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India Dollar Bond Spreads Hit 3-Year Low, Supporting Adani Debt.
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The yield premiums on Indian companies' dollar bonds, including those of Adani Group, have dropped to their lowest level in over three years. This comes after shortseller Hindenburg Research published a report in 2023 that alleged fraud and malfeasance by Adani, which raised concerns about the conglomerate's ability to borrow money. However, Adani has since reduced its debt and successfully refinanced its borrowings for its Ambuja Cements Ltd. and ACC Ltd. acquisition. Moody's Investors Service has also raised the outlook to stable for four Adani companies, citing their continued access to equity markets and debt capital at a reasonable cost. [Extracted from the article]
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