Yes, you're right, hedging has not always been favourable, however, if you delve a little deeper, you will see your quoted report is from last year, where the hedges were pre the IO price increase and that burnt us (ie. hedge < IO price). This time around the opposite has happened, the hedges were put in place pre the IO collapse (ie. hedge > IO price). So in my opinion, they are completely different scenarios and should be a lot better for us this time around.
Yes, you're right, hedging has not always been favourable,...
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