The Lemon Fool

Gan020 wrote:Thanks for this and no I was not aware of the put option and I'm pleased to learn something new as it slightly alters my views on buying bonds above par

It was interesting to me too, I hadn't noticed it in the terms of the EI bonds I held. The option is in the terms under the title "Change of Control" I think. Annual reports also refer to this feature.

My impression is that the enlarged, leveraged acquiring business is viewed as more risky than the original issuer, which would explain why the put option was taken, as well as the higher yield on the newly issued bonds.


GS

I have a response from the FCA which is basically not much use so I won't scan it and upload it. I have responded making a suggestion that certainty is needed as to what extent hybrid capital can be called.

johnhemming wrote:I have a response from the FCA which is basically not much use so I won't scan it and upload it. I have responded making a suggestion that certainty is needed as to what extent hybrid capital can be called.

Just wondering if you received any further reply from the FCA?

In a world where major financial institutions can claim 'drafting infelicity' as a principle for avoiding contractual obligations, I'm not sure how far anything from the FCA could be relied on.

bruncher wrote:

johnhemming wrote:I have a response from the FCA which is basically not much use so I won't scan it and upload it. I have responded making a suggestion that certainty is needed as to what extent hybrid capital can be called.

Just wondering if you received any further reply from the FCA?

In a world where major financial institutions can claim 'drafting infelicity' as a principle for avoiding contractual obligations, I'm not sure how far anything from the FCA could be relied on.

Doubt you will get an answer, he has not been on TLF since January.

I think John has transferred himself to ADVFN.
https://uk.advfn.com/stock-market/londo ... share-chat

V8