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Bond Market News
Adani Attracts US Regulatory Scrutiny After Hindenburg’s Report
June 23, 2023
Adani Group is now facing scrutiny from US authorities over what it told its US investors with large holdings following Hindenburg’s report in January. Over the past few months, the US Attorney’s Office in Brooklyn, New York has submitted inquiries to these institutional investors to get a better picture of what representations Adani had made to them. The group is also facing similar probes by the SEC and SEBI. While Adani is unaware of these subpoenas, it continues to deny the accusations made in the report. Hindenburg Research in late January accused the company of manipulating its share prices and financial results with offshore companies.
Adani companies’ dollar bonds have ticked higher since the start of this month. Adani Green’s 4.375% 2024s are up about 1.6% since the beginning of this month to currently trade at 93.9 cents on the dollar, yielding 9.9%.
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