Adani Ports gets timing right with bond return

After avoiding the bond market in November, Adani Ports pulled off an impressive dollar deal this week.
Adani's flagship Mundra port
Adani's flagship Mundra port

When executives from Adani Ports Special Economic Zone hit the road to pitch a bond in November, markets were in a tail-spin. Donald Trump had been elected less than a week before, and currency, rate and stock markets were all experiencing bouts of volatility.

That did not rule out a deal. A Chinese local government financing vehicle tapped the bond market just a day after the US election. But after sounding out investors on pricing, executives at Adani Ports were told they would need to pay a new issue premium of at least 10bp, a syndicate banker said.

“Adani didn’t want to pay the price,” the...

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