by Amruth Sundarkumar | Sep 15, 2021 | High Yield Bonds, India
Tata Steel’s corporate family rating has been upgraded to Ba1 from Ba2 with a stable outlook by Moody’s on better-than-anticipated operating performance and a reduction in gross debt. Moody’s said “The rating upgrade reflects the expectation of...
by Amruth Sundarkumar | Sep 15, 2021 | High Yield Bonds, India
Vedanta Resources Ltd. (VRL) reduced its net debt by about $300mn in since April and expects to further reduce its debt by around $500mn in the next half. Having repaid the loan of $325mn at Volcan Investments Ltd., VRL’s ultimate shareholder, the pledge on all...
by Amruth Sundarkumar | Sep 6, 2021 | High Yield Bonds, India
Indian steelmaker JSW Steel is said to be lining up a $1bn bond issuance to ramp up capacity and lower funding costs. As per ET sources, JSW has hired Deutsche Bank, Standard Chartered, JP Morgan and BNP Paribas for the proposed issuance, which is expected to launch...
by Megha Malhotra | Aug 30, 2021 | High Yield Bonds, India
India’s Future Retail filed a new case against Amazon.com Inc at the Supreme Court as it seeks clearance for its $3.4bn sale to Reliance Industries. Future’s deal with Reliance Industries was put on hold as the Supreme Court declared this month an interim...
by Megha Malhotra | Aug 26, 2021 | High Yield Bonds, India
Indian pharmaceutical company Jubilant Pharma won approval from 63.93% of holders of its $200mn 6% bonds due 2024 to waive certain conditions related to a planned reorganization, as per IFR. Jubilant will pay $2 per $1,000 in principal to the holders that gave their...
by Megha Malhotra | Aug 24, 2021 | High Yield Bonds, India
Vedanta Resources Limited’s (VRL) senior unsecured notes have been upgraded to B3 from Caa1 narrowing the difference to one notch between the rating of the notes and that of the issuer. The rating action also applies to the notes issued by VRL’s...
