India

India’s Axis Bank is in the market with a five year dollar bullet through its Dubai International Finance Centre branch, wooing the buy-side a year after its debut green bond.

Indian government-owned Cochin Shipyard has started taking orders for an IPO that could add Rp14.7bn ($229m) to the state’s coffers.

Mining company Vedanta Resources is making a rapid return to loans, mandating five banks for a deal of around $500m while simultaneously wooing investors for a dollar bond.

State Bank of India’s new $750m five year financing has been launched into syndication after a 10-strong bookrunner group funded the transaction.

Securities and Intelligence Services India has launched bookbuilding for a potential Rp7.8bn ($121.6m) IPO, securing over a third of the offering with anchor investors.

India’s Azure Power Energy made its debut in the international bond market with a dollar green transaction on Thursday. But the solar power issuer had to pay up to secure $500m in a week that caused difficulties for Indian markets.

Vedanta Resources plans to return to the dollar market with a seven non call four year offering, in parallel with a tender offer for its existing 2019s and 2021s.

The Mumbai branch of HDFC Bank is looking to bag $500m from a syndicated borrowing that was launched at the end of July.

Asian bond investors reclaimed some of their power this week, but the coup was far from bloodless. Three single-B rated issuers were forced to pull planned dollar bonds. Morgan Davis and Addison Gong report.

India’s Nirma is set to hit the US term loan B market for financing to back its bid for Tronox Alkali, a US-based company. The flexibility that comes with selling into an institutional market pushed Nirma to pick a combination of a US TLB and a bond for its acquisition, said bankers.

JP Morgan taps insider for India ECM — Mizuho hires for debt team — ING hires ex-PSE chief for Philippines — StanChart adds to DCM syndicate team — BNY Mellon names Apac DR head

The Securities and Exchange Board of India (Sebi) has suspended the issuance of offshore rupee bonds, after foreign holdings of rupee debt reached 92.7% of the authorised limit. The move will not only derail the Masala market — it could also dampen foreign investor interest in some Indian dollar deals.