aazpb buy back, page-6

I'm with you there 2ic; ALZ is very well diversified and in my books a lower risk than similar hybrids such as MXUPA. I don't see them paying 4.8% over BBSW for the sake of an extra $275 million on the asset side. The only other thing i could think of against the buyback would be the impact of the rating agencies changes to reflect the additional risk taken upon through more bank debt.
But then again, a partial buyback would be a good solution to balance both sides of the equation; reducing funding costs while not losing all of the equity through the hybrids.