Adani Ports proves flexible as company markets dollar bond

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By Morgan Davis
30 Jul 2020

A flexible approach to its $750m bond paid off for India’s Adani Ports and Special Economic Zone, which navigated weak market sentiment and demanding investors by changing its tenor, size and price expectations. Morgan Davis reports.

The Baa3/BBB-/BBB- rated borrower had mandated banks and kicked off investor calls for a dollar deal on July 13. The company stated in its mandate that it would seek up to $1.25bn from a 10 year bond, or perhaps even longer.

But things did not go as planned. ...

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