreditDealroom has a profile for this one. Try Dealroom → raised ₹1,025 crore (about $107 million) through corporate bonds on Thursday, part of a combined ₹2,520 crore that Indian corporates raised via private placements. The non-banking financial company sold the debt in two tranches: ₹525 crore in three-year bonds at 7.95% and ₹500 crore in five-year bonds at 8.05%.
Who else raised? Fellow issuers included Hero Fincorp, Tata Projects, and NIIF Infrastructure Finance, which raised ₹550 crore through three-year bonds yielding 7.88%. Market sources said cut-off yields were broadly in line with expectations.
Why now? The issuers moved ahead of the Reserve Bank of India's monetary policy review, scheduled for August 3–5, which could shift borrowing costs. Some companies opted to bring forward their borrowing plans before the decision.
The context: July has been quiet for India's debt market, with total issuances just over ₹92,000 crore — a sharp drop from nearly ₹1.2 trillion in June. Participants blame cautious sentiment ahead of the RBI review.
The slowdown followed a weak start to the fiscal year. Indian corporates raised just over ₹1.07 trillion via domestic bonds in April and May, a 58% year-on-year decline and the lowest for a financial year's first two months since FY23. Elevated yields, driven by geopolitical tensions in West Asia, kept many issuers sidelined.
The signal: Jio Credit's raise ranks among the larger debt rounds for Indian fintech, in roughly the 91st percentile of comparable deals. One participant noted a "constructive outlook for well-rated capital and infrastructure bonds," pointing to robust institutional demand even as bank issuance volumes stay flat.
Read more: flipit.money
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