South Asia

India’s Ministry of Finance is making big efforts to revive the country’s stagnating economy, with measures to front-load infrastructure spending and boost consumption. But experts warn that it will take many more tough reforms to get India back to its heyday of strong growth.

National Thermal Power Corp has sent out a request for proposals for an up to $300m-equivalent term loan.

India's Vedanta, Syndicate Bank make loan comeback — Shanghai Sinnoil defaults on $400m loan — Fullerton allocates $250m among 17 banks — Lesso closes $1.1bn refi — Indorent holds non-deal roadshows

Sri Lanka’s deputy central bank governor, P Nandalal Weerasinghe, tells GlobalMarkets that claims it had fallen into a Chinese debt trap are “rubbish”, pointing out that loans from the Asian giant were lower than those from some multilateral development banks

Fullerton India has closed its $250m-equivalent borrowing after 14 participants joined the three bookrunners during syndication.

Vedanta Resources has made a quick loan comeback for a $500m borrowing.

India oil refining and petrochemical company HPCL-Mittal Energy found support for its $300m bond sale on Tuesday, after offering investors a generous premium.

S&P Global Ratings has downgraded Jain Irrigation Systems to selective default, following a similar move by two domestic rating agencies last week.

India’s securities regulator has published a detailed framework for the issuance of depository receipts (DRs), potentially giving the country's companies greater access to foreign capital.

India's Tata Capital Financial Services has made a quick loan comeback, seeking a $135m-equivalent dual-currency deal.

Indian telecommunications company Bharti Airtel’s efforts this year to deleverage were capped with the issuance of a subordinated perpetual $750m bond on Tuesday. The deal, alongside further stake sales planned for the rest of 2019, puts the company on track for a more stable debt profile. Morgan Davis reports.

Fullerton India Credit Co raised S$150m ($108.6m) in the Singapore market, straying from its usual fundraising efforts in the rupee market.