India

S&P Global Ratings has downgraded Jain Irrigation Systems to selective default, following a similar move by two domestic rating agencies last week.

India’s securities regulator has published a detailed framework for the issuance of depository receipts (DRs), potentially giving the country's companies greater access to foreign capital.

India's Tata Capital Financial Services has made a quick loan comeback, seeking a $135m-equivalent dual-currency deal.

Indian telecommunications company Bharti Airtel’s efforts this year to deleverage were capped with the issuance of a subordinated perpetual $750m bond on Tuesday. The deal, alongside further stake sales planned for the rest of 2019, puts the company on track for a more stable debt profile. Morgan Davis reports.

Fullerton India Credit Co raised S$150m ($108.6m) in the Singapore market, straying from its usual fundraising efforts in the rupee market.

Investors gobbled up Adani Green Energy’s rare Indian project-linked bond on Thursday, seizing the opportunity to buy non-Chinese paper. The company’s transaction was also helped along by its new investment grade rating.

The number of syndicated loans in Asia has reached a new low this year, as the market takes a hit from volatility and regulatory headaches around funding M&A transactions. There is no respite in sight, however, with bankers predicting a tough end to 2019. Pan Yue reports.

International G3 currency bond issuance in Asia is set to surpass 2018’s numbers before the end of the year, as relatively stable market conditions provide borrowers with fundraising opportunities. But DCM bankers warn that things could turn in the blink of an eye, as geopolitical tensions threaten to disrupt their fourth quarter business. Morgan Davis reports.

Adani Green Energy was out with a 20 year bond on Thursday, giving investors the option to buy a dollar deal from Asia in an otherwise quiet primary market.

India’s PNB Housing Finance is breaking a five-year absence from the loan market, launching a new $75m deal into syndication.

A number of dollar bond issuers in Asia have moved to reopen their existing notes and add more funds to their coffers ahead of a week-long holiday in China for National Day.

Samhi Hotels is planning a mixed primary and secondary listing, expected to raise around Rp20bn ($280m), said a source familiar with the matter.