'Because the yield spread of the individual share (demonstrated over extended period of time to behave like a bond) over benchmark bond yields exceeds historical averages by a margin approaching several standard deviations, which provides added prudential valuation buffer in the share.'
Finally he gives the answer I've asking for!"
Seemingly, that is somehow different to earlier versions of:
"APA is a bond proxy trading at a discount to bonds...."
.
News: APA APA Group Says Estimated Final Distribution Of 29.5 AU Cents Per Security, page-39
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