Nidec’s yen bond due in mid-2032 slumped to 77.7 yen, the lowest among over 3,000 local corporate notes, after the company reported a net loss of ¥564.6 billion ($3.6 billion) and its auditor PwC Japan refused to sign off on financial statements. The scandal-tainted motor manufacturer, now led by new president Michio Kaida, faces pressure to restore investor confidence and avoid delisting. Despite the turmoil, Nidec’s core business remains strong, and it holds ¥600 billion in unused credit lines from MUFG Bank Ltd. and Sumitomo Mitsui Banking Corp. The company plans to submit internal controls documentation to the Tokyo Stock Exchange by Oct. 28.
Analyst Hideki Matsumoto of SMBC Nikko Securities noted that bonds due by end-2027 still hold investment value due to liquidity and wider spreads, stating there is 'no need to be excessively pessimistic from a bond-investment perspective.' The scandal, which began last year, has tested Nidec’s governance under the legacy of founder Shigenobu Nagamori, who resigned from the board in December.
出典: Bloomberg Markets · 要約：HeadlinesBriefing