Vedanta high-yield bond

Vedanta prices high-yield jumbo despite volatility

Vedanta and Lonking raise a combined $2 billion from international bond investors in a volatile market.
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Vedanta's aluminium refinery at Lanjigarh
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<div style="text-align: left;"> Vedanta's aluminium refinery at Lanjigarh </div>

Indian billionaire Anil Agarwal’s Vedanta Resources priced a record-breaking $1.65 billion high-yield bond early Friday morning after a three-year absence from the international bond market.

The UK-listed mining company raised the money through a dual-tranche five- and 10-year issue that is Asia’s biggest high-yield corporate bond to date, according to Dealogic excluding bonds issued by US entities owned by Asian parents.

The jumbo deal crossed the line despite myriad challenges and was even upsized slightly. Investors had to contend with volatile credit conditions, uncertainty about Vedanta’s Cairn India acquisition and headline risk surrounding Vedanta’s subsidiary Sesa Goa, which has been accused of financial irregularities.

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