A**1 car loans (ABL)

It has as far I know always paid interest on time, yet as you say has invariably traded below par, I have never had a large holding tending to buy and sell on the regular movements. Theoretically it is an area that should be having some difficulty currently, yet seems to plod on so possibly no need to mention them.

I would suggest that unless something as yet undisclosed has happened it is just the one most people feel happiest to offload (there are a good few loans to the same business and re buying is not hard). Personally I feel there are several other loans that seem better choices to escape at the current offers.

Which only leaves the big questions, was he playing golf and just whipped off a quick update? And do Turkish barbers like to experiment with beard shaping?

I, too, have wondered with these A** loans trade at a substantial discount and whether everybody else knows something that I don't?

I imagine one concern lenders may have is the realisable value of the collateral should things go pear shaped with these loans and, on that basis, they look less secure than, for instance, P*'s property loans which are currently trading at c. 101%.

In the past the ones that matured were restructured from interest only to amortising. I might be wrong, but I can't recall any of them being fully repaid yet.

I don't have any particular concern with the company, but in theory the industry will be affected by rising unemployment. I've always kept my holding in A**1 reasonably low, leaving some room for expansion.  Now it seems to be a good time to take advantage of attractive discounts, so I tend to reinvest some returns in most discounted A**1s. Probably doing the wrong thing, time will show

ablrate any response please?

Going rather quiet at ablrate. No reply to an email I sent several days ago.

ablrate - just a nudge on that update, I see that the cashflows have all been updated to a new profile and the first payment is due in today

I do hope you don't mean that literally!