India

A dual currency financing to back Indian company Intas Pharmaceuticals’ acquisition of a portfolio of assets in the UK and Ireland has attracted subscriptions totalling $350m, with banks given another week to commit.

The first two weeks of January have not brought the surge of new issuance that many expected, but the response to bonds so far shows that investors have grown surer of themselves compared to the end of 2016. Market watchers are now hopeful that Chinese New Year will mark the real start for deals, with February expected to bring roaring trade. Morgan Davis and Addison Gong report.

Adani Ports and Special Economic Zone continued the Indian issuer trend this week, grabbing $500m from international investors as Chinese borrowers wait until after the New Year holiday to hit the market.

BPRL International Singapore has paved the way for Indian debt issuers this year, bagging $600m from a well-received debut on Tuesday.

Indian power company NTPC and Malaysia’s Genting Overseas Holding Company are planning their respective debut outings, with the former seeking euros and the latter dollars.

A group of seven lenders opened a $600m loan for State Bank of India to retail participation this week, with three tickets up for grabs.

India’s government is making its divestment process in state-owned firms more transparent by creating two new information-sharing platforms.

India’s Adani Ports and Special Economic Zone and China’s Taikang Insurance Group are drawing investors’ attention to their respective dollar offerings on Wednesday.

Pakistan International Airlines (PIA) has tied up funds totalling $130m via a syndicated loan facility.

Indian oil producer Bharat PetroResources (BPRL) and Hong Kong’s New World Development Company have announced their respective bond offerings after wrapping up roadshows on Monday.

Indiabulls Housing Finance has returned to the loans market for an up to $150m facility. The deal is denominated in yen and dollars, and follows a $200m borrowing sealed late last year.

Bharat PetroResources has become the first Indian issuer to set out plans for a dollar outing this year, with roadshows due to wrap up early next week. With the Chinese New Year holidays expected to keep many mainland issuers at bay, DCM bankers said Indian firms will make up some of the shortfall. Morgan Davis and Addison Gong report.