Monday, 23 October 2017

Krishna Merchant' s stories

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  • 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


  • Rupee Notes

    Off-market deals irk bankers in India

    Top News | 31 March 2017

    For all of India’s efforts to improve transparency in the rupee bond market, investors are still a long way away from finding the right price for corporate debt.

  • India: HDFC sets new Masala milestone

    Emerging Markets | 31 March 2017

    Housing Development Finance Corp’s largest offshore-rupee offering is expected to revive interest in Masala bonds, which have fizzled after a positive start last year.

  • Modi victory lifts India's markets

    People & Markets | 17 March 2017

    The landslide election victory of Prime Minister Narendra Modi’s party in India’s most populous state has given a lift to the country’s capital markets on hopes of faster and deeper reforms.

  • Indian corporates snap up AT1s

    People & Markets | 10 March 2017

    Several Indian public-sector banks are queuing up to issue Additional Tier 1 bonds to take advantage of hot demand, including from corporate investors new to the instruments.

  • Bollywood

    Eros out to seduce investors

    Top News | 03 March 2017

    India’s Bollywood film industry is set to premiere in the US dollar bond market as one of the country’s biggest distributors prepares its debut high-yield offering.

  • Arundhati Bhattacharya

    Merger takes centre stage for State Bank of India chair

    People & Markets | 03 March 2017

    The delayed merger of State Bank of India with its affiliates is keeping India’s largest banking group away from the capital markets, its chairman said in an interview.

  • India consults on bond liquidity

    People & Markets | 10 February 2017

    India’s market regulator has put out a consultation paper recommending that issuers maintain fewer, albeit larger, bond lines.

  • india

    India raises capital market ambitions

    Top News | 03 February 2017

    The Indian government has unveiled its most ambitious target for public share sales so far, looking to capitalise on the robust domestic capital markets to cut its annual deficit.

  • Axis Bank warns on SME stress

    India's Axis Bank warns on SME stress from banknote move

    People & Markets | 03 February 2017

    Loans to small businesses in India are likely to come under pressure from the country’s recent withdrawal of high-value banknotes, the chief financial officer of Axis Bank said in an interview.

  • India worries about low bond yields

    People & Markets | 02 December 2016

    The rally in Indian bonds paused last week after the Reserve Bank of India announced measures to soak up excess liquidity and the government expressed concerns over low bond yields.

  • Cash purge to boost Indian banks

    People & Markets | 18 November 2016

    India’s demonetisation drive is likely to cause short-term pain for the economy, but banks are expected to benefit from the move in the long run.

  • India’s banknote ban triggers cash squeeze

    People & Markets | 11 November 2016

    India declared war on “black money” and counterfeit banknotes last week, but the first casualties are likely to be consumer spending, property prices, and even IPOs.

  • The Bank of Baroda headquarters is pictured in Mumbai, India.

    India's GIFT to offshore banking

    People & Markets | 11 November 2016

    Banks are queuing up for licences to open branches at India’s Gujarat International Finance Tec-City (GIFT City), where they will have offshore market access to supply the growing foreign-currency needs of Indian companies.

  • SBI outlines Masala ambitions

    Emerging Markets | 30 September 2016

    State bank keen to tap overseas appetite for Indian names

  • BC sells first government Masala

    Bonds | 02 September 2016

    British Columbia last week became the first foreign government to sell offshore rupee bonds, in an issue that was as much an arbitrage play as a step in the globalisation of the Indian currency.

  • Reserve Bank of India (RBI) Deputy Governor Urjit Patel attends a news conference after the bi-monthly monetary policy review in Mumbai, India.

    India unveils bond reforms

    People & Markets | 26 August 2016

    India’s central bank has unveiled a series of major reforms that promise to deepen the rupee bond market at a time when domestic banks are running short of capital.

  • A woman sews the national flag of India at a state-run workshop in Guwahati

    Indian insurers resist IPO push

    Equities | 19 August 2016

    India’s insurance regulator is pushing companies in the fast-growing sector to the capital markets to diversify funding and increase transparency, setting the scene for a surge in major financings.

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

    RBI enforces loss-absorption rule

    Top News | 12 August 2016

    India’s central bank has blocked a small local lender from paying a coupon on its subordinated bonds after its capital ratio dropped below the regulatory minimum, highlighting the risks investors face in the country’s thinly capitalised banking system.

  • RBI vows corporate debt reforms

    People & Markets | 12 August 2016

    The Reserve Bank of India is preparing to unveil broad measures, ranging from recommendations on using corporate debt as collateral to allowing insurers to invest in Additional Tier 1 securities, in order to improve the country’s bond markets.

  • Green fuel for Masala movement

    Emerging Markets | 05 August 2016

    Environmentally conscious European investors flocked to NTPC’s debut Green Masala bond issue last week, raising hopes that the fledgling market for offshore rupee debt could gain an international following faster than expected.

  • Quenching India's thirst for gold

    People & Markets | 29 July 2016

    Retail investors in India continued to allocate some of their savings to sovereign gold bonds in the latest government offering, albeit much less than previously following a 24% spurt in gold prices since the format was introduced in November.

  • Masala dries up in aftermarket

    Emerging Markets | 22 July 2016

    Lack of secondary trading revives doubts over offshore rupee bonds

  • Securities and Exchange Board of India (SEBI) logo

    Bond sales go digital in India

    People & Markets | 08 July 2016

    India has become the first Asian country to introduce electronic bidding platforms for bond issues in a move that has met mixed reviews from local market participants.

  • Jakarta business district

    Tax amnesty boosts Indonesian bonds

    People & Markets | 08 July 2016

    A long-awaited tax amnesty is helping Indonesia’s local bond markets outperform during a period of intense global volatility.

  • India: Public sector revives Masala plans

    Emerging Markets | 24 June 2016

    Indian public-sector enterprises are again preparing to issue Masala bonds under growing pressure from the government, market sources say.

  • Raghuram Rajan

    Indian investors look beyond Rajan

    People & Markets | 24 June 2016

    Raghuram Rajan’s shock decision to step down as Reserve Bank of India governor last week threw the rupee bond market off balance, but local investors soon took the view that his reforms would endure and they quickly recovered their composure.

  • Philippine's SM Investments banks on growth

    People & Markets | 17 June 2016

    With substantial interests in retail, banking and property development, Philippine conglomerate SM Investments Corp is looking forward to the incoming administration of president-elect Rodrigo Duterte and its plans to foster more balanced economic growth and infrastructure spending across the archipe

  • India: Downgrades blight AT1s

    Emerging Markets | 03 June 2016

    India’s capital-starved public sector banks may find it even tougher to raise capital after further rating downgrades added to concerns of a further deterioration in their asset quality.

  • Foreigners wary of rupee debt

    People & Markets | 27 May 2016

    Foreign portfolio investors are turning cautious over onshore rupee debt on expectations of a US rate rise and poor Indian inflation data, say fund managers and investment bankers.

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