COUNTRY REPORT INDIA› ADANI GAS PLANS FIVE-YEAR SALE
ADANI GAS HOLDINGS plans to sell Rs5bn of
five-year rupee bonds, according to market
sources.
Talk is that the Indian supplier of natural
gas has hired Deutsche Bank and Credit
Suisse as arrangers on the issue, proceeds
of which are to be used for refinancing
higher-costing loans.
Adani Gas is also looking to raise at least
US$200m from a potential offering of US
dollar bonds, the sources have said.
The company has yet to announce the
two offerings officially.
› CORPORATION BANK SELLS AT1S AT 9.23%
State-owned CORPORATION BANK has raised
Rs8bn from non-call five Basel III-
compliant Additional Tier 1 perpertual
notes at 9.23%.
The perps have a A+ rating, with a
negative outlook, from Brickwork.
In March, the public-sector bank raised
Rs5bn from non-call five AT1 bonds at
10.28%.SYNDICATED LOANS
› BPCL GOES BILATERAL ON REFIBHARAT PETROLEUM is taking the bilateral route
for its US$100m three-year refinancing with
a loan from Mitsubishi UFJ Financial Group.
A request for proposals was sent out in
September for the loan at an all-in pricing
said to be in the mid 70s to low 80s.
Funds will refinance a US$170m loanclosed a few years ago. BPCL is repaying
US$70m of the loan through internal
resources and refinancing the remainder
with the new facility.
The Indian state-owned oil and gas
company was last in the market for a
US$150m five-year refinancing in April.
DBS Bank and Standard Chartered closed
the loan as a two-bank club. Funds
refinanced part of a US$750m one-year
bridge loan taken last year to fund BPCL’s
purchase of a stake in Russian oilfields.› YES BANK ALLOCATES BORROWINGYES BANK has allocated a US$250m five-year
term loan, which was increased from
US$200m after attracting 10 Taiwanese
banks in general syndication.
Bank of Taiwan, CTBC Bank, Land Bank ofTata Motors financing goes into senior
Loans Borrower launches £640m facility into syndication with seven banks at the topTATA MOTORS has launched a £640m
(US$850m) financing into senior syndication
with seven banks at the top.
ANZ, Credit Agricole, DBS Bank, First Abu
Dhabi Bank, Mitsubishi UFJ Financial Group,
Mizuho Bank and Standard Chartered are
mandated lead arrangers and bookrunners
on the loan, split into a £415m dual-tranche
facility A and a £225m facility B.
Facility A is further split into two
amortising portions – one maturing in July
2020 and the other in July 2023. Facility B
has a bullet repayment due in July 2022.
The new loan is denominated in sterling to
match revenues from Jaguar Land Rover, a
unit of Tata Motors.
Funds refinance a US$250m facility from
March 2016 and a US$600m borrowingfrom December 2015.
Pricing is tighter than on Tata Motors’
previous loans.
The March 2016 loan funded the buyback of
the Indian auto-maker’s S$350m (US$243m
then) 4.25% notes due 2018. ANZ was the sole
MLAB on the financing, which attracted 17 other
lenders in general syndication. The loan offered
a top-level all-in pricing of 180bp, based on
an interest margin of 165bp over Libor, with a
4.24-year door-to-door tenor and a four-year
remaining life.
The December 2015 facility comprised
a US$300m five-year tranche A and a
US$300m seven-year tranche B. ANZ, CA,
DBS, First Gulf Bank, StanChart and State
Bank of India were the MLABs on the loan,
which drew 32 other lenders in generalsyndication. Tranches A and B paid top-level
all-ins of 190.49bp and 241.64bp, based on
interest margins of 176bp and 227bp over
Libor, and average lives of 4.83 years and
6.83 years, respectively. The blended margin
is around 205bp over Libor and the blended
average life is 5.83 years.
In March 2016, Tata Motors also raised
a US$250m syndicated loan via Fiat India
Automobiles, a 50:50 joint venture with Fiat
Chrysler Automobiles. Citigroup and SBI were
the MLABs on the facility, which lured three
other lenders. That loan, which paid a top-
level all-in of 250bp, based on an interest
margin of 235bp over Libor, has a door-to-
door tenor of 7.6 years and an average life of
5.1 years.
CHIEN MI WONGTop lead managers of Indian rupee bonds
1/1/17 – 31/10/17
Amount
Name Issues Rs(m) %
1 Axis 160 729,937.5 24.1
2 HDFC 138 420,612.1 13.9
3 Trust Group 144 344,837.6 11.4
4 ICICI 117 245,358.5 8.1
5 Yes Bank 68 194,534.0 6.4
6 AK Capital 67 138,086.3 4.6
7 Edelweiss Financial 63 136,355.2 4.5
8 State Bank of India 49 129,881.0 4.3
9 Standard Chartered 25 85,707.1 2.8
10 Tipsons 35 63,586.8 2.1
Total 487 3,027,212.3
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS23
Top bookrunners of India syndicated loans
1/1/17 – 31/10/17
Amount
Name Deals US$(m) %
1 State Bank of India 22 10,375.4 31.2
2 Axis 27 5,010.1 15.0
3 ICICI 23 3,343.8 10.0
4 L&T Financial Services 31 2,050.5 6.2
5 Yes Bank 24 1,661.3 5.0
6 Standard Chartered 15 1,646.7 4.9
7 MUFG 10 1,063.1 3.2
8 Indusind-Bank 28 991.7 3.0
9 Barclays 7 583.1 1.8
10 HSBC 7 528.2 1.6
Total 173 33,302.0
* Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S10bIndia equity and equity-related
1/1/17 – 31/10/17
Amount
Name Issues US$(m) %
1 Kotak Mahindra 15 2,812.2 14.1
2 Citigroup 15 2,263.4 11.3
3 Axis 18 1,485.7 7.4
4 Deutsche 9 1,392.2 7.0
5 JM Financial 11 1,287.1 6.4
6 IIFL Holdings 11 1,184.4 5.9
7 BAML 5 1,124.8 5.6
8 ICICI 16 1,094.6 5.5
9 Morgan Stanley 6 972.6 4.9
10 State Bank of India 19 733.9 3.7
Total 212 19,989.9Source: Thomson Reuters SDC Code: C1L