Agrokor’s bonds now ‘distressed’ as hidden debt rumours blight firm

Agrokor_230
By Bianca Boorer , Virginia Furness
30 Mar 2017

Croatian retailer Agrokor’s debt hit distressed territory this week after rumours of hidden debt and a Moody’s downgrade spooked the buy-side. Clarity is unlikely until a forensic audit of the issuer is completed, say experts.

Agrokor’s euro bonds maturing 2020 hit a cash price of 33 to yield 71% on Thursday, down from 64 on March 23. Croatia’s sovereign curve also widened in response.

Agrokor has a total of €942m Eurobonds outstanding and loans totalling €1.59bn. Adding

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