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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.