Adani Bonds Rally as Billionaire Moves to Restore Confidence

All 15 dollar notes from Adani companies post gains on Friday
Goldman Sachs, JPMorgan say Adani’s bonds now offer value

WATCH: The Adani Group has shed $108B in market values since Hindenburg accused it of stock manipulation and fraud. Annabelle Droulers reports.Source: Bloomberg

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By Harry Suhartono

February 3, 2023 at 2:53 AM UTC

This article is for subscribers only.

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.