Attractive?28 Dec 2023 10:45
At the current buy price (120.333p), I make the yield on these to be ~10.8%
While not claiming to understand the intricate nature of the portfolio underlying EJF, these ZDPs seem to be 'relatively safe' if the the low gearing and fund history is anything to go on. I see they've hedged the portion of the portfolio required to repay the ZDPs in 2025.
Unless I'm mistaken, the gross portfolio value would have to decline by 75% or so, before the ZDPs were at risk.