andybroady, the prospectus seems to suggest they cannot vary the terms of the notes until the first reset date (in 2012) and also that they have to pay a premium (up to 4%) in the first 4 years to buy the notes back.
However, I suppose if things got very messy then the sort of offer you are talking about is possible but I cannot see it happening in the short term.
afg and afgha and kinghorn and lewis, page-11
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