Wasps retail bond - Wasps Finance plc 6 1/2% 2022

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  • Coventry building society today announced a 10 year naming deal with Waps. The stadium will be known as the Coventry Building Society stadium and Coventry City soccer team will return there. Found on the coventry building society website a few minutes ago; so i decided to buy a few !
  • Good for you, Colin.
    Can I ask how was interested treated given that a full six months is due for payment later this week?
    Thanks.
  • Hi Dandigirl, I'm interested to see if colin will have the same answer but when I bought some last week with, a settlement date of 6 May, the accrued interset added was correctly calculated as 174 days. That was through EQi and purchased on line without needing to be "routed to dealers"!
  • Hi Dandi, I dealt through Equiniti at 83.7. The accrued showed 180 days. I would normally wait untill after the payment date to avoid accrued but wondered if I waited the next 2/3 days the price might have risen.
    My thoughts were this now has only 12 month to run so if it pays out at 100p plus 12 months coupon it 's a good return. With the involvement with the Coventry BS this should hopefully assist Wasps Group. Hope I'm right !
  • geoffp: now I'm the one green with envy. So it's you two moving the price up! :smile:

    I asked about the interest as we have been considering buying more but thought we would wait until after the interest payment date. Last November there was a delay of several days before receipt I seem to remember and I didn't want to finance someone else's interest. Appreciate the risk has improved since then but nevertheless.

    We have a fair amount of these but having averaged down we are well into the black.

    We will watch the price but it is already 84+, it seems. I think if these were going to default, it would have happened by now.




  • Hi Dandigirl, I agree with your sentiments as to default on this one. In fact I have felt throughout that even though it is basically just one big asset protecting our holding the risk of default was overdone. I have bought in at lower prices on three occasions now but will admit that last weeks purchase was just lucky timing.
  • 6% plus rise today. Closing mid 87.20. 89.40 to buy. One more interest payment before maturity in 05/22. Market catching up?
  • Yeah sure is; managed to top up this morning before the big rise..... you read it here first !!! GLA
  • Of like mind, we topped up first thing yesterday too. Interestingly, our trades didn't feature anywhere. Suspect t/o is greater than appears.
  • edited May 18
    All trades on ORB are two days delayed. If they turn up at all. Only about 75% of mine seem to turn up.
  • Just got this from A J Bell.


    Wasps Finance Plc has announced that the Wasps Finance Plc 6.5% GTD 13/05/2022 GBP has redeemed on 13 May 2021.

    Under the terms of the redemption, your account will be credited with cash in exchange for shares held, at a rate to be determined.

    The cash proceeds will be credited to your account upon receipt.

    Please be advised in some circumstances there may be delays in the proceeds being credited to us from our custodian. Please allow 10 working days for your account to be updated.

    Please copy and paste the below FAQ link into your web browser for more information on corporate actions:
    https://www.ajbell.co.uk/sites/ajbell.co.uk/files/AJB_Corporate_action_FAQs.pdf

    IMPORTANT NOTE - If you have any questions or queries regarding this event, please send us a secure message and ensure you quote the following in the ‘Subject’ field: CORPORATE ACTION - Wasps Finance Plc - 9649094

    Updated: 18/05/21

  • I couldn't find anything anywhere about this early redemption (London Stock Exchange, RNS announcements, WASPs own website) but AJ Bell must have some reason for their communication. As I read the prospectus it is possible for the bonds to be redeemed early at any time after 13 May 2019 but if done by the Issuer at 13 May 2021, for other than tax reasons, it would be at a redemption price of £103.90. On that basis I would have expected to see even more people piling in at the current £90 mark! Anyone fancy a toe in the water tomorrow?
  • I've just seen the message from AJ Bell. I can't see any mention of it on the London Stock Exchange website. I made a small top up yesterday morning ... it seems odd that one can buy a bond that has already been redeemed.
  • Nothing yet from Equiniti. I did notice the share price climb to 90.6 to buy at shortly before 1 pm today but sharply dropped back to 80.6. Thanks for this info Dandigirl
  • Hello - It seems a lot strange to me. As already posted, nothing on LSE, nothing on WASPS site. I really don't know what to make of it.
  • I've spent some time this evening reading through the Annual Report which was agreed and signed by the Board on the 4th March 2021. Refernce is made in that to "Management continue to review options to refinance the bond ahead of May 2022". That would suggest that no re-financing plans were in existence in March and unless something has happened very quickly it would seem very unlikely that the bonds would be redeemed before arranging, and making some announcement about, a re-financing deal.
  • Just had a message from AJ Bell indicating that they made a mistake.

    "Further to our previous communication, we have received an update regarding the Wasps Finance Plc 6.5% GTD 13/05/2022 GBP redemption event.

    We have received confirmation that the six month interest payment was made 13 May 2021, and that the bond has not redeemed early.

    We apologise for any confusion caused."

    Rather embarrassing for them !
  • Back in my times someone would have been expecting their P45 for that sort of nonsense! Thanks JGH for what, I think, we had probably guessed anyway.
  • Thanks for the update JGH. I'd spent a fair amount of time trying to check this out.
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