Hi - To continue - my tuppence worth - my concern regarding 66WS, the £60m - 5.125% - 09/10/23 - issue is that just before it becomes due there is £250m falling due on 04/06/23 [43ZF].

£310m is a lot for PFG to refinance in a short period of time IMV.

... and nearly 3 years is a long time away.


  • You are right with your two tuppence worth regarding the mountain of refinancing they have to do but the update this week sounded quite upbeat ( there's no surprise ! ) and the ords have reacted quite well. Just wondering if it could be like IPF and push back redemption date and bribe us all with a higher rate coupon ?. Daily Telegraph had a bullish article today I believe but haven't had time to see it yet.
    Anyway no rush for me so a watch and wait scenario I think.
  • N.B. in my comment above I should have said the bullish statement was actualy Tempus in The Times. Quite an upbeat article but with normal caveats and rate the ords as a hold.
  • Hi - There was a piece in the Telegraph and City Wire, both quoting Jefferies' view that PFG would be a survivor with diminished competition.

    I should have added that we have lots of PF21s. It would be imprudent to add more. We also have some 66WSs but will watch and wait before considering adding.

    IPF have shown a way to go, I agree, and IMV PFG is a better risk than IPF.

    PFG also has Vanquis as a funding vehicle.

    But we will still watch and wait for awhile yet.
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