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Fifty years ago I was introduced to the back pages of the FT where off market equities and bonds resided. I particularly remember Czarist bonds which were quoted at a tiny fraction of the issued price. As far as I am aware the Communists never redeemed these bonds.
Perhaps we are entering a phase of general defaults. Over the weekend Lebanon announced that it would be in its interest to default on a $1.2bn bond due to be repaid today.
Given the market’s general performance today (hysterical, it must be said) with FTSE at 5900 I imagine Lebanon’s default will be overlooked. But it does not augur well for the likes of Midway Investments Limited.
At least Flybe has been put to death. Keeping it alive would merely be an invitation for weak businesses to flock to HMG for assistance. We can do without that nonsense.
In Wednesday’s budget I imagine the 10% entrepreneurs’ relief will be suspended. I can’t think of any good reason to keep it.