Indian companies have raised $20.1 billion through debt securities so far this year, 24 per cent lower in comparison to the corresponding period last year.
In the corresponding period last year, India Inc raised a record $26.5 billion, according to global deal tracking firm Dealogic.
In terms of the number of deals, the year 2011 has so far seen just 118 transactions, whereas in the same period last year, the figure stood at 254.
Some of the major debt offerings in 2011 include Vedanta Resources’ $1.7-billion high yield issue, Tata Motors-Jaguar-Land Rovers’ $1.62-billion offer and ICICI Bank’s $1-billion issue.
The report further said that AXIS Bank led the India debt capital market book-runner rankings, with a 12.5 per cent market share, followed by Citi and Standard Chartered Bank, with a 11.5 per cent and 8.1 per cent market share, respectively.
India’s SSA (Sovereign, Supranational and Agency) debt volume has seen a decline of 45 per cent so far this year at $3.9 billion through 23 deals.
“India’s corporate debt issuance also fell 20 per cent to $6.2 billion (via 38 deals), while FIG (Financial Institutions Group) debt capital markets volume dropped 13 per cent to $9.7 billion (by way of 54 deals) during this year,” Dealogic added.