Vedanta cuts size, widens guidance

Vedanta Resources made some sweeping revisions to its planned bond on Wednesday, scaling back the total to $1bn and widening guidance on both tranches by 50bp. The Indian mining company was on track to price before the Federal Reserve’s policy meeting, but only after shifting guidance on a 5.5 year tranche from the low 8% area to 8.75%, and from high 8% to 9.5% on the 10 year. The 30 year tranche being discussed last week never materialised. Read EuroWeek on Friday for a full report.