No, I'm not really surprised, to be honest. For perspective, there's currently pooled mortgage funds in Australia yielding nearly 8%, paid monthly, after fees and costs.
2nd or 3rd tier debt is really expensive at the moment. That will change, and this is only 5yr debt and only a little over 1/2 of that 11% is fixed.
The all-in costs of hybrid-capital notes wouldn't likely be much or any better over a 5yr term, but come with a heap of added complications and compliance. Particularly if you have/want the optionality of potentially paying back early.
WHC Price at posting:
$8.13 Sentiment: Buy Disclosure: Held
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