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Euro on Sunday bond check: PCC bonds: a clean return | message

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by Thomas Strohm, Euro on Sunday

RDetergents and disinfectants are currently in demand – the Duisburg-based PCC group is also noticing this. The production of the chemical raw materials required for this recently reached the capacity limit at the Polish locations. And in the PCC consumer goods segment, the demand for soaps and hand cleaners has increased significantly.

The chemicals division represents 84 percent of the group’s turnover, which amounted to 768 million euros last year. The operating profit (Ebitda) achieved with the help of almost 3,600 employees totaled EUR 95 million. The other segments, such as logistics, are of far less importance for the group. The corona crisis had a negative impact here in March because supply chains from Asia were interrupted. In April, the container shipments were again very well utilized, according to PCC.

Proven issuer

The company, founded in 1993, has been issuing bonds since 1998. There have never been any problems with interest payments and repayments in the economic crises that have been experienced since then. It was only in early May that PCC repaid a bond issued in 2018 for over five million euros on time. There are currently around 20 bonds in circulation with volumes of between five and 30 million euros. PCC issues the securities itself, after the placement the debt securities are listed on the stock exchange. Investors can currently subscribe to two bonds (see below) with terms of two and four years. There are interest rates of three and four percent per annum.

Exchange-traded bonds

Investors who want to part with the bonds before maturity can sell the securities on the stock exchange. However, you should be aware that the trading volume there is usually very thin. The bid-ask spreads are correspondingly large: the difference between the offered buying and the requested selling price of a bond is often several percentage points.

If you have patience, you can also try to buy older PCC bonds at prices below 100 percent of the nominal value in the currently volatile stock market environment. Investors should make sure that the bond yield shown on information pages on the Internet actually refers to the ask price to be paid. In addition, you should always order with a limit. Otherwise they run the risk of accepting a lower return than expected and a higher price than intended.

It is much easier to subscribe to the new bonds directly from PCC. In addition, there are no transaction costs that reduce the income when buying on the stock exchange.

Factory sales: Investors can subscribe to PCC free of charge. The denomination is 1,000 euros, the minimum investment is 5,000 euros.
ISIN: DE000A254TD7

New issues: Interest is paid quarterly. Further information on the Internet (www.pcc.eu) and by phone (02066/90 80 90).
ISIN: DE000A254TZ0

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Image sources: travellight / Shutterstock.com, StockThings / Shutterstock.com



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