Sumitomo Mitsui Financial Group

The Reserve Bank of India has proposed a new framework that eases rules for borrowers raising external debt, five months after the government released a report that recommended overhauling and liberalising the existing system.

Coal miner Adaro Energy Indonesia has initiated talks with its relationship banks for a loan to refinance existing debt, with a request for proposals expected soon.

Indian conglomerate Reliance Industries has picked a big group of banks for refinancing a $1.5bn loan raised three years ago.

Commodities trader Mercuria is back in the market for its annual refinancing, launching a $900m triple tranche revolver into general syndication late last week.

Indonesian car rental service provider, Indorent, has picked four banks to helm a $100m offshore loan with general syndication expected after mid-October.

Pernod Ricard, the French distiller, priced an opportunistic €500m bond on Monday, paying a hefty 18bp premium in a market at risk of keeling over.

Philippines’ Petron Corp, which recently amended covenants on a 2014 borrowing, has hit the market for a $550m refinancing that was funded in July.

Unicharm, a Japanese maker of nappies and sanitary towels, launched an unusual ¥50bn ($419m) convertible bond on Tuesday September 8, with an exceptionally high offer price of 111.5.

ONGC Videsh,the international arm of India’s Oil and Natural Gas Corp, has sent out a request for proposals for a $750m refinancing with an undisclosed greenshoe.

A large financing for the acquisition of Tesco’s South Korean asset, Homeplus, has created a stir in the market, coming amid a dearth of private equity-backed leveraged deals in Asia. But the role of foreign banks may be limited by abundant onshore liquidity and the presence of domestic funds, which are keen to take on junior debt, writes Shruti Chaturvedi.

Financing for three rival bids to acquire Tesco’s South Korean asset Homeplus feature a senior-junior split, according to market sources. One of the contenders is also said to have secured a letter of commitment from a local pension fund, considered unusual as such funds usually throw their weight behind bidders once they have emerged as the winner.

Three banks signed Indian refiner Hindustan Petroleum Corp’s (HPCL) latest $250m fundraising on August 21, without syndicating the deal despite plenty of reverse enquiry.