Pimco stops participating in bond offerings of Adani Ports & SEZ

Existing holdings to run till maturity; Australia coal project key factor

Pacific Investment Management Co, which is seeking to decarbonise its investment portfolio, has stopped participating in the bond offerings of Adani Ports & Special Economic Zone because of its links to a controversial coal project in Australia, according to a person familiar.
 
Pimco, owned by Germany’s Allianz SE, did not participate in Adani Ports’ $500-million bond sale in January, the person said, though existing holdings in Adani Ports would be allowed to run to maturity. A spokesperson for Allianz declined to comment.
 
Adani’s Australian mining unit — last year re-branded as Bravus Mining & Resources — has drawn