We bought a heavily discounted high yield euro denominated bond in July. We paid a premium on the price which was at approx. 45 per cent of the face value. The yield though was paid at face value and so garnered us a 17% return. The bond price is up 10% thus my clients now received a handsome 27% return. Not bad for an investment since July.
For those of you whom I have called already, my apologies for overdoing the lap of honour.
For those of you who declined...reconsider. There is tremendous value in the high yield bond market still.
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