Adani Abbot Point Terminal bonds: risks aren't that high as the yield is

Due to the COVID-19 situation, The Adani Group-controlled Australian coal export Port of Abbot Point ought to cancell the bonds issuance needed to refinance the May 2020 maturities. The rating downgrades then followed, driven by concerns about the sources of funds for repayments and pushing the YTM for one of the company's USD bonds up to 20%. We have read a number of researches on APAC coal market, analyzed the Adani Group's payment track-record and financial statements, talked to rating agencies and produced this report showing that risks aren't that high as they seem to be given that attractive yield.