South Asia

Jindal Steel and Power is planning its first qualified institutional placement, aiming to raise around Rp10bn ($157.8m).

India’s Varroc Engineering has hired a trio of banks to lead an IPO timed for the first half of the year, according to a source close to the deal.

The response to Tata Motors' £640m ($839m) refinancing has been phenomenal, with the loan generating commitments exceeding $1bn, said bankers close to the situation.

India’s IL&FS Transportation Networks is laying the groundwork for the first offshore renminbi bond of the year, mandating banks on Friday.

Idea Cellular’s board of directors has given it the go-ahead to raise up to Rp67.5bn ($1.1bn) in fresh capital, according to an exchange filing.

Standard Chartered has brought a former banker at Citi out of retirement to run its Greater China and North Asian business.

Tata Steel has mandated a clutch of firms to underwrite its Rp128bn ($2bn) rights offering, part of a wider fundraising by the group across the capital markets.

India’s qualified institutional placement (QIP), a popular equity fundraising tool, is about to get a shot in the arm after the regulator said it may be used by companies to meet their free float requirements. Listed firms could tap the market in droves over the next few years as they look to comply with the rules, writes John Loh.

Asia’s leveraged finance bankers started the year hopeful that volumes would pick up. However, US regulators have already undermined those hopes, blocking Ant Financial’s high-profile acquisition of local firm MoneyGram, calling into question the chances of further outbound deals from China. Shruti Chaturvedi reports.

The Indian IPO market has started the new year with a flourish, with the FIG sector looking especially busy as Bandhan Bank and ICICI Securities kicked off investor meetings.

India’s Tata Steel has issued indicative pricing for a borrowing totalling $2.15bn, which will mainly refinance debt at its Singaporean and Dutch units.

China’s central bank will hold on to its 'neutral and prudent' monetary policy, the central bank of Pakistan encourages businesses to trade with China in renminbi, and the Chinese currency regains its position as the sixth most used global payments currency.