When executives from Adani Ports Special Economic Zone hit the road to pitch a bond in November, markets were in a tail-spin. Donald Trump had been elected less than a week before, and currency, rate and stock markets were all experiencing bouts of volatility.
That did not rule out a deal. A Chinese local government financing vehicle tapped the bond market just a day after the US election. But after sounding out investors on pricing, executives at Adani Ports were told they would need to pay a new issue premium of at least 10bp, a syndicate banker said.
“Adani didn’t want to pay the price,” the...
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