Advanced Theory & Practice of Bonds

IBF Recognized Under FTS
1-2 December 2021

Two-day immersive course on bonds designed for private bankers and advisors. 90% funding* available to eligible company-sponsored candidates.

Vedanta Resources Ltd (VRL) raised $1.2bn via a 4Y non-call 3.5Y bond (4NC3.5) at a yield of 8.95%, a solid 42.5bp inside initial guidance of 9.375% area. The bonds have expected ratings of B- and received orders over $2.6bn, 2.2x issue size. APAC took 49%, EMEA 30% and North America 21%. Fund Managers bought 85% and the rest went to others. Wholly-owned subsidiary Vedanta Resources Finance II is the issuer and Vedanta Resources, together with Twin Star Holdings and Welter Trading, are the guarantors. Proceeds will be on-lent to Twin Star as a subordinated loan. Twin Star may use the funds for the acquisition of equity shares of Indian subsidiaries of Vedanta Resources. Any remaining proceeds will be used to service existing debt. IFR notes that they had initially arranged for a 4Y and 7Y dual-trancher but sold a single tranche instead. Vedanta’s other dollar bonds were mixed – its 8.25% 2021s were down 0.5 to 100.1 and its 6.125% 2024s were up 0.5 to 87.41.

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