Goldman, JPMorgan say Adani debt offers value to trading clients

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Goldman, JPMorgan say Adani debt offers value to trading clients
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Goldman Sachs trading executives expressed the firm’s view that bonds related to Gautam Adani’s business empire had hit a floor in the short term.

Goldman Sachs and JPMorgan Chase have told some clients that bonds related to Gautam Adani’s business empire can offer value due to the strength of certain assets.

The Adani Group has denied the accusations, saying the allegation of stock manipulation had “no basis”.Before Adani pulled a stock sale, JPMorgan credit analysts said in a note to clients that they saw value in debt of some Adani operating companies.and a debt slump that took some bonds to distressed levels.

Bonds of firms related to Adani plunged to distressed levels after the firm cancelled a planned $US2.4 billion offering this week, even though it had secured money from the Middle East and India. Meanwhile, analysts at JPMorgan said the journey for Adani isn’t straightforward, yet the bank still preferred to keep exposure to the group, through bonds of well-regulated assets with marquee external shareholders.

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