In today’s briefing:
- Adani Power (ADANIPOWER IN): Bangladesh Clears Dues, Strengthens Balance Sheet
- Tenaga Nasional Placement – Has Sold Before but past Deals Haven’t Done Much
- Lucror Analytics – Morning Views Asia
Adani Power (ADANIPOWER IN): Bangladesh Clears Dues, Strengthens Balance Sheet
- Adani Power faced nearly USD 900 million in overdue receivables from its 1,600 MW Godda plant under a long-term export PPA.
- Bangladesh resumed regular payments and cleared USD 437 million in June; future dues secured via Letter of Credit and sovereign guarantee.
- Working capital improves over 40%, interest costs fall by ₹300–400 crore, and credit upgrade likely; boosts cash flow and strategic flexibility.
Tenaga Nasional Placement – Has Sold Before but past Deals Haven’t Done Much
- Khazanah is looking to raise up to US$300m via selling 1.5% of Tenaga Nasional (TNB MK).
- Khazanah has sold multiple times before and hence, the selldown is unlikely to come as a surprise.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs
- Front-end treasury yields rose yesterday, following stronger than expected JOLTS and ISM manufacturing reports (which tempered expectations of Fed easing). The yield on the 2Y UST rose 5 bps to 3.77%, while the yield on the 10Y UST was up 1 bp at 4.24%.
- Equities retreated, as investors rotated out of tech stocks. The S&P 500 inched down 0.1% to 6,198 (albeit remaining near record high levels), while the Nasdaq fell 0.8% to 20,203.
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