India's equities market is on its way to a stellar 2017, as prime minister Narendra Modi manages to push out landmark reforms, such as demonetization and the goods and services tax. But is the rally sustainable, and what now for India after its one notch rating upgrade from Moody's? 

The Big Picture

  • India’s Sterling and Wilson Solar preps Rp45bn listing

    Sterling and Wilson Solar, the solar power business of Indian conglomerate Shapoorji Pallonji Group, is eyeing a listing of up to Rp45bn ($648m), having filed a draft prospectus this week.

    • 17 Apr 2019
  • US investors back Shriram again

    Shriram Transport Finance Co turned to US investors on Monday to help seal a $500m high yield bond, just weeks after selling a $400m Reg S trade.

    • 16 Apr 2019
  • Vedanta digs for $1bn dual tranche deal

    Indian metals and mining company Vedanta Resources courted the market on Thursday for its first bond since delisting from the London Stock Exchange late last year. While the delisting raised some questions for investors, the deal ultimately pulled in $1bn for the issuer.

    • 12 Apr 2019
  • Updated: Investors swarm Polycab IPO

    Investor orders surged for Polycab India’s $194m IPO this week, allowing the transaction to close with an order book nearly 52 times subscribed.

    • 10 Apr 2019

Comment

  • India’s rating upgrade: too little, too late

    India rejoiced late last week when Moody’s upgraded the sovereign's rating for the first time in 14 years. The boost has certainly stirred up some positive sentiment around the country and is a great stamp of approval for the numerous reforms it has put in place over the past year. But in reality, it will be business as usual, and the ratings lift will only have a limited impact — unless India thinks big.

    • 22 Nov 2017
  • Indian state IPOs: LIC needs to cut off support

    The IPOs of two Indian government-owned insurance firms have disappointed on their debuts recently, after they were bailed out by a fellow state-backed insurer. The deals are the clearest sign yet that Life Insurance Corp (LIC) needs to stop meddling in government share sales and let the market take its course.

    • 14 Nov 2017
  • This is what India’s Reits and InvITs really lack

    Market participants have lauded India’s latest efforts to encourage bond and equity issuance from real estate and infrastructure trusts, but they should curb their enthusiasm. What the sector really needs is not looser regulation, but a fundamental shift in investor thinking — which may be the hardest challenge of all.

    • 26 Sep 2017

Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 China Merchants Securities Co 26.40
2 Industrial and Commercial Bank of China (ICBC) 20.00
3 China Securities 13.33
4 Agricultural Bank of China (ABC) 12.00
5 Bank of China (BOC) 11.33

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 6,126.98 28 8.97%
2 Goldman Sachs 5,994.79 21 8.78%
3 Morgan Stanley 4,359.35 28 6.38%
4 China International Capital Corp Ltd 3,925.11 17 5.75%
5 UBS 3,727.37 21 5.46%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 12,820.23 113 8.54%
2 JPMorgan 9,032.10 54 6.01%
3 Citi 8,900.47 66 5.93%
4 Credit Suisse 5,896.22 44 3.93%
5 Standard Chartered Bank 5,747.27 53 3.83%

Asian polls & awards

  • GlobalCapital Asia capital markets awards 2018: Investment banks

    In the fourth and final instalment of GlobalCapital Asia’s capital markets awards announcements, find out the Best Asian Investment Bank and the Best Investment Bank in the region for 2018.

  • GlobalCapital Asia capital markets awards 2018: Bonds

    In part three of our results announcements, we reveal the winning bond deals across a variety of categories. In addition, we also name the Best G3 Bond House, Best Local Currency Bond House, Best High Yield Bond House and the debut winner of the Best House for SRI Financing.

  • GlobalCapital Asia capital markets awards 2018: Equities

    In part two of our results announcements, we reveal the winning equity deals and banks, including the Best Follow-on/Accelerated Bookbuild, Best Equity-Linked Deal, Best IPO, Best ECM Deal and Best ECM House.

  • GlobalCapital Asia capital markets awards 2018: Loans

    GlobalCapital Asia has spent the last two months talking to banks and their clients in a bid to determine the most impressive capital markets transactions and advisers across Asia ex-Japan in 2018. We are pleased to begin our awards announcements in the loan market.

  • GlobalRMB awards: Most impressive issuers, best law firm

    In this third part of the GlobalRMB awards, we present our reasons for choosing the best issuers in the FIG, corporate and SSA categories — and praise the strong performance of one well-known foreign law firm.