Bharti Airtel Bonds Jump Most in Five Years After Buyback Offer
- Indian telco offers $985 per $1,000 face amount for 2023 notes
- Moody’s has placed lowest investment grade on downgrade review
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Bharti Airtel Ltd.’s dollar-denominated bonds due in 2023 surged the most in five years after the company offered to buy back the securities at above the market price amid the risk of a rating downgrade.
India’s second-biggest mobile phone carrier will pay $985 per $1,000 principal amount plus accrued interest for any or all of the $1.5 billion of March 2023 notes in the tender offer, according to a company filing over the weekend. The bonds jumped 2.3 cents to 98 cents on the dollar as of 9:00 a.m. in Singapore Monday, paring their loss for the year to 8 cents.