I like it, fair deal tbh.
The term 'secured' is very liberally used given it's a General Security Deed lend on Aussie assets which wouldn't be much (not sure what recoveries would be on Thai assets - probs nothing/no security value).
We'll get some tailwinds from US economic data suggesting inflation is easing and 1 or 2 rate cuts factored in for late 2024 that may help on the SOFR.
Ann: Kingsgate Financing Update, page-4
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