They may be saving up capital to take out the $190m subordinated notes which are redeemable from 3 July 2025 at par with APRA approval according to the annual report.
The notes are costing 90 day swap plus 5% margin so they are not cheap, much better to take them out than have the asset side sitting in the bond portfolio earning around 90 day swap but without the 5% margin that's a $9.5m annual saving for just redeeming the notes.
I have not been able to find details of the subordination terms but assume they will rank between equity holders and ordinary creditors so taking them out will knock the PCA down.
I hope the market continues to beat the share price down, I will be happy to top up some more
Ann: 2023 Full Year Results Investor Presentation, page-57
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