Before the Aviva problem the market priced Aviva Preference shares as if they were Irredeemable and Perpetual and could not be cancelled or purchased at par. So is there any possibility that a law firm could try to use or exploit some legal clause or legal term with any of these other instruments in order to cancel or purchase at par without the agreement of holders ? Or is it reasonable for the market to continue to assume that these are all completely safe from any kind of cancellation or purchase at par ?
For example :
Skipton 8.5% PIBS (SBSA)
Bank of Ireland 13.375% PSB (BOI)
Nationwide 10.25% CCDS (NBS)
Is it reasonable for the market to continue to assume that these are all completely safe from any kind of cancellation or purchase at par ?
You simply cannot set out classes of acceptable or unacceptable responses as a poster. If you see behaviour on the boards that is abusive in some way or other then just report it and we Mods will deal with it. Please do not try to impose up-front a presumption of poor behavior. Equally us Mods are getting a tad fed up with people deliberately setting out to test the boundaries and provoke others. If you all do not behave civilly and courteously at all times we will simply block-delete the lot. Please do not cause us to feel we have to do this, as it would be a waste of time and I have a real world job to do as well. regards, dspp