Photo: Bloomberg
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Adani Group's Bonds Rally As Billionaire Moves To Restore Confidence
All 15 dollar debt securities of the group advanced on Friday, partly helped by news that Adani Ports & Special Economic Zone Ltd. had made coupon payments on schedule
Topics
Adani Group | Gautam Adani
Adani Group dollar bonds rallied on Friday as billionaire Gautam Adani was said to be in talks with creditors to prepay some loans in a bid to restore confidence in his business empire.
The notes also pared losses from earlier in the week as Goldman Sachs Group Inc. and JPMorgan Chase & Co. told some clients that Adani bonds can offer value due to the strength of certain assets. Adani debt has hit a floor in the short term, Goldman Sachs trading executives said in a call Thursday, according to people with knowledge of the matter.
All 15 dollar debt securities of the group advanced on Friday, partly helped by news that Adani Ports & Special Economic Zone Ltd. had made coupon payments on schedule
The 2031 notes sold by Adani Ports, one of those which had a payment date on Feb. 2, climbed 3.7 cents on the dollar to 67.7 cents as of 10:50 a.m. in Hong Kong.
Also read: Gautam Adani in talks to prepay share pledges to boost confidence: Report
Adani Green Energy Ltd.’s dollar bond maturing in Sept. 2024 rose 6.8 cents on the dollar to 70.4 cents, on course for its biggest daily increase on record, according to Bloomberg-compiled data.
Even so, some on the conglomerate’s dollar debt is trading at below 70 cents, a level which is typically considered distressed.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Fri, February 03 2023. 09:12 IST
RECENT NEWS
JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity
JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more
Private Equity And Banks: The Complex Web Of Leverage
Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more
Financial Watchdog Highlights Unresolved Vulnerabilities In Shadow Banking Sector
The world’s leading financial stability watchdog has issued a warning about the unresolved vulnerabilities within the ... Read more
JPMorgan And Small Caps Lead Market Rally: A Sign Of Economic Optimism
In a week marked by strong financial performance, JPMorgan Chase & Co. reported a 25% rise in profits, and US small-... Read more
Big Banks Vs. Regional Banks: The Battle For Market Share
The financial industry is a competitive landscape where big banks and regional banks vie for market share. Each type of ... Read more
The Evolution Of Philanthropic Advisory Services In Private Banks
The landscape of philanthropic advisory services provided by private banks has undergone a significant transformation. T... Read more