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

  • Bandhan Bank impasse to end after Sebi nod

    The impasse at Bandhan Bank looks set to be resolved after the Indian markets regulator waived its lock-up requirement for newly-listed firms, allowing the lender to comply with central bank demands for it to sell shares.

    • 15 Oct 2018
  • Emami cement subsidiary seeks Rp10bn listing

    India’s Emami Cement is planning an IPO that could raise up to Rp10bn ($135.3m), having filed a draft prospectus with the country’s securities regulator.

    • 15 Oct 2018
  • Equity rout adds to pressure on Indian ECM

    A chill wind is blowing through the Indian equity markets that is likely to spill over into next year, as the combination of national elections and a liquidity crunch puts investors off primary offerings. John Loh writes.

    • 11 Oct 2018
  • Sebi gives nods to ASK Investment, Muthoot IPOs

    ASK Investment Managers and microfinance lender Muthoot Microfin have won listing approval from India’s market regulator.

    • 09 Oct 2018

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 18.44
2 Industrial and Commercial Bank of China (ICBC) 15.03
3 CITIC Securities 11.02
4 Agricultural Bank of China (ABC) 10.02
5 China CITIC Bank Corp 9.02

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 15,658.50 72 7.69%
2 Morgan Stanley 13,801.54 62 6.78%
3 Citi 13,609.47 87 6.69%
4 UBS 10,792.88 67 5.30%
5 China International Capital Corp Ltd 10,501.97 40 5.16%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 20,519.35 173 7.48%
2 Citi 20,128.10 129 7.34%
3 JPMorgan 13,463.17 81 4.91%
4 Bank of America Merrill Lynch 12,328.25 77 4.50%
5 Goldman Sachs 11,208.75 54 4.09%

Asian polls & awards

  • 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.

  • GlobalRMB awards: Person of the year, most impressive innovation

    In the final article on our GlobalRMB awards, we talk about the key innovation of the year and highlight the individual that has made the greatest contribution to the development of China’s cross-border capital markets.

  • GlobalRMB awards: Best bank for securities services

    Securities services was one of the most competitive award categories GlobalRMB had to decide this year. Our awards criteria demanded the near-impossible from participating banks: to beat the competition in the fast-changing China access scheme, while at the same time demonstrating a broad client base and the ability to be at the cutting edge of innovation.

  • GlobalRMB awards: Best for ABS, CNH, G3 and Panda bonds

    In GlobalRMB's Best Bank Awards for China DCM, Standard Chartered wins for ABS and CNH, HSBC takes home the G3 Bond House Award, and Bank of China gets kudos as the Best House for Panda bond issuers.

  • Now open! GlobalCapital Asia Capital Market Awards 2018

    GlobalCapital Asia is pleased to invite pitches for our annual capital markets and investment banking awards, rewarding the most impressive transactions and investment banks of 2018.