India

India’s Phoenix Mills, a shopping mall operator, has scooped Rp2.83bn ($45m) from a qualified institutional placement that resounded well with international long-only funds, surprising even those close to the deal with their strong interest.

Hindustan Petroleum Corp (HPCL) has mandated a group of three banks for its latest outing in the offshore syndicated loan market. The request for proposals for the new $200m five year bullet was sent out less than a month after the company wrapped up a separate $400m loan.

India has told banks vying for divestment mandates in 10 of its state-owned firms to attend a meeting on July 16 in New Delhi, as the government moves forward with plans to raise about $3bn from the selldowns.

Alok Industries signed its $475m export performance bank guarantee-backed (EPBG) loan on June 30, with a total of eight banks committing to the transaction, following a four month syndication process.

India’s state-owned IIFCL Asset Management Company Limited (IAMCL) has partnered with the US Agency for International Development (USAID) to boost investment in India’s renewable energy sector via instruments like green bonds.

By Rahul Ghosh, a Vice President and Senior Research Analyst for Moody's Investors Service.

India's capital markets are finally getting the lease of life that bankers and issuers have long craved. Spurred on by political change that has put enterprise and investment firmly on the agenda, regulators are seeking to revamp an environment that has often appeared more designed to prevent progress than permit it. Hopes are high that the results will be seen in 2015, as Elliot Wilson reports.

An ambitious programme to provide all Indian citizens with housing by 2022 should help bolster India’s fledgling residential mortgage-backed securities (RMBS) market, which recorded issuance of just Rph53bn (€743m) in 2014. But Moody’s has warned there are tax obstacles for investors looking to participate.