Danny,On page 31 of the ASSETS prosectus it says:“When is the...

Danny,

On page 31 of the ASSETS prosectus it says:
“When is the Step-up Date?” : The Step-UP date is 1 October 2008 and then (Subject to a successful remarketing process occurring before a Step-up Date) each third anniversary thereafter (or such other time period as may be specified under a successful Re-marketing process).

“What is the Step-up Margin?” : The Step-up margin is the Margin which prevailed immediatedly before the relevant Step-up date plus the Step-up percentage. The Step-up Percentage is 2.50% (or as varied pursuant to a Successful Remarketing process).

And in Appendix A, clause 3 Re-marketing process states:
3.1 Notification of Re-marketing process. No earlier than 6 months and no later than 45 Business days prior to a step-up date, the issuer may issue a re-marketing process invitation that will include the terms of ASSETS, if any that will be adjusted……….”

On 1 Oct 2008, there was no re-marketing process, and hence there will be no more re-set date after that date.

Thank you for pointing out my misinterpretation.

Since AAZPB is perpetual, ALZ will only redeem AAZPB if they could find a funding source cheaper than the 4.85% + BSWP% rate.