Abu Dhabi’s Aabar Bonds Plunge on Concern Over Its Finances
- Auditor Ernst & Young provided ‘adverse’ opinon on results
- Euro-denominated notes due 2020, 2022 plummet most on record
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Bonds of Aabar Investments sank the most on record after auditors raised concerns about the financial well-being of the company, the second-largest shareholder of Italian lender UniCredit SpA.
The euro-denominated bonds due in March plummeted 23 cents to 74 cents on Tuesday, after Ernst & Young LLP provided an “adverse opinion” about the company’s 2018 finances, “accumulated losses and a deficiency of assets,” Aabar said in an Aug. 30 statement.