State Bank of India SBI

PNB Housing Finance and Varun Beverages priced their respective IPOs in India at the top of the range this week, fetching Rp41.1bn ($616.9m) between them.

State Bank of India is getting ready to pick banks for a $750m refinancing, even as it is in the process of wrapping up an increased $500m syndicated facility.

State Bank of India (SBI) succeeded in pricing the first offshore Basel III additional tier one (AT1) offering from an Indian name this week, but a bullish pricing strategy meant orders were muted and it has struggled in secondary. Despite the glitches, many believe the deal has set an important benchmark, writes Addison Gong.

State Bank of India launched the first-ever offshore Basel III compliant additional tier one (AT1) bank capital offering from an Indian name on Wednesday, a deal market participants expect to set the pricing benchmark for future Indian lenders from this asset class.

The prospect of the first international bank capital trade from India is closer with State Bank of India on the road this week for a dollar-denominated additional tier one. While it has picked a good window, it needs to get the pricing right or risk derailing the rest of the market.

A group of 11 Indian banks have a total capital adequacy ratio that is either at or lower than the minimum required by the end of the 2019 fiscal year, according to a report published by Fitch Ratings on Monday.

State Bank of India has mandated seven firms to arrange a dollar-denominated bank capital additional tier one offering — the first deal of its kind from the south Asian country.

India’s largest bourse, the National Stock Exchange, has moved a step closer to an IPO, naming four firms as joint global co-ordinators for its domestic listing.

State-owned Indian Railway Finance Corp (IRFC) is steaming ahead with plans to issue its maiden offshore rupee-denominated bond in late September.

India’s insurance regulator is proposing to make IPOs mandatory for all insurers that have been in operation for a certain number of years, in a bid to increase their transparency.

State Bank of India, which allocated its last loan in June, has launched a fresh financing into the market through five mandated lead arrangers and bookrunners.

India’s RBL Bank has fixed the price range and bookbuild dates for its IPO next week, which is set to raise Rp12.1bn ($180.6m).