(Bloomberg) – Citycon Oysi’s high-risk subordinated debt fell by the most in two years on Wednesday after the Finnish landlord’s CEO resigned shortly after issuing a profit warning earlier this week.
321 million euros ($352 million) of banknotes issued in 2021 fell 2.8 cents to 81.5 cents per euro, the lowest in a single day since October 2022, according to data compiled by Bloomberg. This was the biggest decline. The 265.7 million euro issue fell 2 cents to 90.9 cents, according to data compiled by Bloomberg. .
A Citycon representative declined to comment when contacted by Bloomberg.
The real estate company announced that CEO Henrika Ginström will step down after approximately six months in office. F. Scott Ball has been appointed interim CEO. Earlier this week, the company lowered its earnings outlook, citing currency effects, asset sales and delayed completion of housing projects.
The company’s hybrids have been among the best-performing assets in the credit industry this year, with a general resurgence in the landlord sector. The company came under pressure in May after analysts at BNP Paribas SA raised concerns about its “strategic choices”.
©2024 Bloomberg LP
