RE: Update / bond / covenants8 Feb 2024 13:28
Hopefully its mispricing - In recent yrs I have seem a number of similar bonds where the owner is out of favour due to macro trends exacerbating their micro issues. All, so far, paid up. The number of UK companies that defaulted on their bonds are relatively few - however, those that did often came out of the blue and had hidden, sometimes fraudulent issues. I dont see the probability of this scenario being high in this case. I hope not...