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Bond Market News
Adani Planning to Revive Dollar Bond Issuance in 2025
December 2, 2024
Adani Green plans to reconsider issuing its recently scrapped $600mn dollar bond issuance around April-June 2025, depending on clarity regarding the ongoing US probe. The company had initially scrapped the bond deal following the US indictment, which also led to a market regulator inquiry. The CFO Jugeshinder Singh, stated that the company also aims to raise up to $500mn by February through banks or private placements. He added that no planned acquisitions or capital expenditures would be delayed. Amid a $3bn refinancing requirement next year, Adani Group has emphasized its $6.3bn cash reserves.
Separately, the Chairman of the conglomerate, Gautam Adani said that “every attack” made his company stronger and that the latest was “not the first time” it faced such challenges. He also emphasized that there was “vested reporting” and that it spread “negativity” about the nature of the US charges. Also, a spokesperson for India’s External Affairs Ministry said that the two countries did not discuss the matter.
Adani companies’ dollar bonds continued trading stable across the curve. Adani Green’s 6.7% 2042s are trading at 84.11, yielding 8.95%.
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