Swap, you're right re BNBG, with one small (and impt) exception.
The notes mature in 2015, but reset in Nov 2010. Thus, holders can elect to receive cash or equivalent (if BNB shares they can sell or hold) = $100 at that time.
Also, if BNB suspends payment of the interest, they cannot do any major divestments or corporate actions at all until interest is paid (which would include the sale of a major asset or share in the company). Thus, this interest would be close to the last thing to be stopped.
That time may well be approaching, but if investors are well placed elsewhere, I don't see the harm in fluttering here.
BNB
babcock & brown limited
