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Bond Market News
Future Retail Misses Dollar Bond Coupon; Seeks to pay within 30-Day Grace Period
July 23, 2021
Future Retail, in a regulatory filing mentioned that it has missed paying the coupon on its 5.6% 2025s due today, citing that its liquidity position has been affected due to the pandemic’s impact on operations. Like it has done for the two previous coupon payments, it plans to pay the $14mn coupon within the 30-day grace period.
Separately, India’s antitrust regulator CCI said that Amazon hid facts and made false submissions when it sought approval for a 2019 investment in a Future Group unit. In a statement to the Supreme Court today, Amazon retorted that the Future Retail-Reliance Retail deal is a breach of contract and that the Singapore arbitrator’s decision was enforceable.
Future Retail’s 5.6% 2025s are down 2% this week, lower by 0.7 currently at 73.5.
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