COAL
The Indian conglomerate Adani Enterprises is learning how one financing problem can lead to headaches for debt investors elsewhere as it tries to secure money for one of the world’s biggest coal mines.
Three of China’s largest banks this week ruled out any involvement in financing the mine in Australia’s Queensland state. That fanned investor concerns about debt elsewhere in the company’s businesses in the South Pacific nation. Dollar bonds from wholly owned unit Adani Abbot Point Terminal – which oversees a deep water port on the coast of Queensland – sunk to fresh lows after the news.
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