What you are suggesting would apply to CNP but not CER. Once again the two are confused.
The reason why the commonwealth bank would sell CNP debt at that price is because that is all the asset backing that debt has. CER debt has asset backing far in excess of the debt as far as real estate security is concerned. The price obtained by the bank accurately reflects the NTA of CNP.
That Centro name is the biggest liability that CER has.
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