Over reaction - Effectively FLT is raising money at $27.30.
Think about it, why wouldn't you put money in Aus 10 yr bonds or US treasuries. Why FLT at a coupon rate of 1.625%?
UBS are no fools, they need to make money from FLT & the investors. SO they sold the Senior Convertible Notes by saying that they can convert this at 27.30. Effectively saying in the long run this will easily cross that mark. Notes investors are not dumb to accept a deal like that, if they don't have confidence in a company.
UBS just raised 5 million shares at $21
The reason its going down, is one technical breaches in the chart, two the market sells first and thinks later
Just my two cents - Tempting how's the short going on PDN?
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