Lower ranking? I thought both are at subordinated level? Both are T2 issuance as far as I'm aware.
Margins have tightened a lot in the secondary markets (OTC wholesale). However, for an ASX Listed Bond, fair value would be around +250 mark. This is printing in the range of +220-230. I agree this is slightly undervalued. Not to mention the fact this is 11.5 years and callable in 6.5 years (increasing default risk and equity conversion under non-viability clause). They should have made this 10 non-call 5 years if they were going to print at this margin.
NABHA buyback?, page-4
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Last
$39.05 |
Change
0.550(1.43%) |
Mkt cap ! $120.3B | |||
| Open | High | Low | Value | Volume |
| $38.64 | $39.05 | $38.54 | $162.0M | 4.166M |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 213 | $39.03 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $39.05 | 50835 | 9 |
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