fxjpb, page-3

I considered SEVPC... but, with interest rates rising... and Seven having cash... Seven is quite susceptible to calling in their bonds in May 2010...

Besides, at a step-up rate of 4.75... if BBSW is 4.5%, this is only 9.25% per annum. Good, yes.... but, lower than holding FXJPB till 2011, then finding a new bond / buying Seven then / etc.

So, on $2000 max..... you are looking at 20 SEVPC @95.90.... and, about $80 capital gain.

+ a bit of interest... (about $6.42 before franking).... = $128.57

So, $1918 turns into $2,208. Less brokerage (assume, one way), = $2,178.57.

Don't get me wrong; this is a nice return...I just think the risk/reward profile of FXJ, GNS is better.