Sumitomo Mitsui Financial Group

The dollar FIG market enjoyed its busiest week of the year as banks emerged from the sidelines to dominate the primary market following a two week rally in credit spreads.

Sumitomo Mitsui Banking Corp sold half its stake in India’s Kotak Mahindra Capital this week, raising Rp20.69bn ($300m) in the year’s first block trade in the country. And in a rare case, the deal managed to bypass the problem of slippage typical with sell-downs in India. Jonathan Breen reports.

A $460m refinancing for Tata Power subsidiary Bhira Investments has opened into syndication with seven banks at the helm.

Japan’s Sumitomo Mitsui Banking Corp has raised $300m via a combination of a public and private sale of half of its stake in Indian lender Kotak Mahindra Capital.

One of UBS's most senior managing directors in European leveraged finance has left the bank.

State Bank of India has picked banks for a fresh $500m fundraising that is expected to launch into syndication in the next couple of weeks.

Tata Steel has received a new commitment at the senior level for its $1.5bn refinancing, with banks yet to join in general syndication.

Loans for ONGC Videsh and Saka Energi Indonesia have had commitments from banks, with the former likely to close at the end of this week.

A $465m 21 month refinancing for Hindustan Petroleum Corp (HPCL) has gone into general syndication after the borrower mandated banks for the loan in December 2015.

A $1.775bn loan for ONGC Videsh, the international arm of India’s Oil and Natural Gas Corp, has attracted commitments from just two lenders in syndication, with the deal due to close by the end of this week.

Hindustan Petroleum Corp (HPCL) has launched a $465m 21 month refinancing into general syndication with three participation levels on offer.

Sociedade Nacional De Combustíveis De Angola (Sonangol) has completed a lengthy loan syndication for a $1bn five year loan, with Chinese banks taking big tickets, according to a banker on the deal.