xinhua-finance-bonds-reverse-their-downward-trend

Xinhua Finance bonds reverse their downward trend

The media company's 2011s recover from last week's nose-dive following the commencement of a lawsuit against one of its subsidiaries.
Xinhua FinanceÆs bonds, issued in November 2006 via sole bookrunner ABN AMRO, have recovered after last weekÆs tumble, and are trading above par again at 103.5. Following accusations against Xinhua Finance Media, a subsidiary of Xinhua Finance, the companyÆs 2011s fell from 107.5 to 97.25 last Friday.

Xinhua Finance Media's former chief financial officer, Shelly Singhal, stands accused of failing to disclose information in the offering prospectus of the companyÆs March 2007 IPO.

The offering was underwritten by JPMorgan and UBS, who are - along with Xinhua Finance Media CEO Fredy Bush - also named as defendants in the lawsuit. Proceedings began on May 27 on behalf of all those who...
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