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Bond Market News
CPI Property Bonds Rise as Law Firm Rebuts Short Seller’s View
September 2, 2024
European real estate operator CPI Property’s 4.875% Perp and 3.75% Perp rallied by 6-10 points after its lawyers rebutted allegations made by short-seller Muddy Waters. The real estate company had employed White & Case as its lawyers to prove that the developer did not exert undue influence over valuation experts or had the management act to the detriment of the business/bondholders. Following the assessment of the lawyers, CPI Property said that further investigation and matters regarding the case will be closed. Muddy Waters’ allegations came at a time when CPI Property had been reeling under pressure due to falling property valuations and a high debt burden following several acquisitions.
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