Primary bond offerings by domestic issuers declined by 1.9 per cent to $ 40.3 billion in the first nine months of 2014 from $ 41.1 billion a year ago, despite a 26.2 per cent drop in the number of new issuances.
Total proceeds, however, in the third quarter of 2014 jumped 81.9 per cent from the second quarter of 2014 ($ 10.2 billion and grew 316.8 per cent from third quarter of 2013), according to numbers collated by financial data provider Thomson Reuters.
Domestic companies tapping the offshore US dollar-bond market totalled $ 11.7 billion during the first nine months of the year, up 14.3 per cent at $ 10.2 billion in the year-ago period.
The financial services sector led the issuance chart with 62.2 per cent of the market, despite a 3.8 per cent dip in proceeds compared to the total raisings in the same period last year at $ 26.0 billion. This is the lowest first nine months period for the sector since 2009 when proceeds fell to $ 16.8 billion, the data showed.
Bond sales by the energy & power sector touched $ 7.4 billion, up 3.4 per cent, which was the highest-ever for the sector. The sector captured 18.4 per cent of the market share followed by telecoms and high technology with 8.2 per cent and 4 per cent, respectively.
The rupee-denominated bond sales fell 8.8 per cent to Rs 1,64,350 crore during the period, making it the lowest nine months period since 2011 when proceeds dropped to Rs 1,47,920 crore.
The financial sector accounted for 68 per cent of the rupee bonds market with Rs 1,11,730 crore from 251 issues, down 5.2 per cent.