hybrid debt/equity swap , page-75

Coppertop...

I realise the difference, and I am not equating them at all...but they are most certainly related. And whilst the loans and investment arms of CBA are separate divisions, they still are parts of the same company, run by the same board, and answerable to the same shareholders, and I would suggest that $1.2B worth of outstanding debt would have to be discussed at board level, with directives flowing from there.

I also tend to think that if CBA intended to accept a proposal of equity for debt, it would be illogical for them to sell their current holding in CNP as they have, as such a deal would more than likely drive the shareprice upwards...certainly not to 50c IMO and above as some have suggested, but upwards nonetheless. So, to sell out at such a time would return them less than if a deal was struck.

I also tend to think that if CBA intended to extend the debt, then it would at least have had a representative at the recent meeting of creditors. I would suggest that a loan of approx $1.2B (secured & unsecured) is at least worth some representation.

In any case, think I've said enough...didn't intend to post so much on this...just some musings for others to ponder.

Good luck to all with this.