sevpc, page-9

ITB, I think ALZ is a different animal by all means. (I use to trade some at and near $2 range). It is more or less like a property trust although development activity is significant. The possibility to go to ground zero is very high. Look at BNB, Centro, Allco, and their wander children...

I think TAH is a comparable peer, but TAHHA is BBB+, and Tabcorp must redeem all outstanding Tabcorp Bonds on the Maturity Date. (5 years).

While SEVPC has no rating.

Anyway, I believe SEVPC is worth $100+ when then step-up date is approaching. $4.75% is a good margin, particularly over 180 day BBSW, not 90 days.

And if the debt market is good enough, SEV can issue similar bond as TAHHA at less than 4.5%, and redeem the SEVPC at par, and still at least 0.25% ahead( before cost, I believe the cost might be significant in doing the whole exercise)

So the risk is relative lower in relation to risk.