South Asia

India's REC, formerly known as Rural Electrification Corp, raised $500m from a five year bond on Thursday.

UBS has reorganised the senior management team of its global banking business in Asia Pacific, less than three months after revamping its investment banking unit globally.

Oil and Natural Gas Corp’s (ONGC) failed attempt to loosen change of control covenants for its dollar bond is a prime example of why investors in Indian state-owned enterprises need to keep their eyes wide open when approaching new deals.

RBL Bank’s qualified institutional placement (QIP) was multiple times covered within hours of launching on Tuesday in India, said a source familiar with the matter.

Several sources in the US private placement market have told GlobalCapital that Indian power grid company Adani Transmission’s inaugural US private placement has not been placed, and the arrangers will return to the project in the first quarter of 2020.

Home First Finance Co India, a home loan provider, is planning an IPO of up to Rp15bn ($209.1m), according to a draft prospectus filed with the country’s securities regulator.

HDB Financial Services, an Indian non-banking financial company under HDFC Bank, has launched its maiden $300m international loan into syndication.

Oil and Natural Gas Corp (ONGC), the largest crude oil and natural gas company in India, tussled with bond investors during marketing for its latest dollar deal this week. Investors pushed back against ONGC’s demanding terms and forced a last-minute flip-flop over a change of control clause. Morgan Davis reports.

SBI Cards and Payment Services filed listing documents with India’s regulator this week for an IPO of up to Rp95bn ($1.33bn). The deal is on track to be the largest listing the country has seen for more than two years, writes Jonathan Breen.

Veteran Citi banker Pramit Jhaveri is retiring, bringing the curtain down on a 32-year career at the US firm.

Indian borrowers that tapped the international loan market this year found mixed responses — with their deals either sailing through without a hitch or struggling to gain traction among banks. This sends an ominous signal to companies preparing offshore loans for next year.

India’s third largest cement maker Shree Cement is one step closer to a qualified institutional placement (QIP) after getting the go-ahead from the securities regulator.