South Asia

State Bank of India’s new $750m five year financing has been launched into syndication after a 10-strong bookrunner group funded the transaction.

Securities and Intelligence Services India has launched bookbuilding for a potential Rp7.8bn ($121.6m) IPO, securing over a third of the offering with anchor investors.

India’s Azure Power Energy made its debut in the international bond market with a dollar green transaction on Thursday. But the solar power issuer had to pay up to secure $500m in a week that caused difficulties for Indian markets.

Vedanta Resources plans to return to the dollar market with a seven non call four year offering, in parallel with a tender offer for its existing 2019s and 2021s.

The Mumbai branch of HDFC Bank is looking to bag $500m from a syndicated borrowing that was launched at the end of July.

Asian bond investors reclaimed some of their power this week, but the coup was far from bloodless. Three single-B rated issuers were forced to pull planned dollar bonds. Morgan Davis and Addison Gong report.

India’s Nirma is set to hit the US term loan B market for financing to back its bid for Tronox Alkali, a US-based company. The flexibility that comes with selling into an institutional market pushed Nirma to pick a combination of a US TLB and a bond for its acquisition, said bankers.

JP Morgan taps insider for India ECM — Mizuho hires for debt team — ING hires ex-PSE chief for Philippines — StanChart adds to DCM syndicate team — BNY Mellon names Apac DR head

The Securities and Exchange Board of India (Sebi) has suspended the issuance of offshore rupee bonds, after foreign holdings of rupee debt reached 92.7% of the authorised limit. The move will not only derail the Masala market — it could also dampen foreign investor interest in some Indian dollar deals.

Indian solar energy producer Azure Power Energy started marketing its debut international green bond on Thursday. The deal was announced two days after another Indian energy firm, Continuum Energy Levanter, pulled its own dollar bond.

Single-B rated bond issuers in Asia got a major setback this week, with three debut credits pulling their planned dollar offerings. There were plenty of reasons for their failures, but bankers say the cancellations reflect a debt market transitioning from one dancing to the tune of borrowers to one being dictated by investors.

Sri Lanka has reached its target of $1bn from a three year syndicated loan that was launched at $450m, after demand poured in from Indian lenders.