South Asia

India’s Dewan Housing Finance Corp is gearing up for the country’s first offshore rupee-denominated bond, also known as a Masala bond, having mandated four banks to handle the market-opening transaction.

Pakistan and Sri Lanka have approached the loan market for their latest fundraisings. While interest in the former has been steadily rising, the latter was recently hit by a rating downgrade.

The Asia ex-Japan bank capital market sprang back to life this week as United Overseas Bank (UOB) completed the first-dollar denominated trade in the region this year. The deal's strong reception bodes well for those looking to follow but market participants have predicted another lacklustre year in term of volumes, writes Rev Hui.

Existing shareholders in Infosys are selling stock worth Rp8.8bn ($130m) via a block trade, which is expected to price before markets in India open on Thursday.

Cochin Shipyard is expected to call for a second round of bids from banks for its planned IPO in India owing to a disagreement on fees, according to equity capital markets bankers in the country.

Tata Steel is holding conversations with banks to refinance debt related to its Canadian operations. The talks come even as the company is a week away from winding up a $1.5bn refinancing for its Singapore subsidiary.

The Indian government has kicked off the divestment of a 5% stake in Container Corp of India, which would add about Rp11.65bn ($173m) to the country’s coffers.

Aster DM Healthcare is close to sealing a $280m multi-tranche syndicated loan, with three or four lenders already committing to the deal.

The Islamic Republic of Pakistan has launched its third syndication in just the past year, seeking a $150m financing this time around.

It is no secret that Indian banks are in dire need of capital to fully comply with Basel III requirements so it makes sense that IDBI Bank has revived plans for an offshore additional tier one (AT1). But with challenges looming, IDBI — and other banks — need to act faster to get their fundraising together.

India's HealthCare Global Enterprises is set to launch its IPO next week, with the deal expected to raise some Rp5bn ($74m).

A $250m five year loan for Indian Oil Corp (IOC) has opened for retail participation after two banks joined during limited syndication.