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
That sounds like a nice bond to own…!