Adani Group’s Mumbai Airport delays dollar bond project: report


Mumbai International Airport has delayed a proposed dollar bond offering, people familiar with the matter say, as market volatility prompts borrowers around the world to adjust their funding plans.

The operator of India’s second-largest airport had said in an exchange filing in late February that it would meet with investors for the proposed issuance. But the upheaval in the financial market following Russia’s invasion of Ukraine means the deal has been put on hold, the people said, asking not to be identified as the talks are private.

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

With global inflation soaring and investors bracing for higher interest rates, sales of dollar-denominated bonds in Asia ex-Japan so far this year have fallen to the lowest for similar periods since 2016 at only around $50 billion.

A number of Asian companies have recently changed their issuance strategy due to market volatility. Japan Airlines Co. suspended part of a bond deal scheduled in February, while Orix Bank Corp. decided to delay a planned two-tranche ticket sale.

Any eventual bond issue from Mumbai International Airport could be the industry’s first since the coronavirus delta wave hit India last year.

Fitch had assigned an expected rating of BB+ with a stable outlook to the proposed notes, according to last month’s filing.

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