India

Bharat PetroResources (BPRL), the overseas arm of Bharat Petroleum Corp that approached lenders for a $300m loan in April, has chosen two banks to arrange the deal.

State Bank of India returned triumphantly to ECM in the country’s largest qualified institutional placement on Tuesday, raising Rp150bn ($2.3bn) even as one investor bid for half of the shares.

A $500m three year borrowing for State Bank of India has been allotted among 21 lenders, eight of which joined during general syndication.

ICICI Bank’s board has approved the sale of part of its stake in ICICI Lombard General Insurance Co via an IPO — the Indian lender’s second such deal following the successful listing of ICICI Prudential Life Insurance Co.

Marble II is looking to raise $500m from a senior secured bond, with fixed income investor meetings set to kick off this week in Asia, Europe and the US.

In this week’s round-up, the Hong Kong Exchange’s USDCNH futures record their second best trading volume on Wednesday, renminbi deposits in Hong Kong increase by 4.1% in April, and China and Germany agree to co-operate on trade and finance.

Dena Bank is seeking shareholder consent to raise up to Rp18bn ($279m) via a qualified institutional placement, India’s latest FIG name to tap equity markets for funding.

The Shenzhen Stock Exchange and Bombay Stock Exchange have signed a memorandum of understanding to promote capital markets co-operation, in a bid to give a fillip to small and medium enterprises and innovative companies.

Indian company JSW Steel is holding talks with banks for a new fundraising for capital expenditure and refinancing. Although the deal is still in the early stages, the preliminary response shows lenders are inclined to support the firm’s expansion plans, thanks to its sound financial performance and commitment to keeping its leverage within reasonable levels, writes Shruti Chaturvedi.

The Securities and Exchange Board of India (Sebi) has put in place disclosure requirements for the issuance and listing of green debt from the country’s borrowers.

The Export-Import Bank of China (Chexim) is set to hold investor calls for a euro fixed rate five year bond and a dollar floating rate three year. India’s Canara Bank, meanwhile, will meet accounts in Asia and Europe for its first dollar outing since 2013.

A $651m loan for Cairn India Holdings was launched into general syndication on Monday, with the deal divided into four portions based on the different purposes of the fundraising.