India

S Chand and Co has started bookbuilding for its Rp7.3bn ($112.8m) float in India after anchor investors took up 30% of the deal at the top of the marketing range.

IRB InvIT Fund is set to launch India’s first infrastructure investment trust next week, testing the market’s appetite for yield assets with a Rp46.5bn ($727.4m) IPO.

India’s HPCL-Mittal Energy (HMEL) took centre stage on Monday, selling the only international bond from Asia ex-Japan. The 4x covered deal benefited from support from state-owned HPCL, with the bonds trading up by 50 cents in the secondary market.

The top lending group for a dual-tranche borrowing by Vedanta Group has shrunk after one bank dropped out of the syndicate to tie up its portion of the financing bilaterally.

Indian lender Axis Bank has promoted its international loan syndications head to lead the operation globally, according to sources.

India’s Power Finance Corp, which reached out to overseas lenders last month for a $100m-equivalent 10 year borrowing in euros, has failed to attract bids from banks, according to sources.

SBI Life Insurance Co is asking banks to pitch for a role in its India IPO, issuing a request for proposals on Monday.

India’s NTPC opened books for a new offshore rupee offering on Tuesday, the second Masala transaction to hit the market this year.

Kailash Soni is expected to join Goldman Sachs later this year as head of ECM for India, sources close to the matter said.

National Highways Authority of India is preparing investors for a new Masala transaction, the issuer’s first in the offshore rupee market.

The Indian government has hired five firms to run the IPO of state-owned insurer New India Assurance Co, according to a banker close to the situation.

As the perceived European political risk reduced following the results of the first round of French elections, Asian debt markets opened on Monday to a deal from India's HPCL-Mittal Energy (HMEL).