Adani’s Toxic Bonds site calls out Adani's biggest bondholders and facilitators and their (lack of) commitments to deny new debt to Adani Group.
On 24 January, Hindenburg Research alleged Adani Group's “brazen stock manipulation and accounting fraud” and claims of a “vast labyrinth of offshore shell entities” ultimately owned by the Adani Group to launder money and manipulate stock prices. As a result, trust in the Adani Group, including Adani Green, from investors and banks continues to be hugely eroded. So far, Standard Chartered and Credit Suisse have stopped accepting Adani bonds as collateral, Citigroup stopped margin loans on all Adani securities and Norway’s KLP has walked away from Adani Green shares. However, no bondholders or bond underwriters have committed to deny new debt to the Adani Group - this is even more significant because Adani Group plans to raise $10 billion in 2023, mainly via bonds.
Adanitoxicbonds.org aims to ramp up the pressure on international financial institutions standing with Adani, and soon document the investors and banks fleeing Adani's toxic bonds.
The following major bondholders are listed on the site: Blackrock, TIAA / Nuveen, PIMCO / Allianz, Abrdn, AllianceBernstein, Lombard Odier, Lord Abbett, Goldman Sachs, Metlife, J.P. Morgan, Manulife, Royal Bank of Canada, UBS, Invesco, Crédit Agricole, Prudential plc, Loomis Sayles, Vanguard, Deutsche Bank, BNP Paribas and AXA; and the following major bond underwriters: Barclays, Standard Chartered, Deutsche Bank, Citi, JP Morgan, Bank of America, Credit Suisse, BNP Paribas, Intesa Sanpaolo, MUFG, Mizuho, SMBC and Societe Generale.
This website calls out Adani's biggest bondholders and facilitators and their (lack of) commitments to deny new debt to Adani Group.
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