South Asia

Delhi International Airport Private (Dial) is planning a comeback to the international debt market almost two years after its maiden offering, and is deciding between a dollar deal and a Masala bond.

India’s Yes Bank has increased its latest loan to $130m from $100m. It tapped liquidity from Taiwanese lenders for the five year deal, which is the longest tenor it has sought from the syndication market.

India’s equity capital markets started the week on a positive note, with the first private sector insurance company beginning to take orders for its IPO.

Excitement is building around ICICI Prudential Life Insurance Co’s long-awaited IPO in India, with bankers having predicted a blow-out response even before it launches next week. The deal will not only be India’s first listing from the insurance sector, but also the country’s largest IPO in six years. John Loh reports.

State Bank of India (SBI) succeeded in pricing the first offshore Basel III additional tier one (AT1) offering from an Indian name this week, but a bullish pricing strategy meant orders were muted and it has struggled in secondary. Despite the glitches, many believe the deal has set an important benchmark, writes Addison Gong.

A group of 11 Indian banks have a total capital adequacy ratio that is either at or lower than the minimum required by the end of the 2019 fiscal year, according to a report published by Fitch Ratings on Monday.

Telecom hardware company Tejas Networks has returned to the market for a listing, having first proposed an IPO before the financial crisis.

State Bank of India launched the first-ever offshore Basel III compliant additional tier one (AT1) bank capital offering from an Indian name on Wednesday, a deal market participants expect to set the pricing benchmark for future Indian lenders from this asset class.

The prospect of the first international bank capital trade from India is closer with State Bank of India on the road this week for a dollar-denominated additional tier one. While it has picked a good window, it needs to get the pricing right or risk derailing the rest of the market.

India’s L&T Technology Services and ICICI Prudential Life Insurance Co have made headlines this week with their respective IPOs, with the former aiming for Rp8.9bn ($132.9m) and the latter Rp60.6bn.

Reliance Sibur Elastomers, a subsidiary of India’s Reliance Industries, has bagged a $330m term loan with a 10 year tenor, marking one of the longest dollar loans in Asia ex-Japan in almost a decade.

A group of 11 Indian banks have a total capital adequacy ratio that is either at or lower than the minimum required by the end of the 2019 fiscal year, according to a report published by Fitch Ratings on Monday.