Hi
Why do "...the banks anticipate the CNP market value to eventually exceed $5bn in order for the hybrid conversion to be viable"? Rufrano said that the conversion is priced in at 13-14c. This means if at any stage in the next 7 years CNP shares trade above that banks can cash in their hybrids and start selling up the shares and make their money back....
centro hybrid scenario testing, page-2
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