The issue opens on October 15 and closes
on October 29.
Non-banking finance companies are
eyeing public issues of bonds as an
alternative to raise funds as the central
bank makes funding through shadow banks
more difficult.
The shadow banks will be able to do better
asset/liability management as they raise funds
in the longer tenor bucket. “The public issue
will strengthen ALM because NBFCs can raise
funds for five and 10 year tenors through
the public route compared to up to three
years from the wholesale market,” said Ajay
Manglunia, head of fixed income at Edelweiss
Financial Services. “The retail investors
looking for a higher interest rate do not mind
taking exposure to longer tenors.”
Last week, Manappuram Finance filed
a draft shelf prospectus with the market
regulator to raise up to Rs10bn from a
public issue of bonds.
SYNDICATED LOANS
› TATA POWER'S REFI LAUNCH IMMINENT
The launch of TATA POWER’s US$245m three-
year refinancing is imminent.
ANZ, Bank of America Merrill Lynch, DBS
Bank, ICBC (Asia) and Sumitomo Mitsui Banking
Corp are the mandated lead arrangers and
bookrunners.
Tata Power subsidiary Khopoli
Investments is the borrower.
The funds will refinance the outstanding
amount from a US$305m three-year loan
completed in December 2015. ANZ, BAML,
DBS, JP Morgan, Standard Chartered and
SMBC were the MLABs on that facility,
which paid a top-level all-in pricing of
143.92bp based on an interest margin of
126bp over Libor and a 50bp fee.
Tata Power last tapped the loan market
via its subsidiary Bhira Investments Ltd
with a US$460m five-year loan. ANZ, Axis
Bank, BAML, DBS, Export Development
Canada, ICBC (Asia), National Bank of Abu
Dhabi and SMBC were MLABs on that loan,
which offered a top-level all-in pricing of
208bp based on a margin of 195bp over
Libor and a 62.8bp fee.
› HDFC DRAWS A DOZENTwelve banks have joined HOUSING
DEVELOPMENT FINANCE CORP’s US$750m five-year
loan in general syndication.
The syndication process has closed and
allocations are being finalised. The loan is
targeted to be signed at the end of the month.
ANZ, Barclays, Citigroup, DBS Bank, First
Abu Dhabi Bank, HSBC, Mizuho Bank, MUFG
and Sumitomo Mitsui Banking Corp were the
mandated lead arrangers and bookrunners
of the bullet loan, which was pre-funded by
the nine leads. United Overseas Bank joined in
senior syndication as MLAB.
The transaction paid a top-level all-in
pricing of 115bp based on an interest
margin of 100bp over Libor and an average
life of 4.88 years.
The mortgage lender’s last visit to the
international loan market was in July 2016
for a US$375m five-year term loan with
17 banks, of which 13 joined in general
syndication. Citigroup, DBS, State Bank of
India and SMBC were the MLABs of that
deal, which paid a top-level all-in pricing of
139.9bp based on a margin of 126bp over
Libor and an average remaining life of 4.82
years.› SBI'S DUAL-TRANCHER ATTRACTS FOURFour lenders have committed to STATE BANK
OF INDIA SYDNEY’s A$200m (US$150m) dual-
tranche term loan in general syndication,
which is expected to close soon.
CTBC Bank and Mizuho Bank are the
mandated lead arrangers and bookrunners
of the bullet financing, which has three
and five-year portions. The tranches pay a
top-level all-in pricing of 105bp and 133bp,
respectively, based on interest margins of
93bp and 126bp over BBSY.
Funds are for general corporate purposes.
In April, SBI Sydney closed a A$120m
bilateral with Sumitomo Mitsui Banking
Corp. That deal paid a margin of 106bp
over BBSY, according to LPC data.
Separately, SBI has a US$750m three-year
loan in the market. Axis Bank, Barclays,
Credit Agricole CIB, First Abu Dhabi Bank,
HSBC, MUFG, SBI Capital Markets, Standard
Chartered and UOB Bank are the MLABsof that deal, which was launched in May.
The transaction, which was pre-funded in
late February, pays a top-level all-in of 90bp
based on a margin of 70bp over Libor and a
2.6-year remaining life.EQUITY CAPITAL MARKETS
› AZURE POWER PRICES FOLLOW-ONUS-listed solar power company AZURE POWER
GLOBAL is set to raise US$185m having priced
a 14.8m follow-on offer at US$12.50 per
share.
The price is at a 4.2% discount to the pre-
deal close of US$13.05 on October 4 on the
New York Stock Exchange.
Existing shareholders Caisse de Depot
et Placement du Quebec, International
Finance Corp and IFC GIF Investment have
agreed to buy shares for respectively up to
US$100m, US$10m and US$40m.
The offer closes on October 10.
Barclays, Credit Suisse, HSBC and Societe
Generale are the bookrunners.
The company conducted a US$61m IPO
in 2016 at US$18 per share.
Azure operates power plants with a total
capacity of 1,011MW.INDONESIA
DEBT CAPITAL MARKETS
› XL AXIATA SETS YIELDS FOR BONDSXL AXIATA has fixed the yields for a Rp2trn
(US$132m) five-part bond offering,
including a Rp1trn sukuk portion,
according to a filing on Bursa Malaysia
Berhad.
The telecom operator has fixed the yields
at 8.25% for a 370-day tranche of Rs328bn,
9.10% for a three-year portion of Rs450bn,
9.6% for a five-year piece of Rs131bn, 10.1%
for a seven-year tranche of Rs19bn and
10.3% for a 10-year piece of Rs72bn.
It has fixed the yields at the same levelREACH THE PEOPLE WHO MATTER
For more information on the various advertising and sponsorship opportunities available
within IFR Asia, contact:Shahid Hamid: +65 9755 5031 or email [email protected]