does not make sense to me, page-4

But is it rational that BEPPA has risen circa 30% in few weeks, despite an announcement of $900mil writedowns?

the current buffer for Beppa is now NAV + beppa liability = $1.3bil + $700mil which is about $2bil. compared with a bigger buffer a few months ago.

obviously the writedown were anticipated, but were they so much better than predicted to justify the rise in beppa?

if dbct sells poorly, bbi will be forced to sell other assets at a loss. that buffer will start to test the $700mil that is required for full $1.

add to that the chance of early conversion, i would say risk is higher now than in december and reward is lower, yet beppa is trading higher.

obviously there has been another 2c deffered distribution to factor in also.