South Asia

Indian state owned blue-chip companies are expected to issue $1bn of Masala bonds, or rupee-denominated offshore bonds, in the next three or four months, said an Indian minister at a roundtable in London this week.

Indonesia’s Chandra Sakti Utama Leasing (CSUL) has approached the loan market for $80m, in a deal that comes backed by its accounts receivable.

HDFC Standard Life Insurance Co (HDFC Life) is preparing for a landmark transaction in India, getting the nod for an IPO that would make it the first insurance firm to float in the country. What seemed like a pipe dream has finally become a reality for issuers, with the uncharted sector expected to be welcomed by investors, writes Jonathan Breen.

State-owned Indian Railway Finance Corp (IRFC) has selected six banks to work on an offshore rupee-denominated bond, also known as Masala bond.

HDFC Standard Life Insurance Co (HDFC Life) could become the first insurance company in India to go public after its board of directors approved plans for its IPO.

India's Rural Electrification Corp (REC) has sent out invitations for a $120m three year facility via one mandated lead arranger and bookrunner.

India’s Continental Warehousing Corp has opted for a domestic IPO to raise around Rp10bn ($150m), a source with knowledge of the situation told GlobalCapital Asia.

Tata Power’s subsidiary Bhira Investments has moved the deadline for commitments for a $460m refinancing to late April.

Indian lender Ujjivan Financial Services has decided to kick off bookbuilding for its Rp15bn ($225.5m) IPO at the end of April, according to a source close to the deal.

Indian company Shriram Transport Finance is holding conversations with banks for a rupee denominated offshore syndicated loan — the first of its kind. The talks follow a change in guidelines late last year for overseas debt raising, as the central bank encourages the development of the Masala market.

India’s Larsen & Toubro refiled a draft prospectus for the listing of its information technology (IT) services arm on Tuesday, this time eyeing a smaller deal worth about Rp13bn ($196m).

Small finance bank (SFB) Equitas Holdings made a splash in India this week, pricing the country’s largest, and one of the most popular, IPOs of the year at the top of guidance. The Rp22.5bn ($337.4m) listing is the first from an SFB in the country and its success came despite foreign investors playing no role in the transaction.