Egyptian officials plan to launch Asian and European tours starting in the week after next to market international bonds, which will be offered when the time is right, Finance Minister Mohamed Maait said on Tuesday. Egypt plans to issue Eurobonds worth about $5 billion in the coming months, Reuters reported. “The week after next, we will start promotional tours in the Asian markets, then Europe in preparation for issuing Eurobonds bonds,” Maait said at a business event in Cairo.

A creditor is seeking to push India’s troubled Infrastructure Leasing & Financial Services Ltd. into insolvency, risking regulators’ efforts to calm financial markets and the group’s attempts to independently restructure its borrowings, Bloomberg News reported. Small Industries Development Bank of India on Tuesday filed an insolvency application against IL&FS and its unit at the National Company Law Tribunal in Mumbai, people familiar with the matter said. Separately, IL&FS’s biggest shareholder, Life Insurance Corp.

India’s finance ministry wants the central bank to consider more steps to improve liquidity in the system, including reducing the amount of funds banks must set aside with it, a senior ministry official said on Tuesday, amid a bubbling credit crunch in the Indian shadow banking industry, Reuters reported. The Reserve Bank of India (RBI) could also explore buying more bonds from the open market and open a special window for mutual funds to inject liquidity, the official told reporters.

HFW has won an appeal against a Supreme Court ruling with “significant implications” for insolvency proceedings in Australia, Australasian Lawyer reported. The firm helped Rio Tinto subsidiary Hamersley Iron Pty Ltd overturn a Supreme Court decision that Hamersley could not set off its claims against Forge Group Power Pty Ltd. "Today's decision is not only good news for Hamersley, but for many other unsecured creditors. The rights between contracting parties in the event of insolvency is something impacting almost all businesses,” said partner Matthew Blycha who led the HFW team.

Indian authorities vowed to support financial markets rocked by growing concerns of defaults by shadow banks, Bloomberg News reported. The government will provide adequate liquidity to mutual funds and non-bank financial companies, Finance Minister Arun Jaitley said on Monday. His tweet followed a rare joint weekend statement from the central bank and capital markets regulator assuring investors they were monitoring the situation and would take necessary steps.

Indian authorities are battling to contain growing fears of contagion from a major infrastructure lender struggling to service debts of $12.6bn, which has driven a sell-off of stocks in the country's huge non-bank financial sector, the Financial Times reported. The benchmark Nifty index declined 1.5 per cent on Monday for its fifth consecutive daily fall, with non-bank lenders among the biggest losers. The selling has reflected concerns about recent loan defaults by Infrastructure Leasing & Financial Services, one of the sector’s biggest companies.

The turmoil in India’s non-bank finance companies is deepening, with a troubled lender disclosing further missed debt payments late on Friday and panic seeping into what has been Asia’s best-performing stock market, Bloomberg News reported. The benchmark equity index had its wildest intraday move in more than four years before closing with a 0.8 percent loss on Friday as investors remained jittery about the nation’s financial shares after a recent default by Infrastructure Leasing & Financial Services Ltd. A measure of investor anxiety surged to its highest level in more than four months.

Infrastructure Leasing & Financial Services Ltd., an Indian conglomerate that has missed payment on more than five of its obligations since August, is seeking to raise more than 300 billion rupees ($4.2 billion) selling assets to cut debt, according to an internal memo seen by Bloomberg.

Chinese local governments are flooding the debt market with a new type of bond, lining up $200bn in issuance designed to fund infrastructure investment as Beijing seeks to stimulate a slowing economy, the Financial Times reported. China’s parliament in March approved a quota of Rmb1.35tn ($197bn) for issuance of “special-purpose” bonds for 2018, more than the combined quotas for the previous two years. But until recently, actual issuance was sluggish as local governments were under pressure to cut borrowing.

One of India’s most acquisitive companies is buying up cement kilns across the country, going from big to bigger. It’s got the right plan, but who’s buying the cement and actually building? Ultratech Cement Ltd. is one of the world’s biggest cement manufacturers, with the capacity to put out 90 million tons a year from plants sprinkled across India, Bloomberg News reported. It purchased distressed assets from Jaiprakash Associates Ltd. and is battling to buy even more out of bankruptcy. Ultratech is taking a smart tack in India’s fragmented cement industry: consolidation.