Bristol&w.prf Discussion Threads

[chinese investor] 31/1/2012 14:44

78.1p - 80.0p

[holts] 14/10/2011 16:59

buying size kept at 1000 all day , could sell in size .

[envirovision] 08/9/2011 15:00

Irish bond prices are also reflecting this.

[4spiel] 08/9/2011 14:36

J.C. Trichet ECB today reporting visible progress in Ireland-indicating continuing support. This is reassuring for holders of Bank of Ireland securities and particularly for BWSA dividends that have continued to be paid.

[4spiel] 27/8/2011 11:07

Possibly they can offer to repurchase from individuals who want to sell directly to the Bank for a small premium while they are cheap ? Would think that most are paid electronically into bank accounts. A scheme that reduced the number to be paid would surely be a positive move.The yield is currently very attractive. Credit Suisse have also a recent outperform rating on Bank of Ireland on grounds that the bank is well capitalised. If you bought 1000 BKIR @8.5p for every 1000 you hold of BWSA you have still a high yield and an each way play on the equity. No potential gain is without some risk !

[wenlynn] 26/8/2011 17:00

I can see the £250'ers being offered something.
The admin costs to send them their dividends must be horrendous.

[montyhedge] 26/8/2011 09:45

This has to be paid, great yield, market makers looking for stock, well bid.

[wenlynn] 26/8/2011 09:26

4spiel - thanks for that.
I hold and I can sleep at night.

I also hold LB1I, LB1J and LB1H and I'm puzzled why they have dropped recently.

[4spiel] 25/8/2011 22:17

Correction. Actually you can get LLPE 6.475% for about 62p -I just looked them up -and they have dropped since I last held them. However I am rather puzzled why when they owe so much money to the Government why Lloyds should be in any hurry to pay their prefs -they don't have -and that was always in the old Halifax Prefs prospectuses as well -they are not Cumulative. Of course in the time Halifax paid them we lived in different times and they were paid.

[4spiel] 25/8/2011 22:02

This is included in lists of Preference Shares but in my opinion can only be described as Fixed Interest. It is not the same as a preference share of a company that is trading like AV.A or AV.B of Aviva STAB or STAC of Standard Chartered but it has similarities with GCCA GCCB -the General Accident fixed interest issues of AVIVA. Indeed I prefer to have GCCA than AV.A first because it has higher yield and slightly amusingly cheaper but also because it is purer debt and more of an obligation. In other words the holders have a right to the par value back and not to be fobbed off with less for capital raising. But the case of being unable to pay if the BOI collapsed is a little different except to say that first of all the Irish Government would be unlikely to not fund this one and secondly the way the deal was done in the takeover of this British Company it would not be possible for the BOI to withdraw the fund that pays the coupon . So to all intents and purposes it is CUMULATIVE + and IRREEDEMABLE -the + to the cumulative is because whilst cumulative means any missed coupons are arrears and remain to be paid -in this case they cannot be missed and indeed there is no reason for them to be missed! However there are possibilities in the future for BOI to dispose of these but not at the present time. Exchanging them for Cocos would cost more. Repaying them at less than par would be challenged . The cheapest option at a future date is exchanging them with incentive for ordinary shares and to my mind this is the most likely - but not until BOI is running normally -so it looks a very good opportunity for income and capital appreciation if only at some point to switch into for example a lower coupon dated corporate bond that on a rise in % rates might decline lower than £1. I do hold this stock. They are only about 71p + stamp duty and dealing . You cannot get LLPE 6.45% for that and they won't pay till next year at least.

[4spiel] 24/8/2011 21:35

This is a good honeypot because its substantially below 'par' and yields about 13% and pays the coupon. Cannot be excluded that it might go lower and create a better buying opportunity but no good reason ! Its in effect a closed end fund that pays the fixed coupon. Bank of Ireland accepted it if reluctantly and have little choice but to pay the coupon -half yearly ex div in October.Bank of Ireland is the parent owned substantially by Irish Govt and well capitalised c/o ECB.

[wenlynn] 24/8/2011 11:34

I wait for the Tender Offer !

[beeks of arabia] 07/8/2011 09:07

I bought in to these last week. No one can predict whether it will be turmoil on the markets tomorrow or not; however these seem to be as good a safe haven as can be at the mo.

[envirovision] 03/8/2011 09:52

Yes noticed the full asking price there now.

[montyhedge] 03/8/2011 09:33

Easily 90p on the cards, also seems market makers may be short.

[wenlynn] 03/8/2011 09:32

90p coming !

[wenlynn] 25/7/2011 07:43

environvision,
YUP !

[envirovision] 25/7/2011 07:42

Bank of Ireland to stay majority public controlled, excellent news again

*DJ Irish Govt Says Will Own Between 15% To 32% Of Bank Of Ireland



(MORE TO FOLLOW) Dow Jones Newswires

July 25, 2011 02:03 ET (06:03 GMT)

Copyright(c) 2011, Dow Jones & Company Inc.



Mon 25th Jul 2011 7:05:17

*DJ Irish Govt: Bank of Ireland Shares Sale To Lessen Rescue Burden



(MORE TO FOLLOW) Dow Jones Newswires

July 25, 2011 02:05 ET (06:05 GMT)

Copyright(c) 2011, Dow Jones & Company Inc.



Mon 25th Jul 2011 7:07:15

*DJ Irish Govt: Bank Of Ireland Shares Sale 'Positive' For Ireland



(MORE TO FOLLOW) Dow Jones Newswires

July 25, 2011 02:07 ET (06:07 GMT)

Copyright(c) 2011, Dow Jones & Company Inc.

[envirovision] 22/7/2011 10:55

Yesterdays EU bailout package and changes will take some pressure of of Ireland making Irish bank even safer and hence safeguarding deposits. All of which help make BWSA safer and even more attractive.

I suspect a rapid rise back to at least 84p (last resistance point) for now once the market wakes up here, before making further and slower progress.

[montyhedge] 05/7/2011 11:05

Redeemed at par, yes I would take 46% gain.

[wenlynn] 05/7/2011 10:39

If they redeemed them then they would not have to worry about sending thousands of six monthly tiny dividends to the "250ers".
It would also be good for their image.

[holts] 04/7/2011 11:32

would you take it ? I would take that to mean they dont feel they can legally get around paying , so would want a premium .

[wenlynn] 04/7/2011 11:25

Will they redeem at par ?