India

India is finally set to welcome its first publicly listed infrastructure investment trusts (InvITs), with GMR Infrastructure and IRB Infrastructure Developers having officially asked the Securities and Exchange Board of India for approval to create and list their respective vehicles. But while the first deals are certainly welcome, much more needs to be done for the asset class to have a strong foundation.

A $1.775bn loan for ONGC Videsh, the international arm of India’s Oil and Natural Gas Corp, has attracted commitments from just two lenders in syndication, with the deal due to close by the end of this week.

India’s National Stock Exchange (NSE) has relented to listing on a rival bourse, but on the condition that regulatory disclosures are made to an independent third party rather than the competitor exchange.

Hindustan Petroleum Corp (HPCL) has launched a $465m 21 month refinancing into general syndication with three participation levels on offer.

Indiabulls Real Estate is moving forward with its plans to reduce its offshore borrowings and is in the market with an up to $50m buy-back of its dollar bond.

GMR Infrastructure and IRB Infrastructure Developers are seeking separate approvals from India’s stock market regulator to launch the country’s first publicly listed infrastructure investment trusts (InvITs).

Barclays has made Sushir Lohia head of global finance and risk solutions (GFRS) for Asia Pacific, according to an internal memo seen by GlobalCapital Asia.

Chinese pharmaceutical company Hutchison China MediTech (Chi-Med) has picked a quartet of co-managers for a $100m listing on the Nasdaq.

The Bombay Stock Exchange (BSE) has tapped Edelweiss Financial Services as the lead underwriter for its IPO in India that could raise as much as $200m at the end of the year.

One of the four lenders on Tata Communications’ latest $250m club loan is selling down some of its hold, launching the trade into syndication at four levels.

Export-Import Bank of India (India Exim) is considering selling a renminbi-denominated bond in China’s domestic market in the first half of the year.

Indian refiner Hindustan Petroleum Corp (HPCL), which in December picked five banks to supply a $465m 21 month refinancing, is set to open the transaction to retail lenders next week.