chart, page-22

Hi Tektron.

" So at $68.50 this would mean a quarterly rate of 6.325%"

I believe the rates you quote are per annum, not quartely. To get the interest rate for this quarter divide the figure you worked out by 4. So the 6.325% pa becomes 1.5875% per quarter or 0.529166666666etc per month.

Now this interesr rate might go up next quarter if you are lucky, then again it might go down as many economist still expect that rates will be cut to deal with increasing unemployement and economic slowdown due to financial crisis and absence of further government stimulus.

Personaly I think that one can get half a percent change in one day if one owns the shares, and to me the notes at these rates of interest are just a joke.

In my opinion one should be able to buy NAB share ATM for any market price and get out again within a month with 6.5% profit.

And if one sticks around to early July, one wil get divident of 76c per share, in 6 odd weeks. Now I can not guarantee that after the divi, SP will be higher than today. I would say however, that there is a pretty good chance that during the next few months you should get higher price than what you would pay anytime tomorrow.

To cut the long story short, shares are better value IMO.

Brian