Most Adani Dollar Bonds Rally Out of Distressed Territory
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(Bloomberg) — Most Adani Group dollar bonds have climbed out of distressed territory after the company said it will address upcoming maturities, the latest boost to investor sentiment in recent days after an initial rout sparked by a US short-seller report.
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Adani Electricity Mumbai Ltd.’s dollar bond maturing in 2031 rose 1.1 cent to 72.3 cents as of 11:07 a.m. in Hong Kong, according to data compiled by Bloomberg. Just three of 15 Adani Group US currency notes are below the 70 cents on the dollar level that’s generally considered as being distressed.
Adani executives held a call with fixed-income investors Thursday, as part of efforts to reassure investors about the health of the group’s finances. A report late last month by short-seller Hindenburg Research accusing the conglomerate of fraud triggered a rout in the group’s bonds and shares, charges that Adani has called “bogus.”
The management said on the call Thursday it is seeking to cut the group’s ratio of net debt to earnings before interest, taxes, depreciation and amortization to below three times next year, from the current 3.2 times, people familiar with the matter said. The group had previously said that its companies faced no material refinancing risk and had no near-term liquidity requirements.
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