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

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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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