Adani Group bonds attract investor interest post fall
family offices, made inquiries with foreign banks and bond dealers to buy Adani Group bonds as the instruments lost nearly 10 points in the aftermath of the US indictment in an alleged bribery case involving a locally listed unit of the infrastructure conglomerate.
«Family offices were active in the market late Wednesday and Thursday, with trades worth about $50 million reported,» said a debt market source.
Adani Ports and Special Economic Zone (APSEZ) bonds, which fell from 96 cents to 92 cents Thursday, were trading at 90-91 cents Friday evening. Adani Green Energy's 6.7% March-issued bonds, which traded at 84/85 cents Thursday, held steady at the same levels Friday evening.
«There was activity in the Adani bond counters, with most institutional holders acting as sellers,» said a trader familiar with the matter. «Mutual funds primarily offloaded their positions, while family offices are believed to have been buyers.»
Family offices often operate through private banking accounts with institutions such as Barclays or Nomura, which purchase bonds on their behalf, the trader added.
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