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Emerging MarketsEM LatAm

Alpha bonds take beating as restated numbers show major write-down

AlphaCredit, LatAm, default, trouble, impairment, write-down, 575, Mexico

Bonds issued by Mexican payroll lender AlphaCredit lost around half their value on Wednesday after the company revealed a correction in its accounting of derivatives positions would lead to an impairment charge of Ps4.1bn ($206m). Investors and analysts said this would take the non-bank lender’s equity into negative territory, suggesting default was a growing inevitability.

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