South Asia

Indian debt issuers have started 2019 with a bang, rolling out more than $3bn of bonds in January. Will the country eclipse the dismal dollar bond volumes it managed last year? Don’t bet on it. As a divisive election looms, it is more likely that Indian issuance will disappoint for a second year running.

The Indian government is offloading 50.76m shares in Axis Bank through an offer-for-sale, trimming its stake in the private sector lender as the end of the financial year looms.

India’s Bharat Oman Refineries, a joint venture between Bharat Petroleum Corp and Oman Oil Co, has returned to the offshore loan market with a $125m deal that breaks a four-year absence.

Shares of Chalet Hotels, a high-end hotel group in India, initially soared 5% on their debut on the domestic stock exchange on Thursday, before paring some of the gains.

Power Grid Corporation of India has broken a seven-year absence from the international loan market to target Japanese liquidity for a ¥22bn ($201m) Samurai deal.

In a bid to attract more investors to infrastructure investment trusts (InvITs) and real estate investment trusts (Reits), India’s market regulator has proposed slashing the lot size for trading these assets.

Are Asian investors ready to embrace duration again? Oil India and Siam Commercial Bank (SCB) proved there is clear demand, rolling out a pair of 10 year bonds on Tuesday. SCB also added a five year tranche.

Larsen and Toubro has kicked off a two-day offer-for-sale in subsidiary L&T Technology Services, eyeing proceeds of up to Rp9bn ($126.3m).

Citi’s chief executive officer for India and South Asia has been made vice-chairman of Asia Pacific banking, capital markets and advisory (BCMA), according to a source close to the situation. It is a new position at the US bank.

Indian company Chalet Hotels will start bookbuilding next Tuesday for its up to Rp16.4bn ($231.1m) flotation.

Yes Bank has appointed former Deutsche Bank India’s managing director and chief executive officer Ravneet Gill as its new head.

Srei Infrastructure Finance has cancelled a plan to float a subsidiary, as a result of weak investor sentiment driving down valuations in India’s equity market. The company has instead chosen to pursue a private listing, Jonathan Breen reports.