EM ASIA CREDIT: Adani Ports (ADSEZ, Baa3/BBB-/BBB-) raises money for $ buybacks
More details on $ buyback, funds raised to support transactions c. $585m.
"*ADANI PORTS SECURES INR50B VIA 15-YEAR NCDS FROM LIC" - BBG
"*ADANI PORTS: PROCEEDS TO FUND PROPOSED BUYBACK OF DOLLAR BONDS" - BBG
"*The Proceeds will fund a proposed buyback of APSEZ’s US Dollar bonds, pending board approval on 31 May 2025. A full subscription would extend the average debt maturity significantly longer—from 4.8 years to 6.2 years. "
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EQUITIES: EU Cash Opening calls
Estox 50: +0.62%, Dax: +0.66%, CAC: +0.34%, FTSE +0.22%, SMI -0.01%.
AUDUSD TECHS: Northbound
- RES 4: 0.6550 61.8% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6528 High Nov 29 ‘24
- RES 2: 0.6471 High Dec 9 ‘24
- RES 1: 0.6450 High Apr 29
- PRICE: 0.6409 @ 07:55 BST Apr 30
- SUP 1: 0.6344/6310 Low Apr 24 / 50-day EMA
- SUP 2: 0.6181 Low Apr 11
- SUP 3: 0.6116 Low Apr 10
- SUP 4: 0.5915 Low Apr 9 and key support
The trend condition in AUDUSD remains bullish and the pair is trading at its recent highs. Price has recently breached a key resistance at 0.6409, the Dec 9 ‘24 high. This breach reinforces bullish conditions and signals scope for a continuation higher near-term. Sights are on 0.6471 next, the Dec 9 2024 high. Initial key support to monitor is 0.6310, the 50-day EMA. A clear break of this EMA would be a concern for bulls.
USD: Finding some selling interest
- A limited impact in Bund, but the {r1} EUR jumps to session high on the French CPI beat, also note that it looks like this is also a Function of the Dollar, with the Greenback getting sold against the GBP, INR, HKD, TWD, MYR, PLN, SEK, NOK, and CAD.
- EURUSD is probing the 1.1400 figure, while resistance is initially seen at 1.1440.
