South Asia

UPL Corp broke a month-long absence of Indian issuers in the international debt market, raising $500m from investors.

Reliance Industries raised Rp531.2bn ($7.04bn) this week from India’s largest ever rights issue and the company’s first primary equity offering for over 25 years.

The board of directors at Mahindra and Mahindra Financial Services has approved plans for a potential Rp35bn ($463.5m) rights issue.

Moody’s Investors Service downgraded the government of India to Baa3 from Baa2 on Monday, triggering bonds from the country to widen in the secondary market.

India’s Mu Sigma, a data analytics firm, has returned to the loan market for an up to $100m deal to refinance its debt.

Kotak Mahindra Bank is set to raise Rp74.4bn ($983.7m) from an issue of fresh equity, after a strong turnout from institutional investors pushed pricing to the top of the range, according to a banker on the deal.

Metals and mining company Vedanta Resources is seeking a bridge loan of $2bn to $2.5bn to take its India-listed subsidiary private.

Sri Lanka’s dollar bonds were among the worst performing high yield notes in Asia last week, as the country continues to battle the Covid-19 pandemic and refinancing pressures loom.

REC became the first Indian issuer in two months to hit the international bond market this week, raising $500m. The power company managed to navigate cumbersome restrictions for its deal, but other potential issuers from the country will find the path much more challenging, writes Morgan Davis.

REC became the first Indian issuer in two months to hit the international bond market, raising $500m on Tuesday. While the deal was a success, it also shed some light on the restrictions and challenges being faced by the country’s issuers amid the Covid-19 pandemic.

India is facing yet another upheaval as the Covid-19 pandemic makes its way through the country. Capital markets activity has all but come to a halt. There are few bright spots, but bankers are focusing on innovation and thinking long term. By Rashmi Kumar

The Asian Infrastructure Investment Bank has approved a $500m loan to help India combat the Covid-19 pandemic, as the number of cases in the country surpasses 56,000.