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Monday, 16 July 2018

Krishna Merchant' s stories

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  • Indonesian President Joko Widodo speaks during a press conference at presidential palace in Kabul, Afghanistan.

    Indonesia launches infra fund

    People & Markets | 06 July 2018

    Indonesia has launched a state-owned infrastructure investment fund in a bid to drive more of the country’s savings into long-term projects and deepen the local capital markets.

  • Indonesia Inc lines up bonds

    Emerging Markets | 15 June 2018

    Indonesian companies are lining up rupiah bonds before borrowing costs rise further, following two rate increases by Bank Indonesia, while dollar bond issuance has slowed.

  • India tightens rules for state-owned non-banks

    People & Markets | 08 June 2018

    India’s state-owned non-banking finance companies are facing higher capital requirements under new rules bringing them in line with their privately owned peers.

  • Macro position is key for India – Rajan

    People & Markets | 08 June 2018

    Former Reserve Bank of India governor Raghuram Rajan said India needed to strengthen its macroeconomic position to withstand emerging-market volatility.

  • Bhushan boost for debt workouts

    Loans | 25 May 2018

    Tata Steel is borrowing Rs165bn (US$2.42bn) to fund the acquisition of a controlling stake in Bhushan Steel in a significant step forward under India’s new bankruptcy rules.

  • India calls for better disclosure on bonds

    People & Markets | 18 May 2018

    India’s market regulator has tabled stricter disclosure rules for issuers of bonds and preference shares, in a bid to enhance transparency and accountability for investors.

  • India Inc looks overseas for funds

    Loans | 11 May 2018

    Volatile domestic markets and a relaxation of overseas borrowing rules are sending more Indian companies into the offshore loan markets.

  • An India Rupee note is seen in this illustration photo.

    India eases debt rules

    People & Markets | 04 May 2018

    India’s central bank has loosened rules for foreign investments in domestic bonds and liberalised its overseas borrowing, in a move seen as shoring up support for the falling rupee.

  • India's Prime Minister Narendra Modi speaks during the inauguration of DefExpo 2018 in Chennai, India.

    India lifts foreign investor limits

    People & Markets | 13 April 2018

    Foreign portfolio investors will be able to buy a further Rs1.04trn (US$16bn) of onshore rupee notes in the current fiscal year after the central bank raised the investment limits for government and corporate bonds.

  • A man checks his phone outside the Reserve Bank of India (RBI) headquarters in Mumbai, India.

    RBI adds fuel to India bonds rally

    People & Markets | 06 April 2018

    Indian government bonds have rallied for the second consecutive week after the central bank allowed lenders to spread their mark-to-market losses over several quarters.

  • A woman walks past the Reserve Bank of India (RBI) head office in Mumbai, India.

    RBI measures set to add fuel to IGB rally

    Ticker | 03 April 2018

    Indian government bonds are expected to rally further after the Reserve Bank of India allowed banks to spread their mark-to-market losses over several quarters.

  • India fires up government bonds

    People & Markets | 29 March 2018

    India gave an unexpected shot in the arm to its ailing government bond market last week, sparking a spectacular rally days before the end of the financial year and opening the door to greater foreign investor participation in the months ahead.

  • Indian bank tucks into Masala

    Emerging Markets | 23 March 2018

    HDFC Bank has become the first Indian bank to sell Masala bonds, paving the way for other lenders to tap the offshore rupee bond market.

  • India looks offshore after rupee rates spike

    Emerging Markets | 09 March 2018

    A spike in rupee yields is sending Indian issuers overseas in search of cheaper funding at a time when global investors are turning cautious on the country.

  • Pension fund blow to Indian corporate bonds

    People & Markets | 02 March 2018

    India’s decision to reduce the minimum share of assets that the Employee’s Provident Fund Organisation (EPFO) must hold in corporate bonds is expected to put further upward pressure on domestic corporate bond yields.

  • India orders early AT1 calls

    India orders early AT1 calls

    People & Markets | 23 February 2018

    India’s central bank has taken the unprecedented step of ordering some of the country’s weaker banks to redeem their capital securities ahead of schedule, triggering a debate over regulatory interference in the fixed-income sector.

  • India redraws debt workout rules

    People & Markets | 16 February 2018

    India’s central bank has torn up its rule book on debt restructurings in favour of a standardised approach that gives major defaulters just six months to agree terms with their bank creditors.

  • India's Finance Minister Arun Jaitley holds his briefcase as he arrives at the parliament to present the federal budget in New Delhi, India.

    India deepens corporate bond market

    People & Markets | 02 February 2018

    India has taken steps to deepen the corporate bond market in its budget for 2018-2019, although the slippage of fiscal targets is likely to worsen the current sell-off in the short term.

  • Indonesia: Embracing Komodo bonds

    Emerging Markets | 26 January 2018

    More state-owned Indonesian companies are raising funds from Komodo bonds, or offshore rupiah notes, even as onshore reforms bring down the cost of domestic debt.

  • India lines up US$14bn bank injection

    People & Markets | 26 January 2018

    The Indian government pledged last week to inject close to US$14bn into state-run banks this financial year to improve their capital ratios and help them tackle bad loans, paving the way for more equity offerings from the sector.

  • Ajay Tyagi, chairman of Securities and Exchange Board of India (SEBI), speaks at a news conference after its board meeting at SEBI headquarters in Mumbai, India.

    India moves more bond sales online

    People & Markets | 12 January 2018

    New rules to bring more Indian bond offerings online will increase transparency, but threaten the role of intermediaries, according to market participants.

  • Spicing up the Masala recipe

    Emerging Markets | 05 January 2018

    Indian finance companies are lining up Masala bonds to diversify their funding options at a time when a strengthening rupee and higher yields are raising the interest of foreign investors.

  • 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.

  • Indian debt funds gorge on risk

    People & Markets | 30 June 2017

    Flows into credit mutual funds are surging in India, providing a welcome fillip to lower-rated borrowers, while exposing investors to higher risks at a time of rising bad debts.

  • Philippines looks north to diversify

    People & Markets | 09 June 2017

    The Republic of the Philippines is looking at the Panda and Samurai bond markets to diversify its funding sources, but has no plans to reduce its dependence on the local peso market, Treasurer Rosalia De Leon has said in an interview.

  • RComm fails to communicate

    Emerging Markets | 26 May 2017

    Reliance Communications’ offshore bonds suffered a dramatic sell-off last week, as the telecommunications company failed to respond to reports that it was behind on loan payments.

  • India’s online push angers bond bankers

    People & Markets | 26 May 2017

    India’s securities regulator has caused anger among banks and arrangers with its latest proposals to require more bond offerings to be conducted on the electronic platform introduced last year.

  • Rupee Notes

    Rising rupee recharges Masala bonds

    Top News | 28 April 2017

    Indian issuers are dusting off plans for offshore rupee financings after a rebound in the currency brought so-called Masala bonds back on to investors’ radar.

  • Overcrowding fears for Indian bonds

    People & Markets | 21 April 2017

    Indian bond traders are becoming concerned that a jump in issuance from the country’s states will crowd out private sector borrowers.

  • Indonesia moves T-bonds online

    People & Markets | 13 April 2017

    Indonesia has launched a new trading platform to draw more participants into the rupiah bond market, as it awaits a potential S&P sovereign upgrade and embraces more foreign flows.

  • India grapples with excess liquidity

    People & Markets | 07 April 2017

     

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