South Asia

Investors gobbled up Adani Green Energy’s rare Indian project-linked bond on Thursday, seizing the opportunity to buy non-Chinese paper. The company’s transaction was also helped along by its new investment grade rating.

The number of syndicated loans in Asia has reached a new low this year, as the market takes a hit from volatility and regulatory headaches around funding M&A transactions. There is no respite in sight, however, with bankers predicting a tough end to 2019. Pan Yue reports.

International G3 currency bond issuance in Asia is set to surpass 2018’s numbers before the end of the year, as relatively stable market conditions provide borrowers with fundraising opportunities. But DCM bankers warn that things could turn in the blink of an eye, as geopolitical tensions threaten to disrupt their fourth quarter business. Morgan Davis reports.

Adani Green Energy was out with a 20 year bond on Thursday, giving investors the option to buy a dollar deal from Asia in an otherwise quiet primary market.

India’s PNB Housing Finance is breaking a five-year absence from the loan market, launching a new $75m deal into syndication.

A number of dollar bond issuers in Asia have moved to reopen their existing notes and add more funds to their coffers ahead of a week-long holiday in China for National Day.

Samhi Hotels is planning a mixed primary and secondary listing, expected to raise around Rp20bn ($280m), said a source familiar with the matter.

Chinese companies came to the international bond market in force on Tuesday, just days ahead of a week-long holiday in the Mainland to celebrate National Day.

Axis Bank is looking to raise Rp100bn ($1.4bn) from a primary share sale to boost its capital adequacy ratio, according to sources close to the deal.

Azure Power Global pulled off an unusually large price tightening on its $350m green bond, which was buoyed by strong investor demand for a rare issuance from the Indian renewable energy sector.

Bajaj Finance’s share price surged on Wednesday after the Indian non-bank lender’s board of directors approved a potential billion-dollar fundraising.

Global Cloud Xchange (GCX), a subsidiary of India’s Reliance Communications, has filed for bankruptcy protection with a US court, and plans to carry out a potential debt-to-equity swap that could reduce its bond debt by $150m.