Can you tell me about the recent bond issue of Adani Ports?

Adani Ports or APSEZ raised $750 million via the issue of bonds in multiple maturity tranches. This includes a 10.5-year bond and a 20-year unsecured bond issue in the international markets. APSEZ has fixed the coupon rate for the 10.5-year tranche at 3.8% and for the 20-year tranche it has been fixed at 5%.

Despite the recent controversy surrounding the group, there appears to be sound appetite as the bond issue got oversubscribed over 3 times. APSEZ is now the first Indian infrastructure company to raise 20-year money from global markets at under 5%. APSEZ, being in the ports business, has a natural hedge through its export earnings for its dollar exposure.