India

Invitations are out for a $1.8bn Asian loan that will refinance a US term loan B for Novelis. The launch comes about a month after the firm mandated 10 lenders to arrange the borrowing.

India’s IPO market shone last year with volumes reaching the highest level since 2011. And bankers are optimistic of a similar performance in the New Year too. But while there is a lot to be positive about, there is also plenty that can hold the ECM market back.

BPRL International Singapore (BPRL) is starting the New Year in pursuit of a dollar bond, hiring banks for a roadshow.

The Indian government is aiming to add around Rp10bn ($146.9m) to its coffers from a sell down of shares in Housing and Urban Development Corp, said a banker working on the deal.

India’s two main stock exchanges are set to start 2017 on a positive note, with Bombay Stock Exchange (BSE) likely to launch a $200m deal this month and National Stock Exchange (NSE) bringing a jumbo $1bn IPO in the second quarter.

Robust demand is expected to result in an oversubscription for a dual currency financing to back Indian company Intas Pharmaceuticals’ acquisition of a portfolio of assets in the UK and Ireland.

Sutures India has called for pitches from banks as it prepares to raise more than $100m in an IPO next year, said bankers close to the matter.

School textbook publisher S Chand and Co has submitted a listing application to the Indian regulator, offering new as well as secondary equity.

Indian conglomerate Reliance Group is the latest to file for an infrastructure investment trust listing, announcing plans to raise Rp30bn ($442m).

Gitanjali Gems is seeking to list its wholly-owned subsidiary Nakshatra World in an IPO that will raise up to Rp6.5bn ($95.9m).

Next year’s Asian loan market could see a shift in dynamics as lenders juggle rate hikes and abundant liquidity. Borrowers could also turn away from bonds in favour of syndicated lending, setting the stage for a year of growth, writes Shruti Chaturvedi.

India’s equity capital markets are at their healthiest in half a decade, having emerged from an extended period of lacklustre activity. The country’s positive macro story combined with the diversity of companies on offer means the outlook remains bright for 2017. Jonathan Breen reports.