Hi Crocee,Some very good points (much appreciated). Agree on...

Hi Crocee,

Some very good points (much appreciated). Agree on cash rates and have spread-sheeted an increasing BBSWs against the current preference shares to monitor annual rates of return and discover the odd buying/selling opportunities. The hard part is predicting progressive BBSW incremental rates but as you indicate the risk is low that cash rates will not rise as also demonstrated by their latest increases in Oz. However, will continue to avoid CWNHB as the probability that the next interest payment announcement won't be an improvement on the last plus their margin is above recent issues. A 3% cash rate increase will put more pressure on their ability to meet their interest distributions.