India

Indian solar energy producer Azure Power Energy started marketing its debut international green bond on Thursday. The deal was announced two days after another Indian energy firm, Continuum Energy Levanter, pulled its own dollar bond.

Single-B rated bond issuers in Asia got a major setback this week, with three debut credits pulling their planned dollar offerings. There were plenty of reasons for their failures, but bankers say the cancellations reflect a debt market transitioning from one dancing to the tune of borrowers to one being dictated by investors.

India is once again hiring banks for the IPOs of North Eastern Electric Power Corp (Neepco) and MSTC, after the first two requests for proposals went nowhere.

Indian government-owned Cochin Shipyard is set to start bookbuilding next week for its Rp14.7bn ($228.2m) IPO.

Cairn India Holdings has signed new lenders into a $651m loan that had been in general syndication since late May.

Continuum Wind Energy’s subsidiary Continuum Energy Levanter is selling a senior 144A/Reg S bond on Tuesday, adding variety to a busy primary debt market.

The Indian government has given itself another year to meet free float requirements on listed state-owned firms, despite having had since 2014 to wind down its positions. The move illustrates a lax attitude in both the public and private sectors around liquidity and public shareholding levels — an issue that must be remedied.

Securities and Intelligence Services plans to raise Rp7.8bn ($121m) from its IPO in India, with bookbuilding expected to kick off next Monday.

Animal feed and agribusiness firm Godrej Agrovet has filed a draft prospectus with India’s market regulator for its IPO, which is expected in the fourth quarter of 2017, according to a banker close to the deal.

The European Securities and Markets Authority (ESMA) on Thursday announced a new cooperation agreement with the Securities and Exchange Board of India (SEBI), that will secure it information on the ongoing compliance of Indian central counterparties (CCPs) with European Union regulation.

A swathe of Indian insurers are readying IPOs that could raise some $3bn between them in the next several months, riding a resurgent FIG wave in the country. Expectations are running high that more transactions will hit screens in the second half of the year. John Loh reports.

InterGlobe Aviation is planning to hit screens with a Rp49bn ($762m) fundraising as the Indian low cost airline looks to meet public shareholding requirements.