India’s Adani still eligible to be part of influential JPMorgan bond indexes
India’s Adani group of companies, which in recent weeks has seen a brutal selloff in its bonds and shares after being targetted by a U.S. short-seller, is still eligible for inclusion in JPMorgan’s influential bond indexes, the bank said in a note.
Adani, whose business interest includes ports, power generation and transmission, and renewable energy, has a total notional value of $7.7 billion in the JPMorgan’s CEMBI and JACI indexes, the bank said on Monday.
JPMorgan Corporate Emerging Market Bond Index series (CEMBI) tracks dollar debt issued by emerging market corporations, while its Asia Credit Index (JACI) tracks the total return performance of the Asia fixed-rate dollar bond market.
Besides CEMBI and JACI, Adani’s dollar bonds remain eligible to be part of JPMorgan’s ESG Global Corporate Index (JESG), an integrated environmental, social, and governance corporate benchmark covering investment grade and high-yield markets.
“We continue to monitor publicly available information and liquidity of the securities, and in case of market disruption or confirmed default event,” the U.S. bank said in its note.
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