Burford bonds and shares in muddy water after short seller attack

online
By Alex Radford, Jasper Cox
09 Aug 2019

Burford Capital’s debt and equity securities rebounded on Thursday, after the firm rebutted claims from short seller Muddy Waters Research that it was "arguably insolvent". The episode brought some rare excitement to the sterling retail bond market, but is perhaps emblematic of its decline over the past few years. Meanwhile, investors appeared undecided over whether Muddy Waters’ claims about the litigation funder were correct.

Burford has been a heavy user of the London Stock Exchange’s Order Book for Retail Bonds (ORB). The unrated firm has placed four bonds there: a £90m 6.5% 2022, a £100m 6.125% 2024, a £175m 5% 2026, and a $180m 6.125% 2025 deal.

Noteholders were ...

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