South Asia

India’s NTPC sold its first dollar bond in two years on Monday, but the market backdrop forced the usually popular issuer to pay up.

Four Asian issuers began marketing dollar deals on Monday, as a number of others started testing buy-side appetite through roadshows. But borrowers will have to temper their expectations on size and price, faced with a choppy market backdrop.

Indian state-owned defence giant Hindustan Aeronautics has announced the price range for its potential Rp42.3bn ($649.6m) IPO, which is set to hit screens next week, according to a source close to the deal.

India’s National Stock Exchange (NSE) is likely to delay its long-awaited IPO to the 2019 financial year after the country’s market regulator sent back the bourse’s consent plea on an issue around co-location, amid an ongoing investigation.

Tata Sons is poised to end a decade-long absence from the syndicated loan market when it launches a $1.5bn transaction later this month.

India’s Bandhan Bank is set to launch bookbuilding for its Rp44.7bn ($687.5m) IPO next week, according to a notice on Thursday.

State Bank of India’s latest $750m loan is set to move into the retail phase within the next couple of weeks, according to bankers.

India’s IL&FS Transportation Networks had to postpone its dollar bond debut after a series of unfortunate events on Tuesday. A weak market backdrop, a cautious investor base and a hefty pipeline of deals combined to dash its hopes, writes Morgan Davis.

Tata Sons could launch a $1.5bn borrowing within the next two weeks, as the Indian firm prepares its return to the syndicated loan market after a decade.

Indian processed shrimp producer Devi Seafoods has kicked off preparations for a Rp9bn ($138.5m) IPO, filing a draft prospectus with the country’s market regulator on Monday.

Indian agriculture company UPL Corp grabbed $300m from the sale of a 10 year bullet maturity bond on Thursday, after fighting the weak market backdrop to get the deal done.

March could be the month Indian international bond issuance soars. Corporations from the country are ready to hit the offshore debt market as a weaker domestic market puts pressure on fundraising.