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Bond Market News
Vedanta Dollar Bonds Drop Towards Par
July 8, 2026
– Vandit P
Vedanta’s dollar bonds have been trending down over the last two days and moving closer to par. This follows the recently completed consent solicitation exercise where the company passed its extraordinary resolutions for its 9.475% 2030s, 11.25% 2031s, 9.125% 2032s, and 9.850% 2033s. The proposed changes comprise a ‘Covenants Resolution’ and an ‘Issuer Redemption Resolution’, which adds an optional issuer redemption right at 100% of the principal plus accrued interest. The Issuer Redemption Resolution implies that the bonds could be called at par at any time, while the notes are currently trading above par (as seen in the chart). Bondholders who provided valid consent for both resolutions by June 23 will be paid a non-tendering consent fee of $78.2, $121.3, $69.4 and $98.7 per $1,000 of principal for the respective notes. Bondholders who consented only to the ‘Covenants Resolution’ are eligible for a non-tendering consent fee of $1 per $1,000 of principal for all the notes. Payment of the consent fees and ineligible bondholder payments is expected around July 16.
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