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Sunday, 17 December 2017

Krishna Merchant' s stories

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  • Jasa Marga stuns on Komodo debut

    Emerging Markets | 01 December 2017

    Indonesian toll-road operator Jasa Marga opened the offshore rupiah, or Komodo, bond market for business on Thursday with a Rp4trn (US$295m) issue that beat pricing expectations.

  • Indian SOEs turn to US dollar bonds

    Emerging Markets | 01 December 2017

    Indian state-owned enterprises are turning to US dollar bonds, some for the first time in many years, in a push to diversify their funding as onshore yields inch higher and huge state issuance crowd out demand for other paper.

  • A worker constructs a new toll road by PT Jasa Marga in Cibubur, on the outskirts of Jakarta.

    Jasa Marga beats expectations on Komodo debut

    Ticker | 01 December 2017

    Indonesian toll road operator Jasa Marga opened the Komodo bond market for business on Thursday with a Rp4trn (US$295m) offshore rupiah issue that beat pricing expectations.

  • An aerial view shows cars driving through Cikampek toll road operated by PT Jasa Marga in Cikampek, West Java province, Indonesia.

    First test for Komodo pricing

    Top News | 24 November 2017

    Indonesia’s biggest toll road developer is marketing the first offshore rupiah bonds, testing international appetite for a product that promises to open a new source of funding for the country’s corporate sector.

  • Moody’s upgrade boosts Indian bonds

    Emerging Markets | 17 November 2017

    Moody’s surprise upgrade of India’s sovereign rating sent credit spreads tighter on Friday, brightening the outlook for public sector companies preparing to sell dollar bonds.

  • Indian banks capitalise on bailout

    Indian banks capitalise on bailout

    Top News | 10 November 2017

    India’s state-owned banks are rushing out capital raisings in the debt and equity markets, after last month’s surprise government lifeline restored confidence among investors.

  • RCom outlook darkens after coupon miss

    Emerging Markets | 10 November 2017

    Reliance Communications missed a coupon payment last week, dragging offshore bondholders into a debt restructuring that has already hit the company’s onshore lenders.

  • RCom debt plan fails to stop slide

    Emerging Markets | 03 November 2017

    Reliance Communication’s dollar bonds have continued to slide even after the company agreed to a new debt-repayment plan with domestic lenders. The plan includes a pledge to raise up to Rs170bn from the sale of assets such as mobile towers, according to Reuters report.

  • India's Greenko warms to local debt market

    People & Markets | 03 November 2017

    Greenko Group intends to raise at least half of its debt funding in India’s domestic market, after successfully completing its first major onshore bond issue, chief financial officer and director Vasudeva Rao Kaipa told IFR in an interview.

  • Rupee Notes

    India springs recap surprise

    Top News | 27 October 2017

    India is throwing a Rs2.11trn (US$32.4bn) lifeline to its struggling public-sector banks with a two-year recapitalisation plan designed to break the logjam of towering bad debts and weak capital.

  • India's Reliance debt plan in doubt

    People & Markets | 06 October 2017

    Reliance Communications’ move to cut US$3.8bn from its US$7bn debt burden has been thrown off-course due to the cancellation of two deals central to the plan, causing a further sharp slide in its offshore bonds.

  • RBI reversal revives Masala market

    Emerging Markets | 29 September 2017

    The Reserve Bank of India has carved out offshore rupee bonds from its corporate bond quota for foreign investors, allowing inflows into onshore bonds to resume and revive the frozen Masala market.

  • India throws debt lifeline to InvITs

    People & Markets | 22 September 2017

    The Securities and Exchange Board of India has thrown a lifeline to infrastructure investment trusts (InvITs) and real estate investment trusts struggling to raise equity by allowing them to issue debt.

  • India to overhaul rating framework

    People & Markets | 15 September 2017

    India’s market regulator has proposed wide-ranging changes to the governance of rating agencies and more stringent financial disclosure requirements for debt issuers in a bid to make the credit market more transparent.

  • Indonesia broadens infra debt market

    People & Markets | 08 September 2017

    Indonesia’s infrastructure sector has received a boost from new rules broadening the investor base for securities used to fund development projects.

  • India’s EPFO goes down curve

    People & Markets | 25 August 2017

    India’s Employees’ Provident Fund Organisation will soon be allowed to broaden its portfolio of corporate bonds to include AA+ rated private-sector debt, deepening the fixed-income market for corporate borrowers.

  • India's IL&FS eyes novel financings

    People & Markets | 11 August 2017

    Infrastructure Leasing & Financial Services is looking at new financing options in the domestic and overseas markets as Indian banks put the brakes on lending.

  • Indonesia's Mandiri targets offshore business

    People & Markets | 21 July 2017

    Mandiri Sekuritas, the brokerage unit of Indonesia’s biggest bank, is expanding its international underwriting business to target offshore financings, potentially including Global rupiah bonds, after receiving a Singapore licence earlier this year.

  • India curbs foreign bond buying

    People & Markets | 21 July 2017

    New Indian regulatory guidelines on the utilisation of corporate bond limits for foreign investors will completely halt Masala bond issuances in the near term and hurt renewable energy financings, market sources said.

  • Investors welcome India liquidity move

    People & Markets | 07 July 2017

    Investors have welcomed the Indian market regulator’s recent steps to restrict the number of bonds any individual issuer can sell, in a move expected to improve liquidity in the country’s debt market.

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