Indian borrowers forced to rethink pricing as HPCL, TVS loans struggle

By Pan Yue
30 Jul 2020

Two Indian companies have struggled to find demand in syndication for deals that were priced before Covid-19 shut down the country. But bankers are optimistic about the fate of India’s offshore loans market — as long as borrowers accept a rise in funding costs. Pan Yue reports.

Hindustan Petroleum Corp, which mandated Bank of Baroda, State Bank of India and Sumitomo Mitsui Banking Corp for a $300m five year loan in February, has closed the deal with four lenders. Among the three bookrunners, only SMBC managed to sell down its portion — to Sumitomo Mitsui ...

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