South Asia

India kicked off its yearly divestment programme with a bang this month after it called for banks to pitch for a fresh round of stake sales. But foreign banks have given it the cold shoulder, with only Deutsche Bank showing up to bid. Bankers are split on whether the government’s new approach will help or hurt its divestment plans, as John Loh reports.

Two recent loans from Sri Lanka have once again put the spotlight on the country, which has seen few borrowers going down the syndicated route. Conversations with bankers reveal prominent arrangers are interested in securing business out of the South Asian country, but upcoming elections, the small size of its conglomerates and unfamiliarity pose constraints to dealflow, writes Shruti Chaturvedi.

HealthCare Global Enterprises has filed a preliminary prospectus to list in India, with the $125m IPO led by Goldman Sachs and a swath of local banks, including Edelweiss, IDFC, IIFL, Kotak Mahindra Capital and Yes Bank.

Power Finance Corp (PFC) has completed bookbuilding for the divestment of a 5% stake in the company by the Indian government, netting at least Rp16.76bn ($262.06m) with an offering that investors piled into.

The supply-demand dynamic for overseas syndicated loans from India so far this year is firmly in favour of demand. This has resulted in price compression that is a headache for banks but makes it a great time for Indian corporates to refinance. Borrowers should act now.

India’s Syngene International has flung open the books to its Rp5.5bn ($86.0m) IPO, with the trade bagging anchor investors including the Monetary Authority of Singapore and Government of Singapore.

Hong Kong-based banker Justin Kwok has started working CCB International in a senior ECM role, having joined the bank a few week ago, sources tell GlobalCapital Asia.

The Chinese stock market’s rapid plunge into bear territory this month has brought unexpected gains for the equity capital markets of another large emerging economy — India. ECM bankers in that country have started to see a big uptick in interest from international investors eager to park their funds in a safe haven, writes Rashmi Kumar.

CICC has filed its long-awaited IPO with the Hong Kong Stock Exchange, with the Chinese investment bank eyeing $1bn in proceeds. The trade is slated to launch at the end of September via leads ABC International and CICC, but interest is already building.

Bharti Airtel is reported to be eyeing a $1bn syndicated loan to fund its acquisition of telecoms spectrum in India. Bankers are hoping the deal is not the last from the country’s telco majors, which have so far failed to come offshore for funding since the spectrum auction earlier this year, writes Shruti Chaturvedi.

Adani Ports and Special Economic Zone has become the first Indian bond issuer in almost two months, successfully wrapping up its debut outing on July 22. Market observers welcomed the deal as it injected some much needed variety in the China-dominated Asian bond market, but its pricing was a point of debate.

One of India’s largest port operators Adani Ports and Special Economic Zone is venturing into the international bond market for the first time, opening books for a 144A/Reg S five year on July 22.