India

Indian microloan provider Spandana Sphoorty Financial kicked off a two-day bookbuilding for its up to Rp12.01bn ($169.9m) IPO on Monday morning.

A recent flurry of leveraged and acquisition financing activity in Asia has caught the attention of loans bankers hungry for new assets. But as trade tensions and fears about a growth slowdown ramp up, the pressure on the market is high, writes Pan Yue.

The Reserve Bank of India has eased rules around international borrowings from the country’s companies in a bid to ease pressure on the domestic credit market.

India’s plan to sell its first international bond has been caught in a battle of wills between the ministry of finance and the government. While any issuance is likely to be received well by the market, the sovereign should hold off on a deal until it is ready to present a united front to investors.

Temasek Holdings-backed Fullerton India Credit Company has invited banks to join a $250m debut borrowing.

Punjab National Bank is planning a return to the equity market with a Rp50bn ($725.5m) transaction, a year and a half after tapping investors for the same amount.

Private equity firm Blackstone has mandated four banks to support its acquisition of India’s Essel Propack (EPL), a specialty packaging company.

Mobile phone technology company Affle (India) has set the terms for its IPO, set to launch next week, according to a source close to the deal.

Greenko Energy Holdings found ample support for its $950m dual-tranche bond, thanks in part to the duration it offered investors, as well as the positive sentiment surrounding India.

India’s Oil and Natural Gas Corp has launched a $500m loan into general syndication to pay back a bond maturing this year.

Rural Electrification Corp took advantage of strong demand for Indian credits this week, raising $650m despite paying a negligible new issue premium.

India’s Adani Ports and Special Economic Zone has bagged $650m from 144A/Reg S bonds to fund a tender offer of notes due next year, pricing the new issuance at a competitive level.