tomhagenI did not look back that far (only been an investor...

tomhagen
I did not look back that far (only been an investor since 2015/16), but is a little concerning if PDL values only going up while purchases are variable.

WHat I would like is some further breakdown between face value, amortisation, discount rate etc to arrive at carrying value, but arguably this also highlights what they are looking to pay for that debt & may give away too much regarding their pricing.

The only thing I can possibly think of to make PDLs increase in value over the 2011-18 period (even if purchases have fallen) is a change in the amortisation rate (PDLs would only go up if they reduced amortisation rate....concerning), and the discount rate (and here we know AUD interest rates have fallen since ~2012 so we would expect the current value to increase). 

Again too many moving parts to tell.....I'm hoping that Rivas is on top of these things and the board are doing their job or overseeing management.