mxupa presso and conf call, page-14

sgoni
Actually WBC is issuing hybrid capital whcih is on the nose. BAM is investment grade and has raised debt this last 6 months at less than 1.5% margin.It seems that most investment grade debt is being raised from banks at around 3% + fees so close to 3.5% in total. Not saying it wont be stepped up, but it wont be kept out there forever and even if it is stepped up its close on 4% margin and say BBSW of 3% gives 7% on $20 and the prospect of getting $100 in a not unreasonable time horizon