India

There has been a relentless downward pressure on the pricing of investment grade loans this year, as lenders choose to preserve the size and quality of their balance sheets even in the face of diminishing returns. Unfortunately, respite from margin compression is not coming any time soon, as volumes remain low and banks’ liquidity and hunger for assets show no signs of abating. Shruti Chaturvedi reports.

Shangri-La Asia Treasury is seeking retail participants for a $130m borrowing that will refinance existing debt.

India’s Varun Beverages opened books to its Rp11.1bn ($166.6m) IPO on Wednesday, with anchor investors taking up their full allocation at the top of the price range.

PNB Housing Finance has launched its Rp30bn ($449m) IPO, India’s second largest this year, to an enthusiastic response from anchor investors as the country's FIG names continue to draw interest.

Air India is tapping the syndicated loan market to refinance a $69.065m aircraft purchase facility. The carrier, which reported its first operating profit in a decade in the 2016 fiscal year, is relying on a guarantee from the Indian government to reel in demand.

State Bank of India is getting ready to pick banks for a $750m refinancing, even as it is in the process of wrapping up an increased $500m syndicated facility.

India’s Reliance Industries has asked banks to submit proposals for a new loan to replace a $1.75bn borrowing signed in November 2013.

Delhi International Airport’s decision to launch its bond a month after wrapping up roadshows paid off, with the new 10 year cinching global interest and a more than 6.5x covered book.

The Indian government is looking to add around Rp22bn ($329.6m) to its coffers with a sell down of a portion of its stake in construction company NBCC.

India's Delhi International Airport has launched its second international bond and this time is pushing for a longer tenor.

PNB Housing Finance and Varun Beverages are launching their IPOs in India next week to raise a combined Rp41.1bn ($616.9m).

Central Depositor Services India (CDSL) has won regulatory approval to go public by the end of March 2017, which could see the Bombay Stock Exchange-backed issuer valued as high as Rp14bn ($209.7m).