India

Several sources in the US private placement market have told GlobalCapital that Indian power grid company Adani Transmission’s inaugural US private placement has not been placed, and the arrangers will return to the project in the first quarter of 2020.

Home First Finance Co India, a home loan provider, is planning an IPO of up to Rp15bn ($209.1m), according to a draft prospectus filed with the country’s securities regulator.

HDB Financial Services, an Indian non-banking financial company under HDFC Bank, has launched its maiden $300m international loan into syndication.

Oil and Natural Gas Corp (ONGC), the largest crude oil and natural gas company in India, tussled with bond investors during marketing for its latest dollar deal this week. Investors pushed back against ONGC’s demanding terms and forced a last-minute flip-flop over a change of control clause. Morgan Davis reports.

SBI Cards and Payment Services filed listing documents with India’s regulator this week for an IPO of up to Rp95bn ($1.33bn). The deal is on track to be the largest listing the country has seen for more than two years, writes Jonathan Breen.

Veteran Citi banker Pramit Jhaveri is retiring, bringing the curtain down on a 32-year career at the US firm.

Indian borrowers that tapped the international loan market this year found mixed responses — with their deals either sailing through without a hitch or struggling to gain traction among banks. This sends an ominous signal to companies preparing offshore loans for next year.

India’s third largest cement maker Shree Cement is one step closer to a qualified institutional placement (QIP) after getting the go-ahead from the securities regulator.

India's Adani Transmission wooed investors to a $500m long-dated bond issuance on Thursday, offering them some concession for the amortising nature of the notes.

Natixis adds to green team — SocGen picks new Apac CEO — GS India co-CEO retires

Private equity firms have found plenty of investment opportunities in India this year, with their focus on the country set to increase as the crisis around non-banking financial companies unfolds. This means that leveraged loans bankers are getting ready for more action, writes Pan Yue.

Asian debt bankers were forced to react to a tumultuous week of protests in Hong Kong, cutting short the bookbuilding window for new deals. But although bankers had to change tactics, the market largely endured the turmoil. Addison Gong reports.