Bob’s Weekly Update

Dear Bondholders,

This is BWU No99, I would love to write that I’m preparing a block buster for the 100th edition, but so much of what I would have written in the past is currently NDA.

At the moment, in addition to all the personal stuff that has to be dealt with. I’m immersed in the study of legal papers, and my goodness they require some study! Obviously I can’t reveal what they contain, but I promise you they are very real. One day, when all of this is over, there is probably a book in this somewhere, but if I every get around to writing it, it will probably end up remaindered in W.H.Smiths.  Such is life.

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Bob’s Weekly Update

Dear Bondholders,

Not so much an Update today, more a ‘Proof of Life’ to remind the regulators, and others, that we are still here reading documents, and gathering information, while I wait for some hard news that I’m allowed to report to you.

I will be sending this little note to Ian early today, as today is my son’s birthday and we will be travelling into town, chocolate cake and hip flask equipped, to meet him as his hospital shift ends.

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Bob’s Weekly Update

Dear Bondholders,

A poke at the hypocrisy of our MPs, an explanation of ‘Time Costs’ and an important piece of information for Standard Life SIPP holders. I trust you’ll find it interesting.

I’m taking the opportunity during this quite week, to get a bit political. Those of you who haven’t stopped listening to the ‘infotainment’ that passes for serious news coverage on our televisions, or given up on reading our almost as badly written newspapers, may have noticed the latest outrage that has occurred in Parliament.

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Bob’s Weekly Update

Dear Bondholders,

…….and we think getting some of our ARM money back is taking time:

From this mornings Telegraph ‘City Briefing’

CHANCELLOR TO REPAY PART OF BRITAIN’S WW1 DEBT

George Osborne is to make a repayment on a loan first issued by the then-Chancellor Winston Churchill in 1927 to refinance National War Bonds originating from the First World War.

He will redeem £218m of the debt from the so-called 4pc Consolidated Loan on February 1 2015. Still, it will only put a small dent in the UK’s WW1 debt, which still stands at around £2bn.

My father held a lot of these ‘Perpetual Loans’ which have no maturity date, though I have no idea what happened to the loan certificates when his estate was wound up. Today 4% seems good, but through all those high inflation years, in between then and now, it seemed a disaster. Just think what that £218m, let alone the £2bn was worth in 1927.  One could buy a perfectly good 3 bed semi in the London suburbs then for around £650!  We had ‘never had it so good’ as Viscount Stockton told us approximately 30years later, and considering growth in the Euro Zone is currently doing worse than those countries did in the Great Depression he was probably correct.

This post has a serious point, for although hopefully, we will never see the inflation of the past repeat itself (although I think it will at some point), it is a reminder of the ‘time costs’ risks related to the FCIL credit stream that will hopefully supply further distributions for larger bondholders.

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Bob’s Semi Weekly Update

Dear readers,

There will be no BWU this week as there is no news that I am able to discuss.

Maltese readers:  Please see the announcement from the MFSA on the website.

Sunday is my birthday, and I am being taken to lunch today ‘somewhere posh’ so I’m actually grateful that I do not have to spend several hours writing today.  My typos do tend to increase in direct ratio to my consumption of G&T.

Enjoy your collective weekends,

Bob