Photo: Bloomberg
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Adani Group's Bonds Rally As Billionaire Moves To Restore Confidence
All 15 dollar debt securities of the group advanced on Friday, partly helped by news that Adani Ports & Special Economic Zone Ltd. had made coupon payments on schedule
Topics
Adani Group | Gautam Adani
Adani Group dollar bonds rallied on Friday as billionaire Gautam Adani was said to be in talks with creditors to prepay some loans in a bid to restore confidence in his business empire.
The notes also pared losses from earlier in the week as Goldman Sachs Group Inc. and JPMorgan Chase & Co. told some clients that Adani bonds can offer value due to the strength of certain assets. Adani debt has hit a floor in the short term, Goldman Sachs trading executives said in a call Thursday, according to people with knowledge of the matter.
All 15 dollar debt securities of the group advanced on Friday, partly helped by news that Adani Ports & Special Economic Zone Ltd. had made coupon payments on schedule
The 2031 notes sold by Adani Ports, one of those which had a payment date on Feb. 2, climbed 3.7 cents on the dollar to 67.7 cents as of 10:50 a.m. in Hong Kong.
Also read: Gautam Adani in talks to prepay share pledges to boost confidence: Report
Adani Green Energy Ltd.’s dollar bond maturing in Sept. 2024 rose 6.8 cents on the dollar to 70.4 cents, on course for its biggest daily increase on record, according to Bloomberg-compiled data.
Even so, some on the conglomerate’s dollar debt is trading at below 70 cents, a level which is typically considered distressed.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Fri, February 03 2023. 09:12 IST
RECENT NEWS
Revoluts Australian Banking Licence Game Changer
Revolut has spent much of its life insisting that it is more than a bank. In Australia, it has now decided that becoming... Read more
The AI Bank Is Coming, But Who Controls The Risk?
Artificial intelligence is no longer something banks discuss as a distant possibility. It is already working behind the ... Read more
ClearBank UK Profit Leads To European Growth
ClearBank has spent much of the past decade building the technology and regulatory infrastructure needed to challenge so... Read more
Bank Of London Continues To Rebuild
ClearBank’s progress shows that modern clearing and banking infrastructure can become a sizeable and profitable busine... Read more
JPMorgan's Berlin Moment: Chase Takes On Europe
There is something quietly symbolic about JPMorgan Chase choosing Berlin as its gateway into continental Europe. In a fo... Read more
What Strategy's Bitcoin Sale Really Tells Us
There is a moment in every bull run when the narrative starts to fray. Not with a crash, not with a scandal, but with so... Read more