Adani Group: US legal overhang clears; technical caps spread tightening; select OWs remain

Research evidence excerpt

Adani Group: US legal overhang clears; technical caps spread tightening; select OWs remain

Accessible version

Adani Group

US legal overhang clears; technical caps

spread tightening; select OWs remain

Credit Analysis

US probes resolved: SEC deal, DOJ dismiss, OFAC penalty 20 May 2026

The US SEC moved for final consent judgments this month, settling civil fraud Global Emerging Markets | Corporate

allegations, with Mr. Gautam Adani and Mr. Sagar Adani agreeing to USD18mn penalties Credit

without admission of wrongdoing. The U.S. DOJ subsequently filed to dismiss criminal India

Multi-Industrysecurities and fraud charges with prejudice, closing the case fully after reviewing and

deciding not to pursue further prosecution. Separately, around the same time, Adani Rachna Jain, CFA

Enterprises Ltd agreed to pay USD275mn to the U.S. Treasury (Office of Foreign Assets Research Analyst

Merrill Lynch (Singapore)

Control) to settle potential civil liability relating to alleged Iran sanctions violations. +65 6678 2972

rachna.jain2@bofa.com

Limited tightening on technical constraints Jing Peng

Research Analyst

Adani USD bonds have seen modest tightening (4bps to 30bps g-spreads) post the Merrill Lynch (Hong Kong)

resolution, largely reflecting technical rather than fundamental constraints, in our view. jing.peng2@bofa.com

A meaningful share of global investors remains restricted or slow to engage due to Asia Pacific Credit Rsch Grp

governance overhang and internal investment approvals, implying that those who could

See Team Page for List of Analysts

not invest earlier still largely cannot, limiting demand expansion. At the same time,

Adani’s thermal coal exposure spans the full value chain – mining, trading, logistics and

power generation.