The retail bond (PMO1) has gone crazy this morning, fell from 84p as low as 73p, before recovering a bit. The annual coupon cost of £150m at 5% is only £7.5m and with Premier's cashflows, I cant see them having to default on it. Even at 78p latest, the YTM (2020) is over 10%. Good opportunity for buy and hold or short-term recovery in my view.
Sunday Times: New York hedge fund Cerberus teams up with Sportingbet owner GVC to gatecrash agreed takeover deal with rival (article behind paywall)
Very disappointing auction result- at least $10m below expectations.
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