Bond Baba has been bored. Nothing's happening in the bond markets. Some Reliance Home Finance issue came and instantly listed at 1.5% below the issue price - so if you want to buy the same bonds today you would get a lower price and thus, a much higher yield. See the 15 year Reliance Home Finance Bond that traded at a Rs. 975 today (issue price of Rs. 1,000) which would make the yield 9.7%. (We don . . .