margins triggering, page-9

brad, that's where you are wrong mate, it's not bnb's problem, its bbp's problem, the debt has no recourse to bnb.

and as for the $2.7 billion refi, i would argue whether bbp would get that was very uncertain, the collapse in its share price could easily have caused the banks to walk away.

bbp has excellent quality assets, i'm sure they will offload the non-core ones at above book value

basically, bnb's earnings would have to fall by 70% to put it on a p/e of 15 which is equal to the broader market. does look a bit cheap i have to admit