Not sure why anyone would buy the notes when they are non-cumulative and the company doesn't pay a dividend. Headwinds are rising here on loan impairments and funding costs, and despite OK recent results the analysts are looking forward and downgrading. With all the crap going on in the world and the bond market blowing up, any liquidity squeeze would likely see deposits move quickly to safety (as occurred during the GFC and more recently with regional banks in the US) and Judo Bank certainly isn't top of the list when it comes to safety! ... and any such move by depositors would likely see Judo immediately stop paying distributions on the notes. Judo's share price is telling this story and it's hard to see this story changing anytime soon.
Just my opinion.
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