- It’s a nice profit
- Times are hard for pubs
- Pub property prices must be depressed - Lloyds recently sold its Admiral pub estate at a huge loss
- I can re-invest the cash
- If I hold on until maturity, I’ll get this price anyway (it’s nearly at par - i.e. the redemption price)
- There are potentially 5 more years of coupon to come
- The current yield has fallen to around 6.6%, but this is not bad at all in the current yield climate.
(An earlier version of this post appeared on Citywire Money)