South Asia

Asian bond issuers went full speed ahead with their fundraising plans on Monday, launching new deals ahead of Chinese New Year holidays at the end of the month.

Blackstone-backed Mindspace Business Parks Real Estate Investment Trust (Reit) is preparing an IPO of new and existing stock, set to be just the second listing from the asset class in India.

Pakistan has started the year by rejigging rules for IPOs in the country, in a bid to revive its fledgling stock market by attracting more listings.

India’s Power Finance Corp has wrapped up its $300m-equivalent dual-currency loan with nine banks on board.

Indian chemical manufacturer Rossari Biotech has filed draft documents for an IPO, which it is planning to launch in the first quarter next year, according to a source close to the deal.

Equitas Small Finance Bank is planning a listing of new and secondary stock in India, having filed a draft prospectus with the market regulator on Monday.

Indian issuers thronged the offshore bond market this year, with volumes from the country easily beating 2018 numbers. But cracks in the market have started to show. While deal flow will be strong in 2020, concerns around the health of the financial sector and the changing status of state-owned enterprises are keeping investors on edge. Morgan Davis reports.

Taiwanese banks are increasingly getting sign-offs for larger commitments for loans from southeast Asia, India and Australia, as well as for lower priced deals and longer tenor transactions from these regions. This is as Taiwan’s lenders continue to step away from Chinese borrowers, writes Pan Yue.

Indian Oil Corp’s Canadian subsidiary, IndOil Montney, has returned to the loan market for a C$580m ($438m) five year deal. Unlike the last time, when it was primarily focusing on US and Canadian banks, the latest deal is targeting Asian liquidity.

The Park Hotels, an Indian luxury hotel chain, is planning to go public next year through an IPO of new and existing shares, according to a source close to the deal.

Indian non-banking financial companies will be forced to wean off from their reliance on the rupee bond market and tap international investors next year amid a liquidity crunch onshore. But with buyers becoming increasingly selective on the kinds of NBFCs they will buy, borrowers should be prepared to pay up.

India’s Aditya Birla Finance (ABF) has closed its second offshore borrowing this year with three lenders.