South Asia

Adani Transmission has kicked off a series of investor meetings in Asia, Europe and the US to test appetite for an offshore rupee denominated note or Masala bond.

Four lenders are close to being mandated for a $400m fundraising for Maybank, according to sources.

Nameson Holdings is braving the pre-Easter lull with a HK$665m ($86m) Hong Kong IPO, which launched on Thursday with the parent of Japanese clothing chain Uniqlo among its cornerstone investors.

Tata Steel is expected to offer banks a much higher return for a refinancing related to its Canadian operations than it paid for its recently concluded $1.5bn facility, according to sources.

Although sceptics argue that the Indian green bond market is driven more by the government than market forces, most market participants believe the asset class is set to take off over the next 12-18 months due to the country’s insatiable demand — and need — for green projects. Narae Kim reports.

India’s debt capital markets are evolving rapidly. The country’s issuers have been among the first in the emerging markets to adopt green bonds and this year Masala bonds — Indian rupee denominated bonds issued in offshore capital markets — look set for lift off. The country’s onshore bond market could also be set for a fresh flood of foreign interest as state debt becomes Euroclearable. GlobalCapital brought together some of the leading players in the Indian capital markets to give their views on the state of the market, where they see opportunities and the factors that prevent a larger swathe of Indian borrowers from accessing the international bond markets.

India has emerged as one of the few bright spots in the emerging markets over the past year, with the country benefiting from depressed oil prices and a popular prime minister. But even though the Indian economy is withstanding volatility better than others, offshore bond issuance volumes here disappointed. Rev Hui looks into why this is, and finds out if there is cause for optimism.

Indian issuers accounted for just a fraction of Asia’s bond market last year. But the potential for growth is vast — particularly in the offshore rupee debt market — with state-owned companies expected to lead the way for Masala issuance from the country. Rashmi Kumar reports.

Modi brought India back from the abyss on the promise of change. It’s now high time for him to deliver. Jonathan Breen reports.

Infibeam is on track to become India’s first IPO from the e-commerce sector, with its Rp4.5bn ($67.9m) deal closing books this week. But the listing that was supposed to be a trailblazer has come in for criticism, as bankers traded barbs over whether the issuer made the right call on pricing and timing. John Loh reports.

HealthCare Global Enterprises (HGC) has raised Rp6.5bn ($97.5m) after pricing its IPO in India at the top of the range, with foreign investors taking home the bulk of the shares.

State Bank of India launched its $500m fundraising into general syndication on Tuesday via eight mandated lead arrangers and bookrunners.