FCL fineos corporation holdings plc

FCLPA will be redeemed or converted when FCL thinks bbsw plus...

  1. 2,123 Posts.
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    FCLPA will be redeemed or converted when FCL thinks bbsw plus 4.7% margin is expensive funding. This may be a few years away and would be when credit crisis is well and truly over.

    I make certain assumptions about timing but, provided so-called running yield is attractive, I think the hybrid is worth investing in:

    eg. Assuming 3.5% bbsw, I calculate as follows:

    - cash redemption June 2012 gives yield of 67.7% per annum
    - cash redemption June 2013 gives yield of 56.0% per annum
    - cash redemtpion June 2014 gives yield of 48.9% per annum
    - cash redemption June 2015 gives yield of 44.1% per annum
    - cash redemption June 2016 gives yield of 40.6% per annum

    In meantime, running yield is 20.8% per annum or 17.5% over bank bills.




 
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Last
$2.76
Change
-0.020(0.72%)
Mkt cap ! $934.3M
Open High Low Value Volume
$2.76 $2.81 $2.74 $327.0K 117.8K

Buyers (Bids)

No. Vol. Price($)
2 815 $2.72
 

Sellers (Offers)

Price($) Vol. No.
$2.85 5100 2
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Last trade - 16.10pm 31/07/2025 (20 minute delay) ?
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