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Adani Group has mandated banks to sell $409mn of bonds as part of its first dollar bond sale following Hindenburg’s allegations early last year. As per Adani Green’s statement on the stock exchange, they plan an “18 year door to door tenor” with a 12.7Y weighted average life wherein, proceeds will be used to redeem Adani Green’s $500mn 6.25% bonds due December 2024. The bonds are expected to be rated BBB- by Fitch. Adani Group recently got equity capital from investors including GQG Partners and the Qatar Investment Authority. Separately, last week, it was reported that Adani Group was in talks with sovereign funds for funding up to $2.6bn for expansion of its airport infrastructure and green hydrogen projects.
Adani Green’s 6.25% 2024s were 0.3 points higher at 99.75, yielding 6.57%.