Money market traders said about half a dozen companies planned to raise Rs 9,200 crore in corporate bonds on November 23.

The six companies include Housing Development Finance Corporation (HDFC), Indian Oil Corporation (IOC) and Rural Electrification Corporation (REC).

Of the total, REC is targeting Rs 4,000 crore, including green shoe financing of Rs 3,500 crore with a tenor of 180 months. Bidding for the REC bonds will be conducted on the national stock exchange bidding platform. The IOC has set a target of Rs 2,500 crore, including a five-year green shoe bond of Rs 1,500 crore.

HDFC bonds have a fixed coupon of 7.79%, HDFC Credila Financial Services has a fixed coupon of 8.17%, and ICICI Home Finance Co Ltd has a fixed coupon of 7.95%, according to market participants.

Bidding for all these bonds will be conducted on the bidding platforms of NSE and BSE. Money market traders said that most companies had raised money in the bond market over the past few days as demand for credit rises and to meet working capital needs.

Corporate entities raised Rs 3.09 lakh crore in bonds between April and October this year, with July and September seeing the highest issuance, according to the Securities and Exchange Board of India.

Companies and banks raised Rs 77,274.82 crore in April-June, Rs 1.97 lakh crore in July-September and Rs 34,699.38 crore in October. However, traders said that corporate bond issuance is expected to slow in the second half of the fiscal year as interest rates rise.