ALZ is trading at about the same discount to net assets as AAZPB...

ALZ is trading at about the same discount to net assets as AAZPB is to face value. But there's a real risk of downward revisions to the asset valuations, while the AAZPB face value is fixed. Also, AAZPB ranks ahead of ALZ if things go pear-shaped.

As far as yield goes, at $50/50c, AAZPB is paying around 16% (BBSW+4.8% on face value) while ALZ is paying about 12% (6c/year dividends), with no franking in either case.

It's possible that ALZ assets and dividends will rise, of course, but in the medium term that seems unlikely.

(I hold AAZPB.)