New Paragon Bond

I note that a couple of weeks ago Paragon issued yet another bond, this time for institutions. Min.100K, 7.25% 2026, par call 2021, issue price 103.25. Supposed, but not confirmed, rating BB+. Yield to call considerably lower than coupon, obviously. Now I would have thought that out of courtesy , Oliver or another analyst of this web site would have commented, as Paragon have issued three retail bonds before. Then again, this one is presumably just another nail in the coffin of a moribund retail bond sector.

Comments

  • Looks like about 6.5% to call which is a nice uplift on the current Paragon bonds. Does seem like there is no appetite for issuing retail bonds, there would probably have been demand for a retail bond at a bit less than 6.5%.

    I noted that Inland Homes in a recent update said they were considering a retail bond but appears they have now organised a borrowing facility elsewhere.
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