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They cannot accumulate a large amount secretly. Once they breach certain percentages of the issue they have to report it to the exchange. That's what I was looking for on LSE - but there's nothing. Buying Wasps bonds would be possibly something they might do as a hedge only: so they make...

Off book just means that the trade didn't go through the exchange. Most trades go through market makers, who quote a price to buy (bid) and to sell (offer) simultaneously - so there is liquidity in the market for the issue. The price quoted *27,000 * 100 will be the amount paid + any interest...

The price is falling because of increased credit risk - short term interest rates haven't moved that much since January - when the price started to fall. As you said I think, they are secured against the company holding the Ricoh. However I can see no evidence that SISU has been buying them.

Can you tell me the ISIN and I'll take a look?

Not usually. There are different types of bond but the most common is fixed interest. The issuer, with their advisers, decide what the interest rate will be (it's called the coupon). Let's say 6.5% as you say. It then gets sold into the Primary Market. Depending on demand, buyers may not...

Thinking a bit more about this - if SISU is buying Wasps' bonds it's almost certainly a hedge: - If SISU wins the EU case they are quids in. - But if they lose, the value of Wasps' bonds will rise - because all other things being equal, the Wasps credit risk will decrease.

Which bonds are SISU buying? I assume from the context that these are Wasps' bonds? I've missed this story - do you have a link? When you say that the bonds are trading at a discount I assume that you mean to par value? This is very normal in the bond markets: the strike price moves as...

In concert, darling... in concert.

[email protected] surely?

Joy used to come on here regularly, using the name Dongo. But she hasn't been on for ages so she won't see this.

I know! Was just using the opportunity for a quick joke.

Don't share the email address MMJ. Some people would sue for Data Privacy etc. We know Joy is not litigious, so it would probably be OK - but best to be safe.

Gary Hoffman has to give £2k now.

Respect.

Everything will be the same but we'll live underwater.

Do you have microphones in my bedroom? That's what I say when I enjoy myself.

If you say it three times with your eyes closed you can travel through time.

Giovanni Korte is out of contract.

I'd like to see Chaplin alongside Max. Whilst often stumbling in front of goal, Max wins a lot in the air. Could be the making of Chappers.

I was teaching in corsham by 88