Coronavirus scare: Indian firms step up dollar-raising as China goes slow

Record $7.15 billion raised in less than two months as Chinese companies reel from coronavirus impact

With Bharti Airtel’s subsidiary Network i2i raising $250 million from overseas markets, Indian companies would be raising a record $7.15 billion in less than two months, since the start of the calendar year, as global liquidity chases emerging market yields to compensate for the Chinese supply of bonds in times of a coronavirus scare.

Adani Transmission recently raised $310 million in the US private placement market by placing 30-year paper.

In January and February last year, Indian companies had raised $2.35 billion. In fiscal year 2019-20 so far, they have raised $19.24 billion as against $5.65 billion in the whole