Accounting scandals hit credit


Still jittery after the mammoth malfeasance at Parmalat, the European credit market suffered two further accounting scandals in January. But credit strategists say investors are still not being compensated for accounting risk.

First came troubles at Italian software company Finmatica. On January 17, the firm pulled a €55 million convertible deal that had already been priced and allocated in the private placement market, after its shareholders questioned the need for new debt given the firm's

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