SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Indian renewable energy company Adani Green Energy (AGEL) is planning a public bond issuance via offshore bonds with 3Y to 7Y tenors in the following two weeks, as per Economic Times. The company appointed Barclays, MUFG, DBS Bank, Standard Chartered, and Mizuho as deal leaders. The sources added that the deal size could be up to $600mn. AGEL bonds are expected to be rated BBB-, in-line with the issuer-level rating. The company announced plans to speed up the execution of renewable projects in the next two years to fund capital expenditure amid signs of economic recovery and for the company’s recent 100% acquisition of SB Energy Holdings that marked the largest purchase in the renewable energy sector in India, giving SB an enterprise value of around $3.5bn.

Adani Green’s 6.25% 2024s were stable, trading at 109.275, yielding 3.28%

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