ifandwhen, if by Prime bonds you mean the New Zealand SPARCS, I...

ifandwhen, if by Prime bonds you mean the New Zealand SPARCS, I think those are in the same boat as EPS, but even worse because they have higher current cost. Probably the new proposal will offer equal conversion terms for the two hybrids on less than contract terms, otherwise they will have value left for BBI common. I predict no one is going to be happy with any of those values.

It's the New Zealand secure bonds that look more interesting to me. It's secured debt not subject to conversion. The downside on those is that the corporate lenders may as part of this new deal position themselves in front of that debt.