Switch from secured to unsecured bonds, suggests Barcap

The growth of secured bonds and the expense of unsecured bonds in Europe may create opportunites to buy unsecured debt at attractive levels

Comment by: Anonymous. Posted 13 years ago [2010-07-22 00:50:02]

Having read the Barclays report, the analysis that unsecured bonds are cheap is not convincing. One specific comment is that the authors don't consider that the Ardagh issue of secured bonds was one factor that pushed the existing unsecured bonds wider due to the effective subordination of the latter.