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Bond Market News
Adani Denies Reports of Securing $3bn Loan from Sovereign Wealth Fund
March 2, 2023
Adani Group denied news media reports that it had told investors at its roadshow that it secured a $3bn loan from a sovereign wealth fund (SWF). Reuters reported that the group told bondholders it had access to a $3bn credit line from backers including at least one SWF, as per three people who attended the company’s roadshows. Adani said, “We completely deny this baseless speculation…This is totally false and untrue”. Two of the people who attended also said that the group is in the process of arranging a borrowing of an extra $800mn under a credit facility to be extended to Adani Green Energy. Most of Adani companies’ dollar bonds were trading broadly stable, while Adani Green’s 4.375% 2024s were up 1.5 points to trad eat 85.1, yielding 15.9%
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