Indian state-owned names are emerging as a dominant force in the loan market, with Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) and Indian Oil all seeking fresh US dollar funding, even as two of them have other loans still in the market, writes Rashmi Kumar. Bankers eyeing the new deals hope that lessons have been learnt from last year so that borrowers do not push for thinly-priced deals — and banks do not agree to them.
HPCL is looking for a three year $300m loan, having issued a request for proposals to banks on December 31. It is giving lenders until January 21 to submit bids, according to bankers who have received the invitation.
While the RFP is straightforward, what has surprised some is that