<p>在印度，面临离岸债务需求疲软的外国贷款机构正将目光投向一个新目标：该国日益增长的卢比债券市场。</p>
<p>高企的美国基准收益率、地缘政治紧张局势和关税相关波动削弱了印度企业对外币债务的吸引力，导致发行量下降，尽管印度公司在国内的支出和借贷有所增加。</p>
<p>这种动态使得倾向于承销美元债券的外国银行被排除在外，而这些银行在国内市场的影响力历来较小，国内市场则由本地参与者主导。为了竞争，包括渣打银行和巴克莱银行在内的贷款机构，作为卢比债券的主要外国承销商，正寻求扩大其在岸产品，以吸引将借贷转向卢比的印度企业。</p>
<p>“由于成本效益，印度借款者的卢比债务份额正在上升，” 渣打银行印度及南亚资本市场主管 Prathamesh Sahasrabudhe 表示。“我们发现支持以卢比计价的债务的机会，这种机会可能会继续增加，除非全球不确定性和利率减退。”</p>
<p>印度公司，尤其是评级较高的企业集团和跨国子公司，选择在国内筹集资金，那里流动性加深，定价更具可预测性。这使得卢比债券销售有望在 2025 年达到历史新高，今年迄今发行量为 12.6 万亿卢比（约合 1400 亿美元）。</p>
<p>与此同时，美元债券的发行量仅略超过 90 亿美元，比去年同期减少 32%，当时印度公司售出了 133 亿美元的债券，根据彭博社汇编的数据。</p>
<p>因此，巴克莱银行的印度分行正在制定扩展国内信贷市场的战略，银行国际企业银行业务负责人 Vijay Santhanam 表示。</p>
<p>自 2021 年以来，该银行注入了约 7 亿美元以增强其本地资产负债表，并正在扩大其产品范围，以包括更多复杂的结构化解决方案，以满足国内借款者的需求。“如果想对印度实体产生重要影响，我们也需要在他们的本土市场中保持相关性，” Santhanam 表示。“如果数字支持增长，资本将会被提供。”</p>
<p>到目前为止，这一推动已显示出成效。巴克莱在卢比债券联赛表中跃升三位，排名第十一，本周承销了电信巨头巴蒂电信有限公司价值 850 亿卢比的债券。今年迄今，该银行已安排交易总额达 2260 亿卢比，比去年增加约 37%。</p>
<p>尽管如此，外国银行仍需与根深蒂固的本地贷款机构竞争，这些机构受益于更大的存款池和广泛的分支网络。国有银行还享有隐含的主权支持和政府支持优先领域的任务。</p>
<p>这些优势使得像 Axis Bank Ltd.和 HDFC Bank 这样的本地银行，作为前两大卢比债券承销商，能够以更具竞争力的价格定价债务。目前，根据彭博社的联赛表，没有任何外国银行进入卢比债券融资的前十名。</p>
<p>“外国银行意识到，他们需要在印度增加卢比融资，以创造更大的资产池，” Capri Global 的执行董事 Ajay Manglunia 表示。“这也意味着他们将与传统上主导这一领域的本地贷款机构正面交锋。”</p>

渣打集团

巴克莱银行

<p>外资银行在印度正将重点转向日益增长的卢比债券市场，因为对离岸债务的需求减少。高企的美国收益率和地缘政治紧张局势使得外币债务对印度企业的吸引力下降。像渣打银行和巴克莱银行这样的银行正在扩大其在岸产品，以与当地贷款机构竞争。预计到 2025 年，卢比债券的销售将创下历史新高，而美元债券的发行则有所减少。巴克莱银行显著增加了其卢比债券交易，但外资银行仍面临来自国内银行的强劲竞争</p>

<p>Foreign lenders in India facing tepid demand for offshore debt are setting their sights on a new target: the country’s growing rupee bond market.</p>
<div class="lb-trans"><p>在印度，面临离岸债务需求疲软的外国贷款机构正将目光投向一个新目标：该国日益增长的卢比债券市场。</p>
</div><p>High US benchmark yields, geopolitical tensions and tariff-related swings have eroded the appeal of foreign-currency debt for Indian corporates this year, causing the issuance to drop even as Indian companies boost spending and borrowing at home.</p>
<div class="lb-trans"><p>高企的美国基准收益率、地缘政治紧张局势和关税相关波动削弱了印度企业对外币债务的吸引力，导致发行量下降，尽管印度公司在国内的支出和借贷有所增加。</p>
</div><p>That dynamic has boxed out foreign banks that tend to underwrite dollar bonds but historically had little heft in the domestic market, which is dominated by local players. To compete, lenders including Standard Chartered Plc and Barclays Plc, the top foreign underwriter of rupee bonds, are looking to widen their onshore offerings to appeal to Indian corporates shifting their borrowing to rupees.</p>
<div class="lb-trans"><p>这种动态使得倾向于承销美元债券的外国银行被排除在外，而这些银行在国内市场的影响力历来较小，国内市场则由本地参与者主导。为了竞争，包括渣打银行和巴克莱银行在内的贷款机构，作为卢比债券的主要外国承销商，正寻求扩大其在岸产品，以吸引将借贷转向卢比的印度企业。</p>
</div><p>“The share of rupee debt is rising for Indian borrowers since they find it cost effective,” said Prathamesh Sahasrabudhe, a managing director and head of capital markets for India &amp; South Asia at Standard Chartered. “We find opportunities to back rupee-denominated debt, which could continue to increase unless global uncertainties and rates recede.”</p>
<div class="lb-trans"><p>“由于成本效益，印度借款者的卢比债务份额正在上升，” 渣打银行印度及南亚资本市场主管 Prathamesh Sahasrabudhe 表示。“我们发现支持以卢比计价的债务的机会，这种机会可能会继续增加，除非全球不确定性和利率减退。”</p>
</div><p>Indian firms, especially highly-rated conglomerates and multinational subsidiaries, are opting to raise money at home, where liquidity is deepening and pricing is more predictable. That’s put rupee bond sales on track to hit an all-time high in 2025, with issuance of 12.6 trillion rupees ($140 billion) year to date.</p>
<div class="lb-trans"><p>印度公司，尤其是评级较高的企业集团和跨国子公司，选择在国内筹集资金，那里流动性加深，定价更具可预测性。这使得卢比债券销售有望在 2025 年达到历史新高，今年迄今发行量为 12.6 万亿卢比（约合 1400 亿美元）。</p>
</div><p>Meanwhile dollar bond issuance stands at just over $9 billion, 32% less than the same period a year earlier, when Indian companies sold $13.3 billion, according to data compiled by Bloomberg.</p>
<div class="lb-trans"><p>与此同时，美元债券的发行量仅略超过 90 亿美元，比去年同期减少 32%，当时印度公司售出了 133 亿美元的债券，根据彭博社汇编的数据。</p>
</div><p>As a result, Barclays’ India arm is mapping out a strategy to expand into the domestic credit market, said Vijay Santhanam, the bank’s head of international corporate banking for India.</p>
<div class="lb-trans"><p>因此，巴克莱银行的印度分行正在制定扩展国内信贷市场的战略，银行国际企业银行业务负责人 Vijay Santhanam 表示。</p>
</div><p>The bank infused about $700 million since 2021 to bolster its local balance sheet and is broadening its products to include more complex structured solutions for domestic borrowers. “If you want to be meaningful to Indian entities, we also need to be relevant in their home market,” Santhanam said. “If the numbers support growth, capital will be made available.”</p>
<div class="lb-trans"><p>自 2021 年以来，该银行注入了约 7 亿美元以增强其本地资产负债表，并正在扩大其产品范围，以包括更多复杂的结构化解决方案，以满足国内借款者的需求。“如果想对印度实体产生重要影响，我们也需要在他们的本土市场中保持相关性，” Santhanam 表示。“如果数字支持增长，资本将会被提供。”</p>
</div><p>So far the push is showing results. Barclays jumped three spots to eleventh this year on the rupee bond league table, and this week underwrote the bonds of telecom major Bharti Telecom Ltd. worth 85 billion rupees. Year to date, the bank has arranged deals worth 226 billion rupees, about 37% more than the year prior.</p>
<div class="lb-trans"><p>到目前为止，这一推动已显示出成效。巴克莱在卢比债券联赛表中跃升三位，排名第十一，本周承销了电信巨头巴蒂电信有限公司价值 850 亿卢比的债券。今年迄今，该银行已安排交易总额达 2260 亿卢比，比去年增加约 37%。</p>
</div><p>Still, foreign banks will have to compete with entrenched domestic lenders that benefit from bigger deposit pools and extensive branch networks. State-owned banks also have implicit sovereign backing and a government mandate to support priority sectors.</p>
<div class="lb-trans"><p>尽管如此，外国银行仍需与根深蒂固的本地贷款机构竞争，这些机构受益于更大的存款池和广泛的分支网络。国有银行还享有隐含的主权支持和政府支持优先领域的任务。</p>
</div><p>Those benefits have allowed domestic banks like Axis Bank Ltd. and HDFC Bank, the top two rupee bond underwriters, to price debt more competitively. Currently, no foreign bank is even in the top ten for rupee bond financing, according to Bloomberg league tables.</p>
<div class="lb-trans"><p>这些优势使得像 Axis Bank Ltd.和 HDFC Bank 这样的本地银行，作为前两大卢比债券承销商，能够以更具竞争力的价格定价债务。目前，根据彭博社的联赛表，没有任何外国银行进入卢比债券融资的前十名。</p>
</div><p>“Foreign banks have realized that they need to increase rupee financing in India to create a bigger asset pool,” said Ajay Manglunia, executive director at Capri Global. “That would also mean they would take local lenders, who have traditionally dominated this space, head on.”</p>
<div class="lb-trans"><p>“外国银行意识到，他们需要在印度增加卢比融资，以创造更大的资产池，” Capri Global 的执行董事 Ajay Manglunia 表示。“这也意味着他们将与传统上主导这一领域的本地贷款机构正面交锋。”</p>
</div>

随着离岸债务销售的放缓，外国银行正在积极追逐卢比交易