Retail Bond Review No. 10 Feature Article: Bond Structuring
For many investors the coupon, term and rating is all they look at when they buy a bond. But each bond has a structure that affects the credit risk, and investors need to know what that is. â–º The recent Wasps Finance plc issue is one of the more complicated of the recent ORB issues. We use it as an example, highlighting some of the terms used and what investors need to look for when assessing bond structures â–º We also look at the different forms of security that investors may see, explaining the alternative charges that may be use â–º Bondholders should be aware that in the event of a windup the repayment of proceeds from assets is not automatic. â–º Reflecting the growing importance of this market to both retail investors anissuers, Hardman & Co has produced the following detailed report. This work has been undertaken by our Financials Analyst Brian Moretta. |
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