Vedanta Resources Ltd (VRL) has launched a roadshow to market its USD 144A/RegS notes, which will either be 3.5NC1.5 and/or 7NC3. The company hopes to raise USD 1.2 bn across the two tranches. In our view, the new issue will likely be better received than the USD 10.875% 2029 notes. We believe that VRL will successfully issue USD 1.2 bn of bonds (at least the 3.5NC1.5, while the 7NC3 remains uncertain) to repay the 2028 notes. This is as several positive developments have occurred since the ...
The US indictment of key executives is a material credit negative for the Adani Group, with the allegations being more serious than those from Hindenburg Research’s short-sell report in January 2023. In the near term, the US indictment is likely to constrain the group’s access to financing, particularly in the offshore market. We note that the Justice Department's charges are directed at the individual executives, not at Adani Green Energy or other group entities. In addition, the penalties ...
The US indictment of key executives is a material credit negative for the Adani Group, with the allegations being more serious than those from Hindenburg Research’s short-sell report in January 2023. In the near term, the US indictment is likely to constrain the group’s access to financing, particularly in the offshore market. We note that the Justice Department's charges are directed at the individual executives, not at Adani Green Energy or other group entities. In addition, the penalties ...