Yes, the debt has become interesting yet again! Not in a nice way though as I still have a sizeable exposure to the 21s and small position in the 23s.
Claims management companies have unfortunately turned their attention to CCD customers. We have all seen where that can lead.
I am still not fully certain of the situation, but I don't think there is too much to worry bondholders here. If PF can get the SOA through they limit their liability to 50m, otherwise they say they will put CCD into administration. Either way would not be much of a problem for bondholders. What I am uncertain about is whether the FCA would allow this and would instead use their powers to force PF to stand by their CCD customers and make good any FOS redress payments. If the FCA do that then bondholders have a much bigger headache and shareholders may well be toast.
Some prices/yields I obtained earlier for 10k nominal of the 2 outstanding retail bonds
PF21 6.00% NTS 27/09/21 97.5/96.55 ytm 11.0%/12.9%
66WS5.125% NTS 09/10/23 91.015/90.2 ytm 9.0%/9.4%
Sitting on my hands for now.