(Bloomberg) -- Lucror Analytics maintains a “speculative buy” on Vedanta’s dollar bonds, which may be an “attractive play” for some investors given the very high yields, it said in a note.
* However, its credit bias on Vedanta is negative, due to the volatile operating environment, evolving regulatory environment, and its belief that the 2018 delisting will result in weaker transparency and regulatory oversight
* Lucror says the plan to take Vedanta Ltd. private is “surprising and somewhat confusing” but the increase in the group’s debt may be somewhat offset by more efficient debt servicing, due to improved cash upstream ability
* NOTE: Billionaire Agarwal Plans to Buy Out Indian Unit Vedanta
* NOTE: Vedanta 2022 USD Bond Jumps by Record After Buyout Plan
By Denise Wee