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Dollar bonds of India's Adani Ports rise as company starts debt buyback

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The U.S. dollar-denominated bonds issued by India's Adani Ports and Special Economic Zone rose on Monday, after the company commenced a cash tender offer for a buyback of securities.

, part of the beleaguered Adani Group, said it has floated a tender of up to $130 million of 3.375% 2024 maturity dollar-denominated bonds.

"The purpose of the tender offer is to partly prepay the company’s near-term debt maturities and to convey theThe company has engaged Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, First Abu Dhabi Bank, PJSC, MUFG Securities Asia Singapore Branch, SMBC Nikko Securities and Standard

 

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