Adani Green's dollar bonds plunge past junk levels as group fights crisis

Steep rise in yields raises questions about group's ability to raise fresh debt abroad

Yields on dollar bonds issued by Adani Green Energy Limited have skyrocketed past average levels for global junk bonds, indicating extreme uncertainty among investors in the company’s debt and amid a free-fall in the stock prices of other group firms.

Bloomberg data showed that bonds worth $750 million issued by Adani Green Energy are currently yielding a whopping 31 per cent in international secondary markets, well past the average 8.4 per cent for global junk bonds. According to analysts, the average investment grade yield globally is around 4.9 per cent.

Adani Green Energy’s $750 million bonds, which mature in September