Alan, seems like a low risk trade to me as even if Elders don't make a bid one would have to think that Fonterra will get to 50% of Bonlac thereby improving Bonlac's profitablility and therefore their debt servicing abiliity which will push the notes up.
If Elders don't make a bid the notes could actually trade above $100 down the track if Fonterra get to 50% of Bonlac as the credit rating of the notes should get back to investment grade which would push their price above $100 due to their high yield.
In the meantime I am happy with a yield of above 11%.
Good luck with your position.
high yielders, goblin, page-5
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