Sg Issuer 29 Discussion Threads

[supaflyguy] 15/1/2013 11:41

A very nice run of late, if anyone out there has thier ears on

[skyship] 15/11/2010 09:09

B&B 13% - hope you make a turn there then. Can't remember the epic or on which thread we were discussing - perhaps history back on the SHA thread...

[envirovision] 11/11/2010 17:25

also bwsa worth keeping an eye on and did you see b&b 13% have an offer to buy them back at 38p so you see they really are legal tender.

[envirovision] 11/11/2010 11:11

I agree there is risk, i mean they would prob be looking to issue a new bond prior on same or better terms, if they cant then they will have to revert. 35PG sounds like it could form part of a mixed section of fixed income, i certainly would not be going in to heavy though. I wouldn't want to commit a load of capital then find out im married to them if you see what i mean.

[skyship] 11/11/2010 10:07

Enviro - help pls

The FixedIncome Investor spreadsheet states that these are now c.86p - the same price as 35PG, the 6.875% 21/11/19 bond.

Obviously both have come a long way since you had the prescience/good fortune to commit. I see you have banked profits; and certainly would have been sorely tempted to do likewise if I had been in there.

Still, having recently sold my FPEZ I have been casting around for an alternative high yielder; and with RSL doing so well, one has to ask - Why are these two bonds still providing current yields of 7.35% & 8.05% respectively, whilst the GRYs = 10.25% & 9.25% respectively?

With interest rates likely to be higher as redemption date approaches, surely there is no risk to that par value being achieved through conversion to some alternative, ie rollover to some less-valued bond...
Any views?

[envirovision] 18/6/2010 22:31

I have sold out at a stonking profit and nice coupon, doubt i will be back so for me I am abandoning the thread.

[envirovision] 26/4/2010 14:50

Sell : 77.00p | Buy : 79.80p | up 1.23p
Prices as at close on 23-04-10

Whilst my screen today is showing a 600,000 volume set deal and the price sitting at 81.06p mid.

This is fantastic, it looks like this is going to be going back to par pretty quickly now.

[envirovision] 03/2/2010 08:40

Price rising slowly but surely yet still a long way to go imo.
Sell : 72.27p | Buy : 73.86p

AVIVA 6.875 bonds for example trade at a premium at 101.52 pence.

[envirovision] 30/12/2009 11:57

Yes: Sell : 67.52p | Buy : 69.09p | up 0.02p

[skyship] 25/12/2009 17:56

Anyone - any idea of the price of these now. The following spreadsheet lists them back at 45 - not right surely; but if so, why?

[skyship] 03/12/2009 17:16

envirovision - do you happen to know what price Resolution offered?

[envirovision] 30/11/2009 10:40

Skyship resolution have allready tried to redem them but the offer was rejected. I guess if they do not make a better offer, then what happens in 2015 very much depends if they have cash to spare or can refinance cheaper which depends on interest rate outlooks in 2015. I think its far to early to be forming opinions by saying redemption is either likely or unlikely. However should they reset, you are correct and of course the 5 year bench mark plus terms should add a fairly attractive income as the benchmark will of course always be priced according to future rates and inflation.

[skyship] 29/11/2009 17:03

Interesting this one. If I read it right we have a current yield of c.9% and a redemption yield of 13.1% in the unlikely event that Resolution decides to redeem. More likely they reset, so our future yield depends upon interest rates in 6yrs time!

Is that correct, or is there something I'm missing?

=====================================================================
Redeemable terms: Optional of issuer on 1st July, 2015 or on any further reset date.
Reset terms 2.78% plus the current gross redemption yield of the 5 Year benchmark gilt.
=====================================================================

[envirovision] 27/11/2009 12:17

Because theres no live price as with many bonds. Hargreaves are simply basing theres on the last trades, so its not live either just as indicative as you can get.

[skyship] 26/11/2009 17:52

Any idea why no ADVFN quote?

[envirovision] 26/11/2009 10:01

OK I have a way to get up todate prices. Go the hargreaves lansdown, open an account, create a virtual portfolio and search for "friends"

current price today is: Sell : 67.67p | Buy : 69.12p | up 0.09p

[envirovision] 10/11/2009 09:35

Thanks catchee, i would considering adding to my modest 20,000 holding at some point, 70p and under has got to be an outright bargain given yeild and future redemption..

[catcheemonkee] 09/11/2009 20:02

Sippdeal occasionally update the midprice of my 85UG - currently 67.895p, up around 10% or 15% since I bought them a few months ago. Friends Provident is now owned by Resolution Ltd.

[envirovision] 09/11/2009 14:58

ps let old boy know about the pdf offer for his spreadsheet if you see him about

[envirovision] 09/11/2009 14:57

I'm out of date there, last quote I had was 70p mid back in september, hence the thread for people who maybe looking at buying and selling (I have no intention of selling).

You mentioned catlin do you have an isin or ticker for that, i dont read moneyweek but im glad to here the article was positive.

[envirovision] 09/11/2009 14:56

I'm out of date there, last quote I had was 70p mid back in september, hence the thread for people who maybe looking at buying and selling (I have no intention of selling).

You mentioned catlin do you have an isin or ticker for that, i dont read moneyweek but im glad to here the article was positive.

[simon gordon] 09/11/2009 14:28

Hi Enviro,

Do you know the current bid/offer?

[envirovision] 07/11/2009 08:33

Hello I am creating this thread because its currently showing 45p on euroclear and theres no current clear tradable price for this securitie.

[envirovision] 07/11/2009 08:30

Friends Provident 6,292% Step up tier one insurance capital securities.

Issue price 100 per cent. Issue size £500,000,000. Issue: 30th June 2005. (>3 oversubscribed).

Coupon 30th June, paid yearly, trading clean.

Redeemable terms: Optional of issuer on 1st July, 2015 or on any further reset date.

Reset terms 2.78% plus the current gross redemption yeild of the 5 Year benchmark gilt.

Issue lots £1000, £10,000, £100,000. (traded minimum 1000 units)

Original circular file at: Offering Circular.pdf


I have sold out at a stonking profit and nice coupon, doubt i will be back so for me I am abandoning the thread.