Before the rate cut, the rate would have been more than 8.5 per cent. Coupon rates have dropped by 15-20 basis points and, in a couple of cases, more than 30 basis points. On Friday, IL&FS raised 10-year bonds at 8.72 per cent; a couple of weeks ago, it had raised 10-year bonds at nine per cent,"said Ajay Manglunia, senior vice-president (fixed income), Edelweiss Securities. State Bank of Patiala, Power Grid Corporation of India, Rural Electrification Corporation and Power Finance Corporation have lined up bond issuances through private placements in the near future. "There are expectations of further rate cuts, of 50-75 basis points, in 2015. Accordingly, we could see a fall in the cost of borrowing by way of bonds.