Prakash Chakravarti is a senior writer with Thomson Reuters/IFR/LPC, where he has worked for nearly 12 years in several senior positions. He has written extensively on Asian loan markets, including contributing to books and management reports, and been instrumental in the events and conferences organised by IFR relating to capital markets in the region. He has also covered other asset classes such as bonds and equity, and written about trends in commercial and investment banking and capital markets in Asia.
Loan pricing for Indian borrowers is beginning to head south, as international lenders react to an upturn in the country’s economic and political outlook and unprecedented competition from the overseas bond markets.
A dozen lenders are tipped to win the mandate for the loan component of Tata Steel subsidiary Corus Group’s US$7bn refinancing exercise, which also includes a US$1.2bn bond offering.
A recent slew of successful financings for Asian borrowers with few tangible assets has highlighted a change in risk appetite among the region’s lenders.