India

State Bank of India launched the first-ever offshore Basel III compliant additional tier one (AT1) bank capital offering from an Indian name on Wednesday, a deal market participants expect to set the pricing benchmark for future Indian lenders from this asset class.

The prospect of the first international bank capital trade from India is closer with State Bank of India on the road this week for a dollar-denominated additional tier one. While it has picked a good window, it needs to get the pricing right or risk derailing the rest of the market.

India’s L&T Technology Services and ICICI Prudential Life Insurance Co have made headlines this week with their respective IPOs, with the former aiming for Rp8.9bn ($132.9m) and the latter Rp60.6bn.

Reliance Sibur Elastomers, a subsidiary of India’s Reliance Industries, has bagged a $330m term loan with a 10 year tenor, marking one of the longest dollar loans in Asia ex-Japan in almost a decade.

A group of 11 Indian banks have a total capital adequacy ratio that is either at or lower than the minimum required by the end of the 2019 fiscal year, according to a report published by Fitch Ratings on Monday.

India’s Motherson Sumi Systems has increased the size of its qualified institutional placement to Rp20bn ($300m) on the back of strong investor interest, despite hitting the market immediately after Yes Bank pulled its transaction.

Asia’s oldest bourse, the Bombay Stock Exchange, has taken a step closer to its highly anticipated IPO, while IRB Infrastructure Developers is preparing to launch India’s first infrastructure investment trust.

Yes Bank has pulled what could have been India's largest qualified institutional placement this financial year, citing extreme volatility in the market.

State Bank of India has mandated seven firms to arrange a dollar-denominated bank capital additional tier one offering — the first deal of its kind from the south Asian country.

Twelve banks, including bulge brackets like Goldman Sachs and Morgan Stanley, are jockeying for pole position on Specified Undertaking of the Unit Trust of India’s (Suuti) planned sell downs.

India’s Yes Bank has bagged as much as Rp66.3bn ($996.7m) from a qualified institutional placement (QIP), the largest so far in the country’s financial year.

Indiabulls Housing Finance raised Rp13.3bn ($200m) from its maiden Masala bond on Wednesday. The trade was the third public offshore rupee deal from an Indian name and more companies from different sectors are set to follow suit, reckon bankers.