I'd appreciate comments regarding OneSavings Bank 6.591% which is undated but callable on 7th March 2016 and at the time of writing 98p, If called it would produce a 14% yield.
I have tried unsuccessfully to find the prospectus to check out the terms and turned to the Forum for some help.
If it isn't called does it run indefinitely or is it callable at a later date and whether it is non cumulative, and any other conditions I should to be aware of.
The bank looks in pretty good shape and has reported excellent financial results, with new loans and advances of £986 million in the first 9 months of 2015 increasing its total loan book by 25% to £4.9 billion, accompanied by strong margins, a sound capital base and upward re-ratings by most analysts tracking the stock.
I am a little concerned about the liquidity should I want to get out. However, as I am trying to build an income portfolio for my impending retirement providing it continues to pay the coupon that wouldn't be a major issue.