Deutsche Bank refuses Adani Ports financing

29 January 2021 Media reports indicate that the world’s 7th largest (in 2020) bookrunner for bonds, Deutsche Bank, has been blocked by its Sustainability Committee from participating in Adani Ports’ latest bond issue. “Port-related environmental concerns which are in conflict with sustainability goals of the bank” was reported (paywalled) as … Read More

Barclays and Standard Chartered support Adani coal

28 January 2021 Adani Ports, the company developing essential coal haulage infrastructure for Adani’s Carmichael coal project, this week issued US$500 million in bonds to find more investors like Allianz/PIMCO and HSBC, which are already heavily invested in the company. Barclays and Standard Chartered are in the list of bankers … Read More

Adani forced to haul its own coal, driving up the cost of Carmichael

10 September 2020 Under the veil of the newly created Bowen Rail Company, Adani will be self-transporting Carmichael coal from pit to port. It appears that Adani tried to hide this development, with the new company’s website and media communications not mentioning “Adani” or “Carmichael”. The news highlights two major … Read More

Adani looking for Abbot Point investors

12 March 2020 Adani is asking investors to back the Abbot Point coal export terminal for the next seven years through a new bond. With take-or-pay contract protection now largely expired, whoever invests is placing a massive bet about the Carmichael coal project going ahead, but some key aspects of … Read More

Banks could accidentally fund Carmichael coal via Adani bond issue

8 July 2019 In early July 2019 Adani issued US$1billion in bonds for one part of its business (Adani Ports and Special Economic Zone), which nine major banks invested in. This company operates several ports in India. Unfortunately, the evidence shows that the Adani group of companies has regularly funded … Read More

Standard Chartered tries to have it both ways on coal

Vietnam coal power plant

Op-ed by Julien Vincent, executive director Market Forces Published in Asia Times, 21 January 2019 While 2018 climate-change news was dominated by President Donald Trump’s announcement of the United States’ intention to withdraw from the Paris Climate Agreement, it was also a year when the financial sector continued its inexorable march … Read More