IPF roadshow sets off again

[foolishowl]

I see that IPF are intending to or starting a road show to issue more bonds to replace what is left of the 7.75% issue due to mature in December 2023 and possibly more. I have to say that I did not take up the last conversion offer but with rates so high now it may be worth it now !!?? Can someone remind me what the last rate offered was?
What do other fools think the offered rate would be? Given the sector they are in would it be 12% or thereabouts?
Certainly the company that trades at the lower socio economic levels of society mainly in Poland and Mexico has reported that business is good. However this is a risky business to be in which I'm sure will add to the already high risk premium.

Comments welcome

[Laughton]

12%

https://www.londonstockexchange.com/sto ... mpany-page

[Surerera]

I think I'll exchange my IPF2 for IPF3, considering IPF3 were trading at 104 yesterday it looks a fair offer.

[hiriskpaul]

I have not responded to the coporate action yet, but does look like a low risk option to exchange, pocket the £1.50 fee and sell in the market rather than hold to maturity.

[Laughton]

Hmmm.

I already have my normal allocation to both the '23s and the '27s with the intention of letting the '23s mature leaving the 27s to roll along for a while yet but now can't decide. Is it worth exchanging the 23s for more 27s, taking the £1.50s and then selling half once the exchange goes through, hoping that the price doesn't drop below 99p.

Either way I'd have to find another home for the proceeds.

Decisions, decisions.

[hiriskpaul]

Hmmm.

I already have my normal allocation to both the '23s and the '27s with the intention of letting the '23s mature leaving the 27s to roll along for a while yet but now can't decide. Is it worth exchanging the 23s for more 27s, taking the £1.50s and then selling half once the exchange goes through, hoping that the price doesn't drop below 99p.

Either way I'd have to find another home for the proceeds.

Decisions, decisions.

You could sell your IPF3 and exchange your IPF2. I have just been quoted 100 to sell IPF3 and 100.55 to sell IPF2. The IPF2 quote is very odd considering how close we are to maturity. The only reason I can think of why someone would be willing to pay over par right now is that they would intend to exchange them.

[hiriskpaul]

I was quoted £103,798.98 for 100k nominal IPF2 after £11.95 commission and 154 days interest. If I hold to maturity I would get £103,875, or £76.02 more. That would be a return of 0.0723% or roughly 0.88% annualised, so no point holding to maturity. Either accept the exchange or sell to someone else to exchange. Or a bit of each. Still pondering.

[hiriskpaul]

I was quoted £103,798.98 for 100k nominal IPF2 after £11.95 commission and 154 days interest. If I hold to maturity I would get £103,875, or £76.02 more. That would be a return of 0.0723% or roughly 0.88% annualised, so no point holding to maturity. Either accept the exchange or sell to someone else to exchange. Or a bit of each. Still pondering.

Decision made, sold half and all my IPF3. Have offered to exchange the other half. I actually got 100.626 for the IPF2. HL are paying about 3% on cash in my SIPP, so no point holding on to the IPF2.

[Laughton]

Thanks for sharing but not quite inhabiting your rarified atmosphere the decision for me is slightly more nuanced

My SSAS holds the bonds in an HL share dealing account so they don't pay such a good interest rate on cash. Need to decide on where the proceeds are going to go before pushing the SELL button on the IPF3s.

Another week to have a look around.

[hiriskpaul]

Has anyone received new bonds, fee, etc. For the Exchange offer yet. Supposed to settle yesterday, but as usual no sign at HL.

[kempiejon]

Has anyone received new bonds, fee, etc. For the Exchange offer yet. Supposed to settle yesterday, but as usual no sign at HL.

that's my experience, also at HL, but often take a few days to settle then retrospectively date so I'm giving them a couple of days before I message them.

[Laughton]

Another black mark for HL when considering transferring existing ISAs to them for cash bonus (they always take the longest).

Both lines (23s and 27s) still showing in my account but zero price and value against the 23s.

[kempiejon]

I also hold the 12% in my AJ Bell account, bought at issue and this afternoon the coupon was credited to the account but dated yesterday. It wasn't there at noon but I've just spotted it - HL do not have the monopoly in paying after the published dates.

[Padders72]

ii still haven't paid out on IPF3, last time they were a day late so I guess its the same or worse this time around

[Laughton]

'27s Interest received today (15th) but HL claim credited on the 12th (par for the course).

Still nothing on the 23s.

[kempiejon]

27s Interest received today

Still no interest nor conversion for me, just a holding line and notes including

Exchange offer assd line

In the corporate actions part of the portfolio it has my selection to exchange all my notes. As noted, these things have taken a few days in the past and then back dated. Perhaps I'd give them a nudge on Monday if no resolution.

[hiriskpaul]

New 12% notes have been credited to my account at HL. Not yet received the 1.5% fee.

Edit: no interest yet on the 7.75% either.

[Redhill]

I've just checked my HL account and neither the interest or the maturity proceeds due 14 December are there yet for my holding in IPF2. Perhaps I'm being impatient, but has anyone received this yet?

[foolishowl]

Hi
No not received either yet. Have followed up with my broker iDealing who have not come back to me yet. Will post again when they do or when I have the funds

Best wishes for Christmas

[Surerera]

AJ Bell have settled in full, nothing from iDealing yet.