New Wirecard allegations rock convert market
Europe’s equity-linked bond market has been rocked this week, this time by fresh allegations of accounting fraud against Wirecard, the German payments processing company, less than a month after SoftBank issued a €900m exchangeable bond designed to derisk its investment in the company. Aidan Gregory reports.
Shares in the DAX constituent fell more than 15% on Tuesday and the cash price of the exchangeable bonds plummeted, following the publication of documents by the Financial Times suggesting that Wirecard inflated its sales and profits via its subsidiaries in Dubai and Dublin.By Thursday afternoon, ...
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