Adani Group dollar bonds rallied on Friday after billionaire Gautam Adani is said to be in talks with creditors to prepay some loans to restore confidence in his business empire.

The notes also pared losses earlier in the week after Goldman Sachs Group Inc, and JPMorgan Chase & Co told some clients Adani bonds could offer value due to the strength of certain assets. According to people familiar with the matter, Goldman Sachs trading executives said on Thursday that Adani’s debt has bottomed out in the short term.

The group’s $15 bonds rose on Friday, partly because Adani Ports & Special Economic Zone Ltd paid its coupon on time.

Adani Ports’ 2031 notes, one of which had a payment date of February 2, rose 3.7 cents to 67.7 cents by 10:50 am Hong Kong time.

According to data compiled by Bloomberg, Adani Green Energy Ltd’s September 2024 dollar bond rose 6.8 cents to 70.4 cents on the dollar, on track for its biggest one-day gain on record.

Even so, some of the group’s dollar bonds traded below 70 cents, often considered a bargain.