How do I check if redemption notice has been given on bond?
Discussion
I have a modest holding in a bond - Scottish Amicable 8.5% undated subordinated guaranteed bonds. Basically sub-debt issued by what is now a subsidiary of the Prudential. Bond terms are here:
http://www.prudential.co.uk/~/media/Files/P/Pruden...
I own a fair bit of bank sub-debt and so was always cognisant that the first redemption date is 30th June. The bonds have traded at a premium over the last few years (I paid about 112 about 3 years ago) but have drifted down to trade approximately at par, although they don't trade very often. I am assuming that notice of redemption has been given but I can't find any record of this being the case. A search of the (online) FT doesn't show anything, there is no RNS announcement etc. If the notice has been given then the bonds have paid me about 4.5% a year, which is good for a A rated issuer, plus I can use the capital loss generated on redemption which is worth about another 4%.
It notice hasn't been given then I think I get another 5 years of coupons at 8.5% and I'd be tempted to fill my boots. If not then they've been a nice dull investment exactly as they are supposed to be.
Anyone any ideas how I would check for sure (other than waiting until early July and seeing if I get the redemption proceeds?). I have tried emailing the investor relations team at the company but they haven't responded.
thanks in advance for any suggestions.
http://www.prudential.co.uk/~/media/Files/P/Pruden...
I own a fair bit of bank sub-debt and so was always cognisant that the first redemption date is 30th June. The bonds have traded at a premium over the last few years (I paid about 112 about 3 years ago) but have drifted down to trade approximately at par, although they don't trade very often. I am assuming that notice of redemption has been given but I can't find any record of this being the case. A search of the (online) FT doesn't show anything, there is no RNS announcement etc. If the notice has been given then the bonds have paid me about 4.5% a year, which is good for a A rated issuer, plus I can use the capital loss generated on redemption which is worth about another 4%.
It notice hasn't been given then I think I get another 5 years of coupons at 8.5% and I'd be tempted to fill my boots. If not then they've been a nice dull investment exactly as they are supposed to be.
Anyone any ideas how I would check for sure (other than waiting until early July and seeing if I get the redemption proceeds?). I have tried emailing the investor relations team at the company but they haven't responded.
thanks in advance for any suggestions.
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