India

Air India has sent out a request for proposals for a loan to refinance an $819m existing bridge facility taken to buy Boeing aircraft.

India’s non-banking financial companies have been under fire for the past year, after the collapse of Infrastructure Leasing & Financial Services (IL&FS) in 2018 spooked investors and dragged down the sector. But Muthoot Finance, a gold financier, proved this week that some capital-starved NBFCs can still find an audience in the international bond market. Morgan Davis reports.

Muthoot Finance raised $450m from its maiden dollar bond on Monday, after showing investors the difference between its operations and that of other beleaguered Indian non-banking financial companies (NBFCs).

Chiranjeev Kumar is now the head of debt origination for South Asia at Citi, after having previously covered the Southeast Asia business.

India has become the latest emerging market to use its sovereign wealth fund to move into the infrastructure arena. Managing director Sujoy Bose tells GlobalMarkets that investors could make a return as high as 18% but investors still fret over bureaucracy

The current system of globalisation with the United States at its centre looks set to crumble and be replaced by a new global system anchored around China, leading economists have told GlobalMarkets

India’s Ministry of Finance is making big efforts to revive the country’s stagnating economy, with measures to front-load infrastructure spending and boost consumption. But experts warn that it will take many more tough reforms to get India back to its heyday of strong growth.

National Thermal Power Corp has sent out a request for proposals for an up to $300m-equivalent term loan.

India's Vedanta, Syndicate Bank make loan comeback — Shanghai Sinnoil defaults on $400m loan — Fullerton allocates $250m among 17 banks — Lesso closes $1.1bn refi — Indorent holds non-deal roadshows

Fullerton India has closed its $250m-equivalent borrowing after 14 participants joined the three bookrunners during syndication.

Vedanta Resources has made a quick loan comeback for a $500m borrowing.

India oil refining and petrochemical company HPCL-Mittal Energy found support for its $300m bond sale on Tuesday, after offering investors a generous premium.