Punch notes flying despite support fears

11 Feb 2011

Punch’s securitisations have been on a roll this week, with cash prices on the M1 notes in Punch A trading up from 77 to 82.5 and yields on the senior notes coming in from the 9.5% area to 8%. This comes after a string of negative headlines last year suggesting that Punch might abandon Punch A and B, which are securitisations of cashflows from Punch’s tenanted pubs.

An ABS market participant said that this week’s push was driven by a big buyer building a stake, which could be someone hoping to influence any workout negotiations (perhaps with a view to forcing a distressed sale of the estates) or even Punch itself.

Punch was expected to ...

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