The National Bank for Financing Infrastructure and Development (NaBFID), a state-owned entity in India, successfully raised ₹4,000 crore through the issuance of 10-year bonds at a cut-off yield of 7.74%. This transaction is particularly significant given the current bond market climate, where many issuers have favored shorter tenors of 2-3 years due to uncertainties stemming from the West Asia crisis and fluctuating daily yields. Venkatakrishnan Srinivasan, founder and managing partner of Rockfort Fincap LLP, emphasized that the decision to tap into the longer end of the curve indicates strong confidence in the market. The entire amount, including the greenshoe option, was accepted at this yield, which is noteworthy as many state development loans (SDLs) were auctioned at higher rates, with the 10-year Tamil Nadu SDL cut-off around 7.73% and other longer-tenor SDLs priced between 7.80% and 7.85%.