India

Coffee Day Enterprises has priced its Rp11.94bn ($183m) IPO at the top end of guidance, finding more than enough demand from investors. The deal’s success, particularly thanks to interest from institutional accounts, has paved the way for the next big Indian listing as InterGlobe Aviation gets ready to take off.

Tata Motors has launched a $600m dual-tranche refinancing into general syndication, with the borrower keeping the same top-level syndicate as the original fundraising.

Coffee Day Enterprises opened books for its Rp11.94bn ($183m) IPO on Wednesday, after putting roughly a quarter of the trade in the hands of anchor investors. But the caution of the leads appears clear, with the stock allocated to anchors at the middle of guidance.

Activity in Asia’s secondary loan market has picked up over the past few months as banks seek to manage their portfolios more efficiently. This is attracting intermediaries such as fixed income specialist SC Lowy, which has set up a par loan trading business in the region. But while there are opportunities, there are also plenty of challenges holding back growth in the nascent market, writes Shruti Chaturvedi.

Coffee Day Enterprises opened books for its Rp11.94bn ($183m) IPO on Wednesday, after putting roughly a quarter of the trade in the hands of anchor investors. But the caution in the market appears clear, with the stock allocated to anchors at the middle of guidance.

Essel Infraprojects, part of Indian conglomerate Essel Group, is planning an IPO in 2016 and could file a preliminary prospectus with the Securities and Exchange Board of India (Sebi) by the end of the year.

Metro Retail Stores Group started pre-marketing its Ps5.61bn ($119.90m) IPO on Monday, with joint global co-ordinators BPI Capital and Deutsche Bank expected to meet investors over the week.

Tata Motors is looking to refinance an outstanding $600m loan, marking the fourth time a Tata Group company is tapping the syndicated market this year.

Japan Post sets sail with IPOs — Datang Environment files in HK — Banpu Power eyes Thai float — Larsen & Toubro seeks $300m listing

Indian issuers have been a rarity in the bond market this year, with 15 international deals reaching investors. But market participants are predicting a busy fourth quarter, thanks to growing needs for infrastructure funding and new changes to rules governing offshore fundraising. Narae Kim reports.

Duo leads Tata Chem’s sterling financing — ONGC to net $1.775bn from four — Viettel Cambodia beams $50m loan — Minsheng Leasing trims borrowing to $150m

Taiwanese company Quanta Computer is forming the mandated lead arranger and bookrunner group for a $400m loan, four months after one of its subsidiaries sealed a much larger borrowing.