South Asia

IPOs are on the verge of getting easier in Pakistan. The country’s market regulator has approved a new framework with the primary objectives of making it easy to do business and streamlining the public offering process.

Blackstone held pitch meetings with banks in India earlier this month for what would be the country’s first real estate investment trust, at a possible size of $1bn.

PNB Housing Finance is set to price its Rp30bn ($450m) IPO in India at the top of the expected range after investors piled into the trade, allowing it to wrap up with books 30x covered.

Investors have greeted India’s latest IPOs with open arms, as PNB Housing Finance and Varun Beverages seek to raise Rp41.1bn ($616.9m) this week.

There has been a relentless downward pressure on the pricing of investment grade loans this year, as lenders choose to preserve the size and quality of their balance sheets even in the face of diminishing returns. Unfortunately, respite from margin compression is not coming any time soon, as volumes remain low and banks’ liquidity and hunger for assets show no signs of abating. Shruti Chaturvedi reports.

Shangri-La Asia Treasury is seeking retail participants for a $130m borrowing that will refinance existing debt.

India’s Varun Beverages opened books to its Rp11.1bn ($166.6m) IPO on Wednesday, with anchor investors taking up their full allocation at the top of the price range.

PNB Housing Finance has launched its Rp30bn ($449m) IPO, India’s second largest this year, to an enthusiastic response from anchor investors as the country's FIG names continue to draw interest.

Air India is tapping the syndicated loan market to refinance a $69.065m aircraft purchase facility. The carrier, which reported its first operating profit in a decade in the 2016 fiscal year, is relying on a guarantee from the Indian government to reel in demand.

State Bank of India is getting ready to pick banks for a $750m refinancing, even as it is in the process of wrapping up an increased $500m syndicated facility.

India’s Reliance Industries has asked banks to submit proposals for a new loan to replace a $1.75bn borrowing signed in November 2013.

Delhi International Airport’s decision to launch its bond a month after wrapping up roadshows paid off, with the new 10 year cinching global interest and a more than 6.5x covered book.