South Asia

Blackstone-backed Mindspace Business Parks Real Estate Investment Trust has kicked off a Rp45bn ($601.2m) listing in India.

Indian Railway Finance Corp has returned to the Japanese market for a $300m-equivalent Samurai loan.

Indian private sector lender Axis Bank has lined up four European banks for an equity sale that could raise up to Rp150bn ($2bn), according to a source close to the deal.

Future Retail has missed a payment on a $500m debut bond, sold just six months ago, as Covid-19 hits the Indian company’s business.

Mindspace Business Parks Real Estate Investment Trust has finalised the price guidance for its up to Rp45bn ($603.9m) IPO in India, set to be launched next week.

India’s Yes Bank ended its Rp150.2bn ($2bn) share sale without enough demand to cover the deal, after a low turnout from individual investors.

Bonds from Indian corporations were among the worst performing investment grade deals in Asia last week. The primary market also suffered, with one deal cancelled and another put on hold.

Hexaware Technologies, an Indian software company majority owned by Baring Private Equity Asia, has mandated nine banks for a $600m take-private loan.

Mindspace Business Parks Real Estate Investment Trust is ready to take India's nascent Reit market further with the country's second listing from the asset class.

Banks are leading a revival in ECM business in India, with Yes Bank gunning for $2bn this week. There are also signs of activity in the country’s moribund IPO market, writes Jonathan Breen.

Troubled lender Yes Bank has hit the market with an issue of fresh equity, with the deal covered at the open by pre-launch demand, according to bankers close to the trade.

India’s banking sector has long been in trouble. However, while a few banks can appeal to the equity capital markets to restore their capital levels — and their reputations — this won’t be easy or cheap.