Adani bonds rally as billionaire moves to restore confidence

Adani bonds rally as billionaire moves to restore confidence

Adani Group dollar bonds rallied on Friday as billionaire Gautam Adani was said to be in talks with creditors to prepay some loans in a bid to restore confidence in his business empire. The notes also pared losses from earlier in the week as Goldman Sachs Group Inc. and JPMorgan Chase & Co. told some clients that Adani bonds can offer value due to the strength of certain assets. Adani debt has hit a floor in the short term, Goldman Sachs trading executives said in a call Thursday, according to people with knowledge of the matter.

All 15 dollar debt securities of the group advanced on Friday, partly helped by news that Adani Ports & Special Economic Zone Ltd. had made coupon payments on schedule. The 2031 notes sold by Adani Ports, one of those which had a payment date on Feb. 2, climbed 3.7 cents on the dollar to 67.7 cents as of 10:50 a.m. in Hong Kong.