India

The recent success of Indian borrowers in the offshore bond market has sparked talk of a revival in issuance from the nation. While abundant market liquidity and the low yielding environment are a boon for issuers in the high beta country, the window is expected to be short lived, writes Narae Kim.

India’s Yes Bank is eyeing Taiwanese liquidity for a $100m term loan that comes with an undisclosed greenshoe option.

India’s IPO market has been on a high recently as investors seek out new and interesting homes into which to park their money, and companies look to take advantage of the growing liquidity. The window for new deals is wide open but if issuers want to succeed, a pragmatic approach to valuations is needed.

The Indian government is setting aside Rp229.15bn ($3.42bn) in additional funds for the 2016-2017 fiscal year to recapitalise its state-owned banks, according to a Ministry of Finance announcement.

ONGC Videsh made an opportunistic move on Tuesday, taking advantage of abundant market liquidity to achieve what some considered an aggressively priced bond. But with expectations high that the window for issuance is short lived, more credits from the high beta country will keep knocking on investors’ doors.

Export-Import Bank of India is set to meet and update investors in Asia, the Middle East and the United States ahead of a proposed 144A trade.

Housing Development Finance Corp added some flavour to the debt market last week, selling the first Masala bond from an Indian corporate. The deal broke new ground, opening a new fundraising channel for the country's borrowers. But it also raises questions about the long-term development of the asset class.

The Securities and Exchange Board of India has issued a consultation paper on real estate investment trusts (Reits) that eases some restrictions, in a bid to get the asset class off the ground.

ONGC Videsh has broken its two year dollar bond hiatus, opening books for a dual-tranche offering split between a 5.5 year and 10 year.

ICICI Prudential Life Insurance Co has kicked off investor education for its September IPO that could raise around $400m, according to a source familiar with matter.

Indian conglomerate Larsen & Toubro is preparing a potential Rp9bn ($134.1m) IPO for its subsidiary L&T Technology Services, just days after pricing the float of one of its other tech units.

India’s Glenmark Pharmaceuticals is looking to make its first foray into the offshore bond market, hiring banks to organise a roadshow this week.