AXIS bank

Energy generator NTPC became the latest of a recent slew of Indian issuers to fund in the dollar bond market, with more deals underway.

Indian Railway Finance Corp (IRFC) pushed into the dollar market on Monday to close a bond trade ahead of the end of the financial year. The issuer managed to grab $500m from the five year sale, despite a weaker market.

India’s Housing Development Finance Corp (HDFC) sold a privately placed offshore rupee bond this week, giving an inkling of hope to what has been a lacklustre market.

The government of Kerala is poised to sell its debut offshore rupee bond after a non-deal roadshow this month, in what could be the first Masala issuance since April.

Jaguar Land Rover, owned by India’s Tata Motors, has returned for a $1bn loan, just months after closing a smaller £640m ($839m) dual-tranche facility.

India’s JSW Steel has launched a $140m dual-tranche loan into general syndication, with the funds to go towards its acquisition of US-based steel plant Acero Junction Holdings.

AGS Transact Technologies has revived its plans for a Rp10bn ($143.3m) IPO in India, according to a draft prospectus filed on Monday.

Birla Carbon has closed a $1.2bn multi-tranche loan after attracting six participants during senior syndication, according to a banker close to the situation.

Non-bank lender Hinduja Leyland Finance is making a second attempt at listing in India, some two years after it first filed a draft prospectus.

State Bank of India has launched a new $750m three year borrowing into general syndication, about two months after mandating banks to run the transaction.

Birla Carbon, part of Indian conglomerate Aditya Birla Group, is targeting its relationship banks for the senior syndication of a $1.2bn borrowing.

IndInfravit Trust lifted the gloom in India’s infrastructure investment trust market this week after its Rp32.3bn ($484m) private placement, a first for the asset class, drew in Allianz Capital Partners and Canada Pension Plan Investment Board.