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Fang

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Fang
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  • Not that I know of, Hind. Considering 10 year gilt yield at 1.7% at present compared US T note approaching 3% the mind boggles, considering GB risks that lie ahead. Just goes to prove how manipulative BoE has been ( or still is) but reality will hit…
  • You can short 10 year gilt future through 3GIS.
  • Tales woe as to the time it takes to move out of Smart Investor" all over the papers today (F.T. & Times). Perhaps Barclays may eventually come back to their senses and resurrect what was the best platform out there. I for one would then wish to…
  • Not invest at all and sit on cash would be the best strategy in those circumstances. However, the increasing illiquidity of sterling bonds is a worry and could only be alleviated with much new issuance. Perhaps corporate treasurers will come to real…
  • Have recently moved to HL after "Smart Investor" debacle, They are not anywhere nearly as good with price and execution as the Barclays of old were, but then the sterling market has also become illiquid, as commented elsewhere.
  • Buy 5.25% yields at your peril. Even institutionally targetted sub-investment grade gets away with 3.5% whilst ECB hangs onto to QE, meaning that everything else is artificially valued. With Brexit, Corbyn and a number of huge global risks potentia…
  • Moved my SIPP over to HL, after the disaster at Barclays Smart investor. More expensive, so it seems, but always available on phone. Their website not as user friendly than the Barclays of old, but plenty of research on companies and funds. Do not t…
  • Have now moved to a different platform , took only a bit over a month, but had turned all my holdings into cash beforehand. A few bits to be cleared up, so today when phoning, notice they keep you on hold for a very long time, bit like trying to get…
  • Cannot fathom why an issuer wants to buy back debt at current levels. Surely, with 10 yr gilts at 1.3%, inflation more than double and Brexit perhaps soon ending up with WTO, why would you not rather be a seller, especially in view of BoE eventually…
  • BWB- what a surprise. Barclay´s S.I: ( what an irony) has got everything wrong with the relaunch. That is why I and thousands others are leaving this poorly maintained ship, as repairs are not on the horizon and letters remain unanswered..
  • PD, as to LTA: managed to get " ex post" from HMRC allowance for 1.25MM, whereas now £1MM is the limit. Not much of an issue either way, as I have not used up much, and at 75 it is no longer relevant, in my case not hugely far away. Then there …
  • PD, am in the process of selling my remaining holdings ( only a few ETFS and shares left) so that the whole SIPP is in cash, ready to be transferred in a week or two, cash transfer takes supposedly up to 4 weeks. Would take 2-3 times as long if it …
  • Have received these past two weeks over thirty identical texts from Barclays on my mobile advising me of change to S.I. My letter complaining of the dumbed-down platform remained unanswered though, cannot be bothered to get back to one large SIPP in…
  • The high coupon for what is a short maturity indicates that they cannot get bank funding, despite willing to pay up. So not for me, too much risk as to loss of capital or compulsory refinancing in a couple of years. This is at present a dangerous ma…
  • HL, despite some misgivings as to high cost, seems to be the obvious choice. For one, they answer the phone promptly and seem to know their business, which is more than can be said about some of the other contenders. Have good web stats and charts, …
  • Will now quit Barclays since neither Thaw nor anybody else there bothered to get back to me after receiving written complaint three weeks ago, and a more recent phone request was not responded to either. My sizeable SIPP they have had for a decade w…
  • Not much comfort, as many of us probably hold quite large cash positions at present, due to overpriced bonds and shares.
  • Feel for you John, at least they have not lost my holdings. As to where to go: not easy. I have a large SIPP, so HL , with seemingly good customer service and web tools, are an expensive proposition, and have been badly reviewed recently. Some of th…
  • Thanks for your comment, Mr Depp. Have decided to leave Barclays, cannot stand newly fangled umbrella website, primitive charting, complicated sign-in, involving endless numbers. Still contemplating where to go- notice many poor reviews as to charge…
  • Not sure as to ring fencing. Beyond 85K, especially if you run a large cash position, may not be to easy or quick to disentangle from a failed provider, as Northern Rock fiasco has shown.
  • Thanks, Shaunm. AJ Bell are, of course, doing the admin for Barclays, so familiar to me. However, as my SIPP is quite large, I am concerned as to credit risk. AJ Bell is privately held; Andy Bell owns 28%, other large holders are Invesco and Woodfo…
  • Risk/reward of junk bonds simply terrible. If you want 5% yield, why not buy quality shares that give you similar yielding dividends, such as BATS, or AZN, or UU- price may fluctuate but not by much. With Lendinvest or some other ORB bonds, repaymen…
  • Large minimum, illiquid due to small size and unrated. Would probably be BB if rated. However, yields more than most ORB bonds of similar or worse credit quality.
  • Sub-investment grade risk/reward is indeed absurd. Blame it on Central Bank QE, resulting in desperate grab for yield. Corporate treasurers and their fellow directors are laughing all the way to the bank, whilst for investors it will end up in tears.
  • Oliver conspicuously absent this time. Perhaps that tells us something.
  • As to risk/return profile of junk bonds ( defined as sub-investment grade, which unrated Burfoot presumably belongs to): The covenant protection for bond holders has gone downhill for some years now, due to the reach for yield giving issuers the str…
  • Progressive coupon reduction more to do with decline in gilt yields ( gilt prices are back close to pre Brexit highs). Meanwhile plenty of warnings from the U.S. as to absurd risk/return profile of junk bonds.
  • @Rick24 Take your point but puzzled by need for bond issue at all, in view of high cash position. Their true cost of funds is nearer 6% (allowing for fees) so if they are such a good credit, banks would presumably fund them at much lower terms.
  • Suspect, as a private attorney practice, issuer is probably in "B" territory if bonds were rated. Third bond issue , and what other form of debt is there? Unless I know, 5 % not a sufficient cushion, so for now not willing to take the plunge.
  • Whilst on the surface 5% for 9 1/2 years attractive the issuer is unrated ( and by implication not investment grade) with a long maturity and the third bond for a private partnership of lawyers, so rather risky unless Oliver can put our minds at res…