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

  • Yes Bank pockets Rp19bn from QIP

    India’s Yes Bank has raised Rp19.3bn ($271.2m) after issuing a block of primary shares.

    • 16 Aug 2019
  • HDFC makes quick return for $200m

    Housing Development Finance Corp has made a quick return to the syndicated loan market for a $200m borrowing, five months after it sealed a Samurai loan.

    • 16 Aug 2019
  • India seeks bookrunner bids for Fagmil, TCIL divestments

    The Indian government has sent out a pair of request for proposals for banks to lead the IPOs of FCI Aravali Gypsum and Minerals India (Fagmil) and Telecommunications India (TCIL).

    • 15 Aug 2019
  • ‘Pooled bond’ brings foreign investor to Indian NBFCs

    Spanish impact fund Magallanes Impacto and India’s Northern Arc Capital’s joint investment in a Rp1.06bn ($15m) ‘pooled bond’ transaction highlighted foreign investors’ interests in India’s non-banking financial companies (NBFCs), as cash-strapped lenders look for alternative sources of funding. Addison Gong reports.

    • 15 Aug 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 Bank of China (BOC) 19.93
2 Industrial and Commercial Bank of China (ICBC) 13.40
3 China Merchants Securities Co 12.94
4 Agricultural Bank of China (ABC) 7.84
5 China Securities 6.54

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 9,784.84 51 7.39%
2 Goldman Sachs 8,917.01 37 6.73%
3 Morgan Stanley 8,062.73 52 6.09%
4 China International Capital Corp Ltd 7,479.26 47 5.65%
5 UBS 7,365.18 51 5.56%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 22,810.26 200 8.33%
2 Citi 17,061.26 128 6.23%
3 JPMorgan 14,213.30 96 5.19%
4 Standard Chartered Bank 12,123.46 119 4.43%
5 Bank of America Merrill Lynch 10,117.96 78 3.70%

Asian polls & awards

  • GlobalCapital reveals SRI Award nominations

    GlobalCapital has published the nominations for its Sustainable and Responsible Capital Markets Awards. The winners will be announced on September 17, at our Awards Ceremony in Amsterdam.

  • GlobalCapital SRI Awards: poll extended

    In response to requests from market participants, GlobalCapital has extended the closing date of its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants can now vote until July 26.

  • GlobalCapital opens 2019 poll for SRI Awards

    GlobalCapital has launched its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants are invited to participate.

  • GlobalCapital launches Sustainable Financing and Investing Survey

    GlobalCapital is conducting a global research survey on the fast-changing markets for sustainable financing and investing. It will combine the views of issuers and investors to give a nuanced picture of how this trend is changing capital markets for both groups.

  • 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.