Overview Agenda
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Exclusive roundtable
Driving the next phase of growth
16 July 2024 | Mumbai
Overview

As the fastest-growing major economy in the world, India is basking in the glow of corporates and investors’ attention. Its syndicated lending market is a vivid example. Activity among Indian borrowers shot up by 75% in 2023 compared with a year ago. With total volume crossing INR3.3 trillion (US$40 billion) mark – surpassing pre-Covid activity in 2019 – it is in sharp relief to the overall volume in the region, which was down by 5.1%

A number of factors are behind the market’s strength. Infrastructure build-out is at the centre of lending activity. The government has set aside some INR13.7 trillion for capital expenditures, which is equivalent to 4.5% of GDP. According to a World Bank report, India will need to invest an average of US$55 billion a year over the next 15 years.

The private sector has been actively participating in this infrastructure push launching bonds and loans during the past 12 months to support projects in the transport sector – including roads and airports – telecoms such as 5G networks, as well as renewable energy projects such as solar, wind, biomass, and round-the-clock facilities. A welcome addition is the growing number of financings supporting the growth of data centres.

Leveraged buyouts, refinancing, and dividend recap have also been growing in popularity. Private equity sponsors have been actively tapping the syndicated lending market to finance acquisitions and leveraged transactions involving Indian companies. Event-led financing in India topped US$3.4 billion in 2023. This is nearly 80% higher than the level in 2020.

Joining the syndicated lending activity were banks and non-bank finance companies. To support growth and also anticipating the US dollar rate cycle having hit its peak, these institutions were positioning for rate cuts this year while also enabling them the capacity to support their clients’ financing needs.

With the election out of the way and policy continuity the direction in the coming years, the syndicated lending market is set to keep pace with India’s elevated growth rate in the coming years. India’s big push to sustain its infrastructure build-out as outlined by Prime Minister Modi’s Gati Shakti National Master Plan, a US$1.5 trillion project to scale up India’s infrastructure, the country is today a big draw for companies and investors looking to participate in its rapid growth.

The Asset, in association with DBS, is pleased to be hosting an exclusive roundtable discussion on the opportunities and challenges ahead as India motors ahead towards becoming a US$5 trillion economy by the end of the decade.

 

Agenda
16 July 2024
03:00 PM
Registration and coffee
03:30 PM
Opening address
Mildred Chua
Mildred Chua
managing director & global head, syndication & loan solutions
DBS
03:35 PM
Outlook on Indian economy and rates
Radhika Rao
Radhika Rao
senior economist and executive director economics & strategy research
DBS
03:50 PM
Asia: Syndication loan market overview
Kenneth Koh
Kenneth Koh
executive director, syndication & loan solutions
DBS
04:15 PM
Exclusive discussion
  • With interest rates staying higher for longer, how will it impact the syndicated lending market in the coming 12 months?
  • What factors are likely to drive activity and which sectors will be find favour?
  • Where do you expect tenor to be and what types of borrowers will attract the greatest interest from syndicate participants?
  • How will sponsor-backed M&A fare in the coming 12 months and what structures could underpin activity in leveraged finance?
  • What types of lending is emerging to support the rise in cross-border investment?
  • ESG/renewable energy activity has picked up. How are lending banks viewing the opportunity?
Kelvin Lim
Kelvin Lim
managing director, syndication & loan solutions
DBS
Swayam Saurabh
Swayam Saurabh
chief finance officer
JSW Steel
Parag Sharma
Parag Sharma
managing director & chief financial officer
Shriram Finance
Aswin Vikram
Aswin Vikram
managing director, private equity
PAG
Chito Santiago (moderator)
Chito Santiago (moderator)
executive editor
The Asset
05:00 PM
Closing remarks
Rajat Verma
Rajat Verma
managing director & head, institutional banking group, India
DBS
05:10 PM
Networking and cocktails
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Event Photos
Networking at the event
Networking at the event
Welcome remarks
Welcome remarks
Full house audience listening to presentation
Full house audience listening to presentation
Exclusive discussion
Exclusive discussion