India

The Asia ex-Japan loan market betrayed little direction in the first quarter and the mood of syndication bankers is one of measured optimism for the year ahead. Bankers are making diversification their new goal and are hunting down opportunities in newer sectors, writes Shruti Chaturvedi.

Bank of the Philippine Islands (BPI) is poised to make its debut in the international syndicated loan market with a $250m fundraising.

Indian non-bank lender Hinduja Leyland Finance has filed a draft prospectus for an IPO that will raise at least Rp5bn ($75m) in primary proceeds.

Infibeam, India’s first e-commerce firm to list, has priced its Rp4.5bn ($67.9m) IPO at the top end of its marketing range, defying criticism about how the deal was executed.

Equitas Holdings has tweaked plans for its potential Rp20bn ($300.3m) IPO, as it works to become the first small finance bank to go public in India.

Adani Transmission has kicked off a series of investor meetings in Asia, Europe and the US to test appetite for an offshore rupee denominated note or Masala bond.

Four lenders are close to being mandated for a $400m fundraising for Maybank, according to sources.

Nameson Holdings is braving the pre-Easter lull with a HK$665m ($86m) Hong Kong IPO, which launched on Thursday with the parent of Japanese clothing chain Uniqlo among its cornerstone investors.

Tata Steel is expected to offer banks a much higher return for a refinancing related to its Canadian operations than it paid for its recently concluded $1.5bn facility, according to sources.

Although sceptics argue that the Indian green bond market is driven more by the government than market forces, most market participants believe the asset class is set to take off over the next 12-18 months due to the country’s insatiable demand — and need — for green projects. Narae Kim reports.

India’s debt capital markets are evolving rapidly. The country’s issuers have been among the first in the emerging markets to adopt green bonds and this year Masala bonds — Indian rupee denominated bonds issued in offshore capital markets — look set for lift off. The country’s onshore bond market could also be set for a fresh flood of foreign interest as state debt becomes Euroclearable. GlobalCapital brought together some of the leading players in the Indian capital markets to give their views on the state of the market, where they see opportunities and the factors that prevent a larger swathe of Indian borrowers from accessing the international bond markets.

India has emerged as one of the few bright spots in the emerging markets over the past year, with the country benefiting from depressed oil prices and a popular prime minister. But even though the Indian economy is withstanding volatility better than others, offshore bond issuance volumes here disappointed. Rev Hui looks into why this is, and finds out if there is cause for optimism.