JSW scraps bond issue

Coking coal producer JSW issued a statement on Monday saying that it has decided to withdraw from an earlier planned eurobond issue due to the present market situation. The company’s management said that the decision was made after “a series of meetings with selected institutional investors in the United States of America and in the United Kingdom.” “We have not decided on a eurobond issue this time, as we do not accept the conditions that the market is offering,” the company’s CEO Jarosław Zagórowski told Reuters. “We have an open road for the issue until the half of 2015. We'll see if the situation changes.” Zagórowski also said that JSW was not planning an SPO. “We do not envisage any share issues,” he said.