India

A flexible approach to its $750m bond paid off for India’s Adani Ports and Special Economic Zone, which navigated weak market sentiment and demanding investors by changing its tenor, size and price expectations. Morgan Davis reports.

Mindspace Business Parks Real Estate Investment Trust wrapped up its Rp45bn ($601.3m) this week, treating India to its second listing in the asset class.

India’s Adani Ports and Special Economic Zone proved its willingness to be flexible this week, changing its planned tenor and offering a decent concession to secure demand for a $750m bond.

Blackstone-backed Mindspace Business Parks Real Estate Investment Trust has kicked off a Rp45bn ($601.2m) listing in India.

Indian Railway Finance Corp has returned to the Japanese market for a $300m-equivalent Samurai loan.

Indian private sector lender Axis Bank has lined up four European banks for an equity sale that could raise up to Rp150bn ($2bn), according to a source close to the deal.

Future Retail has missed a payment on a $500m debut bond, sold just six months ago, as Covid-19 hits the Indian company’s business.

Mindspace Business Parks Real Estate Investment Trust has finalised the price guidance for its up to Rp45bn ($603.9m) IPO in India, set to be launched next week.

India’s Yes Bank ended its Rp150.2bn ($2bn) share sale without enough demand to cover the deal, after a low turnout from individual investors.

Bonds from Indian corporations were among the worst performing investment grade deals in Asia last week. The primary market also suffered, with one deal cancelled and another put on hold.

Hexaware Technologies, an Indian software company majority owned by Baring Private Equity Asia, has mandated nine banks for a $600m take-private loan.

Mindspace Business Parks Real Estate Investment Trust is ready to take India's nascent Reit market further with the country's second listing from the asset class.