Aabar's bonds drop on 'adverse' audit, despite Abu Dhabi backing - Reuters:
Aabar Investment’s bonds, worth 2 billion euros ($2.2 billion), have lost about a quarter of their value this week after an auditor of the Abu Dhabi company gave an “adverse opinion” on its 2018 financial statements.
Aabar was a subsidiary of International Petroleum Investment Co (IPIC), which is now part of Abu Dhabi state fund Mubadala Investment Co.
Its convertible Eurobonds due in 2020 and 2022 which, according to a JPMorgan note, were issued with expectation of support from the government of Abu Dhabi, have lost about 25 cents on the dollar each, Eikon Refinitiv data showed.
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