India’s Biggest Junk Bond Faces Creditor Demands as Delay Sought

-- India’s biggest ever high-yield rupee corporate bond, held by a number of global private credit funds, is casting a spotlight on pockets of stress within the nation’s credit markets .Dow Average Touches 40,000 Before Pulling Back: Markets Wrap

The tussle underscores broader risks posed by payment delays as global private credit investors increasingly wade into emerging markets. India has been among hot spots in Asia, and Prime Minister Narendra Modi—whose party is currently contesting parliamentary elections—has fueled interest by pushing for more infrastructure investment.

The group sold its stake in a key port on the east coast of India called Gopalpur earlier this year to an Adani group company. But that came only after failure to reach such a deal by the end of last year breached a clause in the Goswami Infratech bond that resulted in the borrower having to raise the yield to 20.75%.

The firm said it would then have three business days from May 26 to make that payment, but may not be able to do so. The mystery is over: Warren Buffett’s Berkshire Hathaway disclosed a major stake in the insurance company Chubb, finally revealing the investment he has kept under wraps since last year.These three top growth stocks are among the best options for long-term investors seeking to amplify their portfolio returns over the long haul. The post TFSA Investors: Buy These 3 Growth Stocks and Never Sell appeared first on The Motley Fool Canada.

Source: Loan Digest (loandigest.net)

Shapoorji Pallonji Group Bloomberg Goswami Infratech Credit Markets Private Credit Shapoor Mistry Investment Company

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