India

Punjab National Bank is selling a 6% stake in PNB Housing Finance worth Rp13.3bn ($206.3m) through the offer-for-sale method.

Indian infrastructure finance company Power Finance Corp is taking bids for a benchmark 10 year green dollar bond, returning to the international debt market after an absence of two decades.

A $400m loan for Bharat Petroleum Corp’s (BPCL) offshore unit was allocated last week, attracting commitments from three Indian banks during the two months it was open to participants.

India’s Lodha Developers International opened books for a tap of its existing $200m 12% 2020s on Monday, more than two years after the original notes were sold.

Indian business services provider Quess Corp has launched a two-day Rp6bn ($92.7m) offer for sale of secondary shares, according to stock exchange data.

Tata Motors’ £640m ($839m) refinancing has been launched into general syndication after the senior phase was completed this month.

Yes Bank has dipped its toes into the Japanese Samurai loan market for the first time to raise ¥16.5bn ($150m), placing it among a handful of Indian firms that have tapped into yen liquidity. The move could inspire other Indian financial institutions to follow — provided the pricing advantage holds. John Loh reports.

UBS has named a top executive in Zurich to take over as its India country head from next year, according to an internal memo seen by GlobalCapital Asia.

Greatship (India) and Sino Horizon Holdings are in the market with their latest financings, each offering three ticket levels.

India’s surprise rating upgrade at the end of last week is expected to encourage more of the country’s issuers to head to the international bond market. But while state-owned enterprises are set to see their funding costs drop, many are unclear about the benefits to what they consider an already upbeat market. Morgan Davis reports.

UBS has named a top executive in Zurich to take over as its India country head from next year, according to an internal memo seen by GlobalCapital Asia.

India rejoiced late last week when Moody’s upgraded the sovereign's rating for the first time in 14 years. The boost has certainly stirred up some positive sentiment around the country and is a great stamp of approval for the numerous reforms it has put in place over the past year. But in reality, it will be business as usual, and the ratings lift will only have a limited impact — unless India thinks big.