hiriskpaul wrote:Alaric wrote:Unless there's a conversion on the bonds that's "in the money", there's no particular likelihood that a jump in the price of ordinary shares would have the same effect on bonds. Are Premier Oil bonds less risky than yesterday?
Not as far as I can tell, but I cannot see why the ords are worth 10% more than yesterday either. No company announcements for example. These are high yield bonds and as such good news is usually good for ords and bonds, but yes better for ords.
Enquest up a lot as well, but again not the bonds.
RBC upgraded the shares to ‘top pick’ yesterday. May have something to with it. Would be good if some of this positive news flow drove up the bond price but ultimately it’s about reducing the debt pile so awaiting further announcements.