德意志银行-印度-银行业-印度银行新问题：出售Canara，持有Axis-20170825-Asia Credit Indian banks new issues,Sell Canara,Hold Axis-DeutscheBank.pdfVIP

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德意志银行-印度-银行业-印度银行新问题：出售Canara，持有Axis-20170825-Asia Credit Indian banks new issues,Sell Canara,Hold Axis-DeutscheBank.pdf

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Deutsche Bank Markets Research Asia Corporate Credit Date India Financials 25 August 2017 Viacheslav Shilin, MBA Research Analyst Asia Credit (+65 ) 6423 5726 viacheslav.shilin@ Indian banks new issues: Sell Canara, Hold Axis Axis Bank and Canara Bank issued 5Y senior bonds earlier this month. Axis Bank issued USD500m at final pricing of T+130bp vs. IPT+155bp and received Risks to our recommendations: orders worth USD1.2bn. According to Bloomberg, Asian accounts contributed Axis Bank: upside – strong recovery in 56%, EMEA 28% and US 16% to the total orders. Banks and fund managers asset quality, faster than expected loan comprised 73% of total orders. Canara Bank issued USD400m at a final spread of T+150bp vs. IPT of T+175bp and received orders worth USD1.4bn. Asian growth in retail and SME segments, accounts comprised 77%, whereas EMEA accounted for the rest 23% of the materially stronger economic data from total orders received. Banks placed 51% of orders, fund managers and private India, sovereign ratings upgrade, banks – 32% and 13% respectively. prolonged absence of new issuance. In our view, both