fiig rates mxupa as exceptional value, page-16

Personally, I would actually prefer the stepped up divs vs redemption as the RY would be great given my entry price.

BAM is all about reputation - letting such a small issue (in their books) tarnish their rep would be not worth the hassle of 50-60 basis points saving against bank debt


Also, by April 2010 I expect multiplex to refi at much cheaper than 300-400