South Asia

China Merchants Port Holdings is returning to the Panda bond market for a Rmb500m ($76.8m) deal to fund its acquisition of a port in Sri Lanka — a flagship project under China's Belt and Road Initiative (BRI).

A $350m-equivalent yen denominated borrowing for Indian power financier National Thermal Power Corp (NTPC) has entered primary syndication, testing the market’s appetite for a 10 year maturity.

The Securities and Exchange Board of India (Sebi) will allow listed companies to sell shares through qualified institutional placements as a way to meet free float requirements.

ANZ has appointed a new head of markets for India, naming Mumbai-based Rohit Bhasin to the position.

India’s Bandhan Bank is set to start pre-marketing its $700m IPO this month, according to bankers arranging the deal.

Tata Steel is in discussions with lenders for a $2bn borrowing to fund a proposed expansion in India and take out some debt raised by its European unit, said sources.

The Chinese president emphasises the need to control financial risk at a key economic policy forum, Pakistan considers using the renminbi instead of the dollar in bilateral trade with China, and China Development Bank sells $350m of bonds in Hong Kong to help fund the Belt and Road Initiative (BRI).

India’s ReNew Power Ventures has hired three banks to helm its long-expected $700m IPO next year, said sources close to the matter.

Lodha Developers is looking to make its debut in the Indian equity market next year, having put together a syndicate of three banks to run its IPO.

The board of India’s Housing Development Finance Corp has given it the green light to sell new shares to the tune of Rp130bn ($2bn), part of which will flow through to its banking arm.

HDFC Asset Management Co will work with Bank of America Merrill Lynch, Citi and Kotak Mahindra Capital as the leads on its IPO, according to bankers close to the transaction.

Reliance Industries has allocated its $2.49bn multi-tranche fundraising among 31 banks, with plans to transfer in the new lenders before the end of the year, said bankers close to the trade.