Landlord Citycon’s Hybrid Bonds Slide After CEO Steps Down
- Citycon’s Ginstrom is leaving after about six months in role
- Its hybrids are among credit world’s best performers in 2024
This article is for subscribers only.
Citycon Oyj’s risky subordinated bonds fell the most in two years on Wednesday as the Finnish landlord’s CEO stepped down shortly after a profit warning earlier this week.
A €321 million ($352 million) note issued back in 2021 slipped 2.8 cents on the euro to 81.5 cents, marking the biggest daily drop since October, 2022. A €265.7 million issue fell 2 cents to 90.9 cents, data compiled by Bloomberg show.