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 IPOs: ICICI starts strong as HAL holds out hope

    India’s ICICI Securities covered nearly a third of its Rp40.2bn ($617.1m) IPO on the first day of bookbuilding, after the deal was launched with strong support from anchor investors.

    • 23 Mar 2018
  • Mangalore Refinery seeks banks for $410m fundraising

    Indian state-owned Mangalore Refinery & Petrochemicals is looking to meet its free float requirements with a possible Rp27bn ($410m) equity raise.

    • 20 Mar 2018
  • Bandhan Bank to price $686m IPO at the top

    Bandhan Bank is set to price its Rp44.7bn ($685.7m) IPO in India at the top of the indicative range following a blowout response, making it the country’s largest float on record by a bank.

    • 20 Mar 2018
  • REC bond gives fillip to Indian 10yr curve

    Rural Electrification Corp ventured out with a 10 year deal on Thursday, despite recent bonds with the same tenor widening by as much 10bp in the aftermarket. But the Indian issuer was vindicated in its choice, with its notes seeing solid secondary performance.

    • 16 Mar 2018


  • 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 Industrial and Commercial Bank of China (ICBC) 20.05
2 China CITIC Bank Corp 17.18
2 Agricultural Bank of China (ABC) 17.18
2 CITIC Securities 17.18
5 China Merchants Securities Co 9.74

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 7,339.29 24 10.02%
2 Morgan Stanley 7,312.07 18 9.98%
3 Goldman Sachs 6,195.44 21 8.46%
4 China Securities Co Ltd 4,671.86 11 6.38%
5 Bank of America Merrill Lynch 4,196.37 6 5.73%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 7,497.05 60 7.02%
2 Citi 6,013.23 39 5.63%
3 Goldman Sachs 5,687.92 18 5.32%
4 JPMorgan 5,645.64 24 5.28%
5 Bank of America Merrill Lynch 4,896.27 22 4.58%

Asian polls & awards

  • Regional Capital Markets Awards Part IV: Investment Bank

    In the last instalment of our 2017 awards, we present the full write-ups of the winners of Best Asian Investment Bank and Best Investment Bank.

  • Regional Capital Markets Awards Part III: Bonds

    In the third instalment of our 2017 awards, we present the full write-ups of the winners of the Best Local Currency Bond, Best High Yield Bond, Best Financial Bond, Best SSA Bond, Best Investment Grade Bond, Best Project Finance Deal, Best Bond, Best G3 and Local Currency Bond House, and Best High Yield Bond House.

  • Regional Capital Markets Awards Part II: Equities

    In the second instalment of our 2017 awards, we present the full write-ups of the winners for Best Follow-On/Accelerated Bookbuild, Best Equity-Linked Deal, Best IPO, Best ECM Deal and Best ECM House.

  • Regional Capital Markets Awards Part I: Loans

    In the first instalment of our 2017 awards, we present the full write-ups of the winners for Best Investment Grade Syndicated Loan, Best High Yield Syndicated Loan, Best Leveraged/Acquisition Finance, Best Loan and Best Loans House.

  • GlobalCapital Asia regional capital markets awards 2017: the winners

    Over the last two months, GlobalCapital Asia's team has conducted pitch meetings with banks to decide the most impressive capital markets transactions and advisers in Asia in 2017.