One of the PMO shorters, GSA Capital, has started to cover- down 0.2% [link]
The retail bond (PMO1) has gone crazy this morning, fell from 84p as low as 73p, before recovering a bit. The annual coupon cost of £150m at 5% is only £7.5m and with Premier's cashflows, I cant see them having to default on it. Even at 78p latest, the YTM (2020) is over 10%. Good opportunity for buy and hold or short-term recovery in my view.
Sunday Times: New York hedge fund Cerberus teams up with Sportingbet owner GVC to gatecrash agreed takeover deal with rival (article behind paywall)
The colour of the lines on the chart indicate the performance of the rating based upon the price at the point the rating was submitted. More information »
This user has not created any polls.