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Bond Market News
Vedanta Said to Plan Debt Refinancing to Lower Costs
August 6, 2024
Vedanta Resources is said to be looking to partly refinance its debt to lower its funding costs, as per sources. This comes following its recent rating upgrade by S&P to B- late last month. With its dollar bonds yielding double digits (12-15%), the sources noted that Vedanta is trying bring down its borrowing costs by as much as 400bp to high single digits from current levels. However they added that the terms have not been finalized yet.
Vedanta’s dollar bonds have been among the top gainers in the Indian dollar bonds space this year. Its 9.25% 2026s are up 57% YTD and currently trade at 96.3, yielding 11.7%.
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