South Asia

Indian telecommunications company Bharti Airtel returned to the debt market on Wednesday to tap its $750m 5.65% perpetual notes, after successful deals in the equity market this year gave its bonds a boost.

India’s infrastructure investment trusts, a fledgling asset class in the country, are expected to raise as much as Rp2tr ($28.1bn) in the next five years, according to a report by local research firm ICRA.

India’s Avenue Supermarts has raised Rp40.98bn ($575.2m) after sealing its qualified institutional placement above the floor price.

ONGC Videsh (OVL), the international arm of Indian state-owned Oil and Natural Gas Corp, has mandated nine banks for a $1bn loan.

Indian Railway Finance Corp courted investors for a 10 year bond on Thursday, only to add a 30 year tranche to the transaction later in the day following reverse enquiry.

Avenue Supermarts, which runs Indian supermarket chain DMart, has launched a qualified institutional placement worth about Rp40bn ($561.3m).

India’s latest budget brought good and bad news for the country’s equity capital markets. The unveiling of potential exciting new deals was dampened by the ill-thought-out removal of the dividend distribution tax, which could be a drag on some areas of ECM. Jonathan Breen reports.

Investors rushed to Indian company Adani Electricity Mumbai's (AEML) bond on Wednesday, flooding the $1bn deal with orders that reached more than $6bn at their peak.

Asian issuers found strong response to their dollar bonds on Wednesday, coming to the market after a rough start to the week on the back of the coronavirus-related volatility. As investors show their willingness to take on risk again, debt bankers are optimistic the pressure on the market will be lifted before long, writes Morgan Davis.

Pakistan’s stock exchange has called for public comment on the potential IPOs of Air Link Communications and TPL Trakker.

Asia's dollar bond market reopened on Wednesday amid volatility around the rapid spread of the novel coronavirus. But debt bankers in the region are cautiously optimistic about the state of the market.

The Securities and Exchange Board of India (SEBI) has given the go-ahead for trading in rupee futures and options, allowing the development of offshore markets in the products.