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Bond Market News
Adani Dollar Bonds Trade Weaker Amid Further Updates on Allegations
November 25, 2024
Adani companies’ dollar bonds are trading lower again, after a slight recovery earlier on Friday. As per the Economic Times, ultra high net worth investors primarily from family offices were said to have traded ~$50mn of the notes after the initial drop. There were several updates regarding the company after the indictment was announced. First, the SEC has issued summons to the chairman and nephew of the company regarding the above, and would require an answer from them within 21 days. Second, the group CFO Jugeshinder Singh said that the indictment was linked to one contract of Adani Green Energy that made up about 10% of its business. He added that no other firms in the conglomerate were accused of wrongdoing. Third, Adani Energy Solutions said that the cancellation of two deals by Kenya following the indictment would not have a material impact on its business operations. Under the ~$2bn Kenyan international airport plan, the company was said to add a second runway and upgrade the passenger terminal in exchange for a 30Y lease. However, Adani Energy Solutions said in a statement that it was not involved in the deal to manage and upgrade Kenya’s Jomo Kenyatta airport. Fourth, the US International Development Finance Corp agency said that it was reviewing the impact of the DoJ’s allegations after it agreed to lend over $550mn to a Sri Lankan port development project, partly owned by the Adani group. The agency added that no funds had yet been disbursed under the loan commitment.
Adani Ports’ 5% 2041s are down 2.4 points to 76.8, yielding 7.5% and Adani Green’s 6.7% 2042s are down 1 point to 84.4, yielding 8.9%.
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