In today’s briefing:
- Vedanta Resources – Event Flash – Rumours Of Debt Exchange – Lucror Analytics
- Morning Views Asia: Anton Oilfield, Central China Securities
Vedanta Resources – Event Flash – Rumours Of Debt Exchange – Lucror Analytics
Vedanta Resources Ltd is widely reported to be exploring asset-liability management related to the USD bonds due in 2024 and 2025. The plan apparently involves: [1] repaying USD 500 mn of the secured USD 1 bn 13.875% January 2024 notes, while rolling the remaining principal into the unsecured USD 9.25% 2026 notes; [2] converting the USD 950 mn 6.125% August 2024 notes into new secured notes due in 2026; and [3] redeeming USD 250 mn of the USD 1.2 bn 2025 notes, while exchanging the remaining principal into a new bond due in 2027.
The proposal might not be well-received by the affected bondholders, who would likely expect full repayment at maturity. We move to “Hold” on the VEDLN notes from “Buy”.
Morning Views Asia: Anton Oilfield, Central China Securities
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
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