Trafigura downplays overvaluation claims after Iceberg goes short on its bonds

Metals trader Trafigura has refuted claims from Iceberg Research, the analytics outfit that launched an explosive campaign against Noble Group, that it has overvalued “hundreds of millions [of dollars] in debt securities issued by an associate.”

Iceberg’s claims - made in a report published on Wednesday June 19 - center on Trafigura’s valuation of debt securities linked to its Porto Sudeste asset, a Brazilian port in which the company owns a 49.5% stake.

Trafigura values the debt securities of the port at $490 million, which Iceberg disputes, arguing that...


Archie Hunter

June 20, 2019

16:53 GMT