Adani Group operated Mumbai International Airport Ltd. has delayed its proposed debut dollar bond issuance as per sources. The delay is due to increased market volatility following the Russia-Ukraine war which has led to borrowers having to adjust funding plans. As per exchange filings in February, the company hired banks for its dollar bond issuance for an expected 7.25Y tenor and a size of $500mn. Higher inflation and the expectation of rate hikes have caused lower issuance of USD bonds in Asia outside Japan, the sources said. Fitch had given an expected rating of BB+ with stable outlook to proposed bonds.
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