Tata Motors' Jaguar Land Rover shelves plan to sell bonds to raise cash

Jaguar Land Rover Automotive Plc has shelved plans to issue a US dollar bond after investors demanded too high an interest rate to compensate for the risk the coronavirus poses to the luxury carmaker, according to people familiar with the matter.

Jaguar hired Bank of America Merrill Lynch to meet investors in the US last week ahead of a potential sale of new bonds, and days after warning the deadly virus outbreak was impacting its supply chain. The company gained enough interest to prepare an eight-year bond in the high 7 per cent yield range, according to the people who asked