South Asia

The first quarter loan syndication numbers for Asia ex-Japan are out and they are not pretty, with volumes plummeting 50% year-on-year. But with some big M&A deals in the works, bankers are bullish about the second quarter and expectations are rising for more activity from China and India.

Indonesia Eximbank and State Bank of India launched new dollar deals on Thursday, in a busy Asian debt market ahead of a holiday-filled April.

Bharat Petroleum Corp (BPCL) has extended the deadline for responses to a $150m request for proposals sent in mid-March.

Korea Expressway Corp and JSW Steel have mandated banks for new international dollar deals as the first quarter draws to a close.

Nomura has promoted Prabhat Awasthi to the position of head of India, according to a press release from the Japanese bank on Wednesday.

Non-banking finance company MAS Financial Services has submitted draft documents with India’s market regulator to list for up to Rp5.5bn ($84.5m).

India’s divestment body is hunting for firms to manage New India Assurance Co’s IPO, one of five state-owned insurers the government plans to take public.

Allocations have emerged for a $1.75bn multi-tranche borrowing by Indian conglomerate Reliance Industries, with retail liquidity ending up concentrated on a longer dated portion.

Housing Development Finance Corp (HDFC) sealed the year’s first offshore rupee-denominated bond and the largest so far from an Indian name, pricing the Rp33bn ($504m) notes tighter than its onshore curve, said bankers.

Cochin Shipyard has submitted a draft prospectus with India’s market regulator for approval for its IPO, hiring three firms to run its deal.

General Insurance Corp of India (GIC Re) has started inviting banks to pitch for a role in its IPO, making it the first state-owned insurer to issue a request for proposals.

Yes Bank has bagged Rp49bn ($748.6m) from a qualified institutional placement after boosting the deal size on bumper long-only demand, and pricing at the top of guidance.