US dollar-denominated bonds of some Adani Group companies continued at distressed levels on Thursday, though a marginal softening in yields of some bond offerings in early deals could indicate a reversal of sentiments. But it is too soon to tell.

The bonds had slumped over the past week and early this week as well before recovering when Adani Enterprises managed to get its ₹20,000-crore follow-on share sale fully subscribed aided by high net-worth investors. On Wednesday, after the market had celebrated the pocket-friendly Budget presented by the Finance Minister, Adani group’s promoter dropped a bombshell saying that they had decided to scrap the FPO and refund the money to investors.

While it was a blood bath on the domestic bourses with over $100 billion of the company’s value wiped out, its bonds trading overseas fell to distressed levels. There were reports that entities of Credit Suisse Group and Citigroup had stopped accepting securities of Adani companies as collateral for loans.

Data on bonds from Bloomberg showed that an Adani Green bond maturing in October 2024 showed a marginal rise as did a bond issued by Adani Ports maturing in 2031. The Adani Green bond, however, had a bid price of 65 cents on the dollar, while bonds of Adani Transmission maturing in 2026, continued negative.

Adani Green could have difficulty in refinancing that bond, market sources said.

In the immediate aftermath of the revelations by Hindenberg Research prices of bonds issued by Adani Group companies fell between 9.6 to 15.4 per cent.

Reports have suggested that companies in the group have cumulatively $34.7 million of coupon repayments coming up this week on its dollar bonds.

Adani Ports is liable to pay $24.7 million in interest on three bonds while Adani Transmission has a $10-million coupon payment.