IFR Outlook for Indian Borrowers Roundtable 2016

IFR’s Outlook for Indian Borrowers Roundtable took place in Singapore in December 2015. As with the Indian Credit Conference in Mumbai that had preceded it by a couple of weeks, the backdrop was IFR’s inaugural Indian Borrowers Survey, results of which are published in this supplement following the edited transcript.

To purchase printed copies or a PDF of this report, please email leonie.welss@lseg.com and shahid.hamid@lseg.com

IFR Outlook for Indian Borrowers Roundtable 2016: Participants

David Rasquinha Export-Import Bank of India David Rasquinha is deputy managing director at Export-Import Bank of India responsible for project exports, trade finance, lines of credit, treasury and risk management. He has held a range of positions since joining the bank in 1985, serving as the bank’s resident representative in Washington, DC from 1999 to 2004. Rasquinha has also served on several working groups set up by the Reserve Bank of India.   Anjan Ghosh ICRA Anjan Ghosh is chief ratings officer at ICRA Ltd. He is responsible for...

IFR Outlook for Indian Borrowers Roundtable 2016: Part 1

IFR: What does the borrowing landscape look like for Indian issuers in 2016?   Vikas Halan, Moody’s: The demand and supply of credit in 2016 will be lower than 2015 and the Fed rate hike will likely alter the funding mix from more offshore to less offshore. As we saw in the last policy statement, higher Fed rates at a time when the global economy is not doing that well plus the need to protect the Indian economy led to that 50bp rate cut by the Reserve Bank of India in September 2015. If we extrapolate that, the Fed rate hike will probably...

IFR Outlook for Indian Borrowers Roundtable 2016: Part 2

IFR: What about appetite for high-yield from India?   Vikas Halan, Moody’s: One of the issues for high-yield issuers is the all-in cost ceiling, meaning they have to borrow within the 500bp limit set by RBI. That limits the overall universe to very few issuers in our high ‘Ba’ category, or you have issuers like Indiabulls and Lodha that used structures that are not captured by ECB guidelines. Those kinds of activities are also tied to investments overseas that don’t seem to be happening at the moment, which, in my view, is a little bit puzzling...

IFR Outlook for Indian Borrowers Roundtable 2016: Part 3

IFR: Interesting point. RBI has not allowed Indian banks to tap the Masala bond market, for AT1s. But they should probablydo that.   Sanjay Guglani, Silverdale Capital: Masala bonds are too hot for us. My investors are US dollar-denominated investors. If I were to buy NTPC bonds at 8%-8.5% and hedge I would make about 2%-ish. As of yesterday evening, NTPC’s July 21 bond was giving me 3.61%. I dare not go there. As Nipa said, there is appetite for long duration local currency bonds. And as correctly pointed out, the right people to do a Masala...

IFR Outlook for Indian Borrowers Roundtable 2016: Part 4

IFR India borrowers survey Click to see the charts for results.        To see the digital version of this roundtable, please click here To purchase printed copies or a PDF of this report, please email gloria.balbastro@thomsonreuters.com

Roundtable

Roundtable

Our Privacy Statement & Cookie Policy

All websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.

Privacy Statement Cookie Policy
Ok to continue