Given step up for AAZPB, I did a calculation of rate of return for this hybrid for varying redemption dates. These are per annum rates of return (mostly capital gain): All great rates given Capitaland owns 54%, and rights issue is going ahead with Capita confirming their $300 million contribution. AAZPB probably worth buying given 54% major shareholder is biggest property developer in South East Asia with market cap currently S$16.5 billion