Wirecard debt that facilitated Softbank investment put up for auction

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Convertible bonds that were part of a complex transaction that allowed Japan's Softbank to buy a stake in now-collapsed payments company Wirecard and then de-risk the transaction have been put up for sale in an auction.

In a process managed by Credit Suisse, bonds convertible into Wirecard debt with a nominal value of 900 million euros will be sold via an auction set to close on July 8, according to a document seen by Reuters.

The auction should end one of the most complex acquisition structures seen in recent times. Instead of buying a direct stake in Wirecard, Softbank bought bonds that could be repaid with Wirecard shares.

 

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Wirecard is my cousin

Let the ecb buy it all and eat it

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