Wednesday, 21 March 2018

Krishna Merchant' s stories

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  • 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


  • 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.

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