A limit order for a discounted bond cleared today.

music selection:  “Untouched” — The Veronicas

I bought the 9-3/4 1JUN2021 maturity bonds of Enova International (ENVA) for 84.02 cents on the dollar.  Enova is a financial company serving alternative credit consumers.  The company is profitable and sports 60% gross margins.  I expect that they will be able to service their debt or at least roll it forward at maturity.  While I wait on my capital gains, the coupon yield will be 11.89%.  I can be enormously patient at that rate.  This is a “C” rated bond that has recovered somewhat from a highly distressed position.

Devour your prey raptors!

Update Discounted Bonds

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