Steinhoff collapse rocks Europe’s CB market
The shocking fall from grace this week of Steinhoff International, the South African retail group, is causing pain for many in the equity-linked debt market, where it has issued €2.7bn of bonds. The potentially unsound nature of its earnings caused an 80% collapse in its share price this week, and has triggered a fast transfer of its convertibles into specialist hands.
“For the time being it is wait and see mode, until PwC comes out with properly audited financials,” said an equity-linked banker. The accountancy firm was called in on Tuesday to investigate accounting irregularities at Steinhoff.“They aren’t just going to be focusing on 2017," the banker said. "They ...
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