Narendra Modi’s Bharatiya Janata Party’s (BJP) won a landslide victory in May 2014 that brought with it hopes of India’s economic revival. But the new prime minister will have to tackle the country’s corruption and bureaucracy if he wants his financial reforms to work. 

The Big Picture

  • SBI underscores huge FIG appetite in India

    Global investors scrambled for paper in India’s largest qualified institutional placement (QIP) this week as State Bank of India raised Rp150bn ($2.3bn) amid strong appetite for the country’s stocks. Its success heralds a bumper year for FIG equity raisings, with more big trades already shaping up, writes John Loh.

    • 08 Jun 2017
  • RBI builds wall to keep out high yield Masala issuers

    The Reserve Bank of India has added restrictions to the issuance of rupee-denominated bonds, essentially cutting off the country's high yield issuers from the market.

    • 08 Jun 2017
  • Shenzhen and Bombay bourses sign MOU

    The Shenzhen Stock Exchange and Bombay Stock Exchange have signed a memorandum of understanding to promote capital markets co-operation, in a bid to give a fillip to small and medium enterprises and innovative companies.

    • 02 Jun 2017
  • JSW eyes $620m long term loan to support expansion

    Indian company JSW Steel is holding talks with banks for a new fundraising for capital expenditure and refinancing. Although the deal is still in the early stages, the preliminary response shows lenders are inclined to support the firm’s expansion plans, thanks to its sound financial performance and commitment to keeping its leverage within reasonable levels, writes Shruti Chaturvedi.

    • 01 Jun 2017

Comment

  • Hudco IPO: looks can be deceiving

    The first IPO of an Indian state firm in five years met with roaring approval from investors, as Housing and Urban Development Corp’s (Hudco) success in primary spilled over into its trading debut. Books were nearly 80x covered and the stock has surged as much as 30%. But it would be a mistake to read too much into the deal.

    • 23 May 2017
  • India InvITs should spread their wings and fly

    IRB InvIT Fund brought India’s first infrastructure investment trust to market last week, making history with its Rp46.5bn ($727.4m) IPO. Books closed with demand for nearly 9x the shares available, in a huge boon for the asset class. But while the trade sets a high bar, future issuers need not follow its template.

    • 09 May 2017
  • RBI longer-dated debt gambit pays off

    When the Reserve Bank of India brought in guidelines that forced borrowers to hedge shorter-dated debt in a bid to encourage longer-term financing, it was met with an outcry about the feasibility of such a plan. But now that Power Finance Corp is out for a 10 year borrowing and set to receive a strong reception, it appears the central bank’s tough stance is paying off.

    • 14 Mar 2017

Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 28.15
2 CITIC Securities 21.52
3 China CITIC Bank Corp 9.93
4 China Merchants Bank Co 9.38
5 Industrial and Commercial Bank of China (ICBC) 7.73

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 10,183.83 64 5.56%
2 Goldman Sachs 8,976.54 43 4.90%
3 China International Capital Corp Ltd 8,901.21 43 4.86%
4 UBS 8,890.80 66 4.85%
5 Citi 7,644.83 55 4.17%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 27,924.87 185 8.23%
2 Citi 25,014.91 153 7.37%
3 JPMorgan 20,970.12 120 6.18%
4 Bank of America Merrill Lynch 17,836.24 92 5.26%
5 Deutsche Bank 14,203.43 78 4.19%

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