South Asia

Sri Lanka and Turkey are preparing to sell their first Panda bonds, enticed by falling funding costs in China's bond markets. But given they both have lower credit ratings than previous sovereign Panda issuers, they may face an uphill battle as regulators scrutinise their finances.

Shyam Metalics and Energy submitted an application to the Indian securities regulator for a Rp9.1bn ($132.2m) flotation on Monday.

Primary bond issuance in Asia-ex Japan has carried on well into the summer, albeit with little participation from high yield borrowers. But bond bankers expect a climax this week before the market quietens down until September.

Four former Credit Suisse loans bankers who left the bank earlier this year have resurfaced in the market, according to sources.

India’s Power Finance Corp raised $300m from a 10 year bullet bond on Thursday. While the issuer was able to pull off a tight price for its second issuance in less than a year, many investors were unconvinced about the credit's worth.

HDFC Asset Management Co has raked in Rp28bn ($407.9m) from its IPO after a big show of demand from institutional and non-institutional investors.

Veteran loans banker joins rival — HSBC names new India CEO — SBI Caps pulls out of debt syndication

India’s most valuable lender, HDFC Bank, showed why it deserves the title this week, as it bagged $2.2bn from a dual-tranche fundraising that combined soaring demand for its shares at home and abroad. John Loh and Jonathan Breen report.

Indian companies are seeking chunky loans this year, with Tata Steel and Reliance Industries looking for $3.1bn and $2.7bn respectively. Bankers, who say Indian borrowers are still able to enjoy attractive pricing, expect more companies to take the opportunity for a cheaper refinancing. Pan Yue reports.

Housing Development Finance Corporation has launched a $750m loan into general syndication, after attracting one extra bank at the senior level.

India's SBI Capital Markets will no longer provide debt syndication or resolution services for private sector companies.

India’s HDFC Bank has raised $2.22bn through a qualified institutional placement and a concurrent sale of American Depository Shares (ADS).