A proposed US dollar bond from the operator of Delhi Airport is shaping up as a test case of international appetite for Indian infrastructure projects.
A successful debut from GMR Group-controlled Delhi International Airport, better known as Dial, could provide a new funding avenue for project financiers, easing some of the pressure on India’s overstretched banking system.
It will also underline the rebound in international confidence in India since Narendra Modi’s pro-reform government swept to power in a landslide election victory.
“India needs this kind of confidence to fund its infrastructure. Any offshore bond from an infrastructure company will be a very big positive for the sector,” said Ray Tay, vice president and senior analyst, project and infrastructure finance, Moody’s.
HSBC, Citigroup, JP Morgan and Standard Chartered have been mandated on Dial’s offering of up to US$350m, expected to come with tenors of 5–10 years.
Other infrastructure companies, including Mytrah Energy and Jindal Steel and Power, are already working on potential dollar bonds.
23/08/14 Manju Dalal/IFRAsia
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A successful debut from GMR Group-controlled Delhi International Airport, better known as Dial, could provide a new funding avenue for project financiers, easing some of the pressure on India’s overstretched banking system.
It will also underline the rebound in international confidence in India since Narendra Modi’s pro-reform government swept to power in a landslide election victory.
“India needs this kind of confidence to fund its infrastructure. Any offshore bond from an infrastructure company will be a very big positive for the sector,” said Ray Tay, vice president and senior analyst, project and infrastructure finance, Moody’s.
HSBC, Citigroup, JP Morgan and Standard Chartered have been mandated on Dial’s offering of up to US$350m, expected to come with tenors of 5–10 years.
Other infrastructure companies, including Mytrah Energy and Jindal Steel and Power, are already working on potential dollar bonds.
23/08/14 Manju Dalal/IFRAsia
