Mumbai Airport delays proposed dollar bond offering

Adani Group's Mumbai International Airport Ltd has delayed a proposed dollar bond offering as market volatility prompts borrowers around the world to adjust their funding plans. In late February, the operator of India's second-largest airport announced that it would be meeting with investors for the proposed issuance in an exchange filing. The deal has been put on hold due to financial market turmoil following Russia's invasion of Ukraine. With global inflation surging and investors bracing for higher interest rates, dollar-denominated bond sales in Asia outside of Japan have fallen to their lowest levels since 2016, totalling only about $50 billion so far this year. Due to market volatility, several Asian companies have recently changed their stance on issuance. In February, Japan Airlines Co postponed part of a planned bond sale, while Orix Bank Corp postponed a planned dual-tranche note sale. Any bond issuance from Mumbai International Airport could be the first from the sector since the country was hit by the delta coronavirus last year. According to the filing last month, Fitch had assigned an expected rating of BB+ with a stable outlook to the proposed notes. Image Source Also read: AAI grants NOC to CIDCO for buildings height near Navi Mumbai airport