India

The Asia ex-Japan debt market is set to welcome a landmark trade this week, with NTPC marketing India’s first offshore rupee-denominated green bond of up to Rp15bn ($224.6m).

Greenko Investment Company is gearing up to become the first corporate from India to sell a dollar green bond, launching a roadshow in Asia, Europe and the US ahead of a 144A outing next week.

Indian construction firm Dilip Buildcon has kicked off bookbuilding for its potential Rp6.6bn ($98.9m) listing, as local mattress maker Sheela Foam files a draft prospectus for its own IPO.

Indian start-ups are set to receive a boost as the country’s market regulator has proposed a series of changes to improve the process of raising funds on the institutional trading platform (ITP).

Adani Transmission’s maiden $500m bond saw overwhelming demand of more than $5bn on Thursday as the issuer left plenty of money on the table for investors — which was reflected in secondary with the notes tightening 20bp.

NTPC is gearing up for India’s first offshore rupee-denominated green bond, having hired four banks to handle what could be a landmark offering.

Shanghai Fosun Pharmaceutical Group has roped in two lenders for an $800m financing to support its acquisition of Indian firm Gland Pharma.

Export-Import Bank of India took the 144A route for the first time as it builds up its track record in the debt market. It was a masterstroke move for the issuer, as it got away with top notch pricing and saw US investors taking more than 60% of the notes.

Asia has had a good run of green bond issuance this year, but its contribution to global volumes slowed in the second quarter. Market participants are now calling for bigger participation from governments in the region to inject some momentum into an asset class that is facing multiple headwinds. Narae Kim reports.

India appears poised to continue its strong IPO streak as Dilip Buildcon gets ready to launch a Rp6.53bn ($97.5m) trade next week.

India’s cabinet has agreed to raise the foreign shareholding cap on the country’s stock exchanges from 5% to 15%, potentially giving long awaited IPOs a big push.

The Indian debt capital markets came alive on Thursday with two issuers out the gates as Export-Import Bank of India and Adani Transmission launched their respective 10 year dollar bonds.