See previous blogs. This is the Dutch equivalent of Bell, all Bells. Government owned and protected by an ironclad monopoly back then. Even made it to “Royal” status just before almost collapsing. But wonders happen. They issued 1.1 bln 6.125% Euro bonds which issue was oversubscribed by 6x. For those that think the Euro is dead this must have been an enormous shock, these are PERPETUAL bonds (first redeemable in 2018)! There was and additional issue for 60 years. All of this thanks, in part, to a little helpful nudge from our very close friends in Mexico. Truly mindboggling but there it is. A buy maybe for a 100% bounce at least??

KPN is now at 2.51 Euros. This is the old PTT, the Dutch government’s telephone and telegraph monopoly. 2.51 reminds us of Ahold and also ABB, both of which regained their composure in a spectacular way. Who knows if it will happen again but if buying low and selling high is your game, you may want to consider this one. After all there is a very nice  5 waves down.