Mumbai, Dec. 5 -- Bond issuers have flooded the market with long-term paper ahead of the 5 December Monetary Policy Committee meeting, breaking from past trends amid uncertainty about a rate cut, a weakening rupee, and a high supply of central and state government debt.

Over the past two weeks, financial institutions such as Axis Bank Ltd, Power Finance Corp., Canara Bank, ICICI Bank Ltd, Indian Railway Finance Corp, and ICICI Prudential Life Insurance Co. have issued bonds with a tenure of 10-15 years, collectively raising around Rs.19,600 crore.

"Market participants are wary of whether the yields will come down or not post policy," said Venkatakrishnan Srinivasan, managing partner at Rockfort Fincap, a fixed-income institutional advis...