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The detail is here,
http://www.rns-pdf.londonstockexchange.com/rns/5723E_1-2023-6-30.pdf
It’s new money for general working purposes page 260.
The additional notes that weren’t filled were contingency a lower tier (CoCo).
Every so often insurers come to market to raise funds to cover their liabilities and operations which pay interest and are backed by assets.
So as they take on more books they need more cover. These run for 5 years.
Usual caveats
Trek
I don't fully understand what Phoenix have done here. Have they just issued new debt to pay off an existing debt that was due to expire? If so I guess the problem is that the interest rates is higher on the debt they have just issued? A simple explanation would be good if someone can provide one.
Trek .
I think this is whare the problem is in terms of attracting investors .. Inmo. Pheonix is a extremly well run company, but unfortunatly relies on debt to carry its business moduel. So in fairness to Jp morgan they have a point, but inmo once interest rates are lowered then things will change rapidly.
The problem we have is that the us is expanding rapidly due to technology so they do not need to lower interest rates,Unfortunatly we are a basket case of a country which inmo will only get worse after the election. onmo by the way and no ones elses.
This is the easiest explanation I can find. But not sure how being slightly short leaves PHNX. As its replacement I assume the outstanding $350m remains on older terms.
https://www.hymans.co.uk/insights/blogs/blog/restricted-tier-1-issuances-and-other-forms-of-contingent-capital-under-solvency-ii/
Usual caveats
Trek
The fall in price today is particularly annoying as gilts have firmed again today. Its looking more likely that we need an actual cut interest rates to attract buyers inmo.
Yep. Topped up just below 480.
I cannot believe I got this under 480 just then ..wow...
I am loading up more at these prices... alongside other financials
It's bad enough the SP tumbling but worse still it will bring the serial nutter Porch out of his hole
...and back down again today!!
I too am hoping to top up around 480 - I've been waiting since mid-May when the SP breached 520.
Nice little recovery today.
Kerching
Delta appears to be almost suggesting it’s “terminal” - 🤭
Wow Delta such insight. Thanks for your wisdom.
Committed to increasing dividends + 25 basis point cut, looking at 11% yield next year more than 10% now. Let follish people be foolish - Long and strong.
There may be some buying around the 475 area, but ultimately it will reach 440.
Sorry I have brought 12k @ 484.7p Today so the price will go down for next for days. Had an order pending @ 480p just having the patience
Had to have a small top up at 484 ,still have a high average of 560p but been holding a fair amount for 4 years
Porchy boy is a shorter who keeps getting burnt & he thinks the only was to feel better is to spout his garbage on boards like this, as if that will do him any good. The mans a complete & utter fool without doubt.
Don't bother,, one look at the posting history tell you all you need to know about him/it. Flits between boards every couple of weeks spouting off the same drivel. My belief it is that it happens when the meds run out .... idiot to say the least.
Keep them coming Porch.
I often top up from your expert observations....
March DLG @ 1.80 you said would go below 1.00.
April STJ @ 406 you said would go below 2.00.
April PHNX @ 476 you said was terminal.
Any more gems as I've still got some divi cash spare?
Last November JP Morgan had forecast of 4.00 so now it's an increase of 25% on that forecast - not bad in seven months. Oh and of course it went to 5.64 in April.
I agree with @upomega.
All the builders (Persimmon etc) have recently shot up whereas MNG and PHNX havent. For me this is a buying opportunity for both at these levels.
Another crazy update from JP Morgan - forecast cut from 5.25 to 5.00 with a rate cut almost definitely happening on 1 August. PHNX at 4.88 is such a bargain.
Ace, surely then your argument actually shows the undervaluatiom.of pheinix vs others?