Looking through the 'Annual Reports to Underlying Entities' released on 31/08/2022, you find that KKC listed a Spotify bond with a 0% coupon with a maturity date of March 2026 (accounting for approximately 0.5% of the portfolio). Looking online, it looks to be a convertible bond with a strike price of $515 per share. Spotify's shares are currently trading at $90.56 (after hours trading). Even at the time the bond was sold, Spotify's share price was about $310 (so, $515 was no high probability bet).
I'd say people who invest in high yield shares have a higher risk appetite, but, typically, they're still after income. I'm not sure how this security past the investment committee's investment criteria. I know hindsight is 20/20, but I think I can honestly say I wouldn't of thought of this security as eligible for KKC investment.
Ann: Update - Notification of buy-back - KKC, page-2
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Last
$2.29 |
Change
-0.020(0.87%) |
Mkt cap ! $738.6M | |||
| Open | High | Low | Value | Volume |
| $2.31 | $2.31 | $2.29 | $814.1K | 353.9K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 50875 | $2.29 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.30 | 70187 | 5 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| KKC (ASX) Chart |