-- India, already the world’s fastest-growing major economy, is pushing for even more dramatic expansion to become a developed nation, a goal that hinges on expanding access to capital.Nothing illustrates that challenge better than the 47 trillion rupee corporate bond market. It’s one of the world’s smallest as a percentage of gross domestic product, at just 16%, even after record growth.
The subways, airports, sanitation and electricity grids underpinning urbanization in the world’s most populous nation take years to build. Such time horizons attract investors like insurers who need cash flows that match their longer-term payouts. But in India the regulatory hurdles have disrupted this dynamic.
A representative at the Pension Fund Regulatory and Development Authority didn’t immediately reply to a request for comment. In 2022, SEBI took a step to enhance liquidity in the bond market, by encouraging bigger outstanding issuance sizes of the kind that are more easily traded. It made it compulsory for companies to have no more than nine conventional bonds maturing within a given year, which effectively encouraged them to tap existing securities, increasing their overall size
What would be one of the largest local-currency deals in India this year highlights the reliance on loans for key infrastructure. State-owned Bharat Petroleum Corp. is in talks with lenders to raise about 320 billion rupees for building a refinery.Loans are often more practical to finance projects than bonds as the money can be drawn in phases, unlike bonds where the funds would sit idle until needed, according to Vetsa Ramakrishna Gupta, director finance at BPCL.
Real estate firm Charter Hall Retail REIT and pension fund Hostplus have bumped up their bid for Australia's Hotel Property Investments , now valuing the pub landlord at A$755.8 million . Charter Hall and Hostplus, HPI's top shareholder group with a combined stake of roughly 18%, have raised their offer to A$3.85 per HPI share they do not already own, from A$3.65.
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