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At Mumbai Airport, Adani stops a big business plan


Mumbai Airport is the second largest airport in India

Mumbai:

Mumbai International Airport Ltd. has delayed the supply of dollar bonds, according to people familiar with the issue, as market volatility is pushing loans around the world to adjust their financing plans.

India’s second-largest airport operator said in an exchange presentation in late February that it would meet with investors for the proposed issue. But Russia’s financial market turmoil following the invasion of Ukraine means that the deal was canceled, asking people to identify themselves because the talks are private.

A spokesman for the parent company Adani Group, which is controlled by one of India’s richest men, declined to comment when contacted by Bloomberg about the planned issuance.

As global inflation rises and investors are willing to raise higher interest rates, sales of Asian-denominated bonds in dollars outside of Japan have dropped to a minimum since 2016 by about $ 50 billion.

Several Asian companies have recently changed their attitude towards issuance due to market volatility. Japan Airlines Co. canceled part of a planned bond deal in February, while Orix Bank Corp. decided to postpone the sale of the planned two-part banknotes.

Any bond issue at Mumbai International Airport could be the first in the sector since the delta coronavirus wave hit India last year.

Fiche assigned the expected BB + rating to the proposed notes with a stable forecast, as presented in the last month.



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