Adani Electricity Mumbai is planning to buy back as much as $100mn of bonds as per sources. The issuer is a unit of Adani Transmission and is said to be initiating the buyback in order to boost investor confidence following the Hindenburg report in late January. Anil Sardana, the MD of Adani Transmission said that the company had INR 35bn ($430mn) of cash at end-December 2022, adequate to fund existing obligations. Adani Electricity Mumbai has two dollar bonds outstanding due in 2030 and 2031. This news comes just a week after Adani Ports & SEZ launched a tender offer to buyback up to $130mn of its outstanding $650mn 3.375% bonds due July 2024.

Both its 3.949% 2030s and 3.867% 2031s are trading slightly higher by ~0.5 points at 74.5 and 71.5, yielding 9.08% and 8.82% respectively.

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