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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fineos corporation holdings plc
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FCLPA will be redeemed or converted when FCL thinks bbsw plus...
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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. |
---|---|---|
$2.85 | 5100 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 815 | 2.720 |
1 | 300 | 2.700 |
1 | 2000 | 2.600 |
1 | 607 | 2.590 |
2 | 2450 | 2.580 |
Price($) | Vol. | No. |
---|---|---|
2.850 | 5100 | 2 |
2.860 | 5625 | 1 |
2.890 | 3194 | 1 |
2.900 | 996 | 1 |
2.910 | 10800 | 2 |
Last trade - 16.10pm 31/07/2025 (20 minute delay) ? |
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