India

India’s Glenmark Pharmaceuticals printed its first convertible bond in more than a decade on Tuesday, raising $170m with an unusual offering that managed to pull in decent interest from investors.

Asia’s oldest bourse, the Bombay Stock Exchange, is planning to sell 30% of its share capital in an IPO by the end of the financial year, according to a notice to shareholders.

Indian mortgage lender HDFC has launched a $375m five year loan into general syndication and is poised to receive the entire amount from the leads this week.

Securities and Intelligence Services India has picked a group of four domestic firms to lead its Rp10bn ($150m) listing, according to sources.

Central Bank of India plans to seek shareholder approval for a Rp30bn ($448.7m) equity fundraising slated for the 2016/2017 financial year.

Axis Bank revived Indian green bond issuance this week with the country’s third international deal. Financial institutions are expected to dominate the pipeline for the rest of the year, as the challenge of issuing offshore deters other borrowers, writes Narae Kim.

Jefferies has poached one of India’s top bankers from HSBC to be its head of capital markets for India and southeast Asia.

The RMB lost ground against other global currencies in April 2016, dropping from the fifth to the sixth most used payment currency, according to the latest Swift data. Meanwhile, Swift has seen usage of its platform for RMB securities settlement surge as the Chinese bond market opens to foreign investors.

Details have emerged on the pricing and structure of the latest borrowing by Tata Steel, which will be used to refinance the debt of its Canadian arm.

Indian green power producer ReNew Power Ventures has set in motion plans for an IPO, sending out a request for proposals to lead the deal, according to a source that received the RFP.

The Indian government has shortlisted firms to pitch for leading roles on its sell-downs of National Fertilisers and Rashtriya Chemicals & Fertilisers, according to a notice on the Department of Divestment website.

Asia’s green debt market grew further this week with Axis Bank becoming the third Indian issuer to sell green bonds internationally. Although market participants expect more offshore FIG issuance from the country, there are internal and external headwinds to overcome.