(Bloomberg) -- 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.
A representative at Citycon declined to comment when contacted by Bloomberg.
The real estate firm announced that its chief executive officer Henrica Ginstrom will be stepping down about six months into the role. F. Scott Ball was appointed as interim CEO. Earlier this week, the company cut its earnings guidance due to currency effects, an asset sale and a postponed completion of a residential project.
The firm’s hybrids have been among the best-performing assets in the credit world this year, in line with the general resurgence of the landlord sector. They came under pressure in May, when a BNP Paribas SA analyst raised concerns about its “strategic choices.”
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