Short seller targets Trafigura as Nyrstar bondholders prep swap

trafigura 230x150
By Owen Sanderson
20 Jun 2019

Iceberg Research, a short-selling research house which has published extensively on Noble Group, has turned its attention to Trafigura, claiming the commodities trading group has overvalued subordinated debt related to a Brazilian port it owns. Trafigura's bonds were down around two points on Thursday, just as bondholders in Nyrstar, a company it rescued, prepare to get paid out in new bonds issued by the commodity trader.

Iceberg Research, using publicly available Trafigura financial statements, said that the mis-statement of profits related to junior debt issued by Porto Sudeste, a private port west of Rio de Janeiro in Brazil, which has a carrying value of $490m on the commodity trader's balance sheet.

Trafigura’s latest report ...

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