fair points. But the way I look at it, worst case BNB is taken...

fair points. But the way I look at it, worst case BNB is taken over or sells assets. BNBG will then continue as a debt instrument like MXUPA did when MXP was taken over. Yield today is 56% per annum. BNB can defer interest payments on BNBG but must pay interest on deferred interest and pay this Nov 2010 when exchange is requested. BNBG ranks ahead of BNB in terms of dividends. In the unlikely event of a wind-up of BNB, BNBG rank ahead of equity but behind senior debt.