I don't know if there is a good reason.
Other than general widening of credit spreads, GBP flash crash. USD strength, vol etc.
Maybe some institution is clearing out a position, or there is some issue regarding Perpetual's acquistion of Pendal. either way, I have bought in from 88-92..
its enough of a discount to NTA that running yield is close to 7%..(or will be as BBSW increases). assuming they achieve their target of o/n +300.
at 88 its a 18.5% discount to NTA.. if that closes back to a 5% discount in a year, that is a 24% return including dividends.. hard to beat that.
I rate this lower risk than MOT, which along with MXT and PCI all had a similar move in June with the bank and Tier 1 hybrid sell off.
I participated in that but sold out of MXT and MOT
This time Tier 1's are still bid, MOT is only at 4% discount to NTA , MXT is 3% discount to NTA. So certainly PCI is the better value. Credit spreads could easily widen from here, but it appears that we are being more than fairly compensated.
its always a bit scary when you can't find a good reason... i've asked a lot smarter people than me, and no one I know has come up with a good explanation...
keep searching..
Good luck.
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$1.14 |
Change
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Mkt cap ! $551.6M |
Open | High | Low | Value | Volume |
$1.14 | $1.14 | $1.13 | $469.8K | 414.9K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 17370 | $1.13 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.14 | 80837 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 17370 | 1.130 |
7 | 428841 | 1.125 |
14 | 414198 | 1.120 |
3 | 96716 | 1.115 |
3 | 229765 | 1.110 |
Price($) | Vol. | No. |
---|---|---|
1.135 | 80837 | 4 |
1.140 | 263204 | 5 |
1.145 | 247422 | 8 |
1.150 | 399385 | 2 |
1.155 | 21645 | 1 |
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