Watford, great to read as always. I agree cloudstreet, the...

Watford, great to read as always.

I agree cloudstreet, the relative values are often baffling. I am much more nervous about GNSPA at $50 than PXUPA at $30. Their yield is currently off the chart.

The only logic I can find is that high risk hybrids are often priced in relation to likely redemption. GNS have made a lot more positive noises than PPX and ELD. Of course they are also punished when divs are suspended, but I can't see PPX suspending now. The reality is that redemption is that dealyed redmption is not terribley problematic at 20% returns.

I think there is a strong chance of a good outcome for GNSPA in any restructure. As always though it dependent on the mill.