On 3rd July, I published a detailed write‑up on Substack explaining why the **Victoria PLC 2028 bonds**, trading at **\~20 cents**, offered one of the most asymmetric opportunities in UK credit for investors willing to engage with a complex situation.
Five days later, the timing proved unusually fortunate: Victoria has now proposed a deal to bondholders, and it is materially more favourable than what the market had priced in.
Under the proposed terms, the **expected return in under a year is roughly 2.5–3×**, depending on final participation and settlement mechanics. Despite this, today’s trading didn’t show the dramatic price reaction one might expect — although liquidity is now naturally constrained because **around two‑thirds of holders have already signed up** to participate in the deal. That makes entering fresh positions more challenging
Both the original write‑up and today’s deal analysis are available to read for free on Substack - [http://substack.com/@boringcorners](http://substack.com/@boringcorners)
