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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.
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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.
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In Wednesday’s budget I imagine the 10% entrepreneurs’ relief will be suspended. I can’t think of any good reason to keep it.