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Dear Paul, I have held CWNHB for many years, and the dividends have been consistent. Because of the uncertainties surrounding the future of Crown Resorts, CWNHB have fallen considerably from their $100 issue / redemption price. Could I have your opinion please about whether you feel that CWNHB are still a “safe” investment ?
A: I don’t think CWNHB are ‘safe’. I would describe them as higher risk.
You will recall that Crown has also advised that it won’t call the notes (at least for another 12 months)
Will they fall further? Possibly, particularly if the Victorian Royal Commission recommends on 15 October that Crown is unsuitable to hold a casino licence.
The best hope for CWNHB holders is that one of Blackstone, Star or Oaktree progresses a proposal to take-over/merge the company and the Crown Board endorses it. The new owner might then feel that the notes are expensive and elect to call them.
