Punch Taverns, the tenanted pub operator, has repurchased its second chunk of convertible bonds in one week. The pub company announced this morning that it had bought a further 10.1% of its convertible bonds, which were due for repayment in 2010. It follows Punch's repayment and cancellation of 33.9% of its bonds earlier in the week. Following cancellation there will be around £74.3m of bonds outstanding, meaning it has now cancelled 73% of bonds previously in issue