UK banks hold sufficient capital to cope with no-Brexit and Trump trade war, BoE says 

Hitachi commences sale of $5.6 billion chemical unit 

Cybersecurity firm McAfee’s IPO could raise at least $1 billion: Reports 

Hitec Vision, Oman’s Petrogras to acquire Total’s British North Sea oilfields for $635 million

FINANCE

India-Pakistan fallout hits rupee bonds as firms pull offerings

India-Pakistan-fallout-hits-GBO

Two Indian issuers deferred local bond sales as borrowing costs surged, after tensions between the two rival nations escalated in one of the most serious confrontations in decades

State-run Indian Renewable Energy Development Agency withdrew plans to raise as much as $140mn from 10-year bonds because rates were higher than expected.

State-controlled refiner Bharat Petroleum called off a plan to sell at least $70mn worth of five-year securities, stating that the market was choppy and not conducive to fund-raising at the moment.

India’s credit markets could do without the added strains just now. Shock defaults by shadow lender Infrastructure Leasing & Financial Services Ltd. and scrutiny of non-bank financing firms have constrained access to funds, frustrating the government’s efforts to deepen the local debt market.

Average yields on top-rated three-year Indian rupee corporate notes issued by state companies jumped 41 basis points to 8.55%, according to Bloomberg data. That’s the sharpest increase since July 2013.

The tensions could also test appetite for new new dollar bond sales planned by Indian firms that had enjoyed a revival at the start of 2019.

Pakistan said on Wednesday that its fighter jets shot down two Indian aircraft, in a significant escalation of tensions a day after India said its Air Force had bombed a terrorist training camp inside Pakistan.

Leave a Comment