Indian retailer Future Retail announced via an exchange filing on Friday evening that it has not been able to make a coupon payment that was due on January 22 on its 5.6% dollar bonds due 2025. This is the second coupon payment of the dollar bonds and is also the second time Future Retail has missed a coupon payment, after it missed the first scheduled coupon payment in July last year. The company eventually managed to make the first coupon payment at the eleventh hour, on the last day of its 30-day grace period and has proposed to also make the second coupon payment within the 30-day grace period. In the exchange filing, the company cited adverse conditions on the back of the pandemic as the reason for its poor liquidity position. This comes after Future Retail received the go-ahead from Indian regulator SEBI for its acquisition by Reliance Retail, which led to an ~8 point rally in its dollar bonds last week. The bonds have since trended lower from 90.26 to currently trade at 88 cents on the dollar.
For the full story, click here