Ann: AYT: Recommended Proposal from Bendigo and A, page-7

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    re: Ann: AYT: Recommended Proposal from Bendi... BHL

    I think you have hit the nail on the head. The 4.5% margin is quite good I think for a 1 year security but there is the perpetual risk.

    Ideally there would be a step-up after 1 year to say 6%; not that 4.5% is bad but to give them an incentive to convert or redeem.

    s
 
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