eldpa, page-8

I think there is a discount factor for these hybrids at present due to lack of awareness of them, and due to the amount of reading you need to do. Would a bond investor even look at ELDPA, as it is listed on the ASX? Not many would I think.

I think the conduit to an investment in ELDPA is first to have an interest (not financial, but investigative) in ELD and then to think oh - what is this ELDPA? I think this diminishes demand.

The other way to find them is if you are specifically looking for hybrids after reading an article, or if you specialise in listed corporate (semi-debt) issues. Not so many do in Aus as there is not much listed debt compared to the gov't or international bond market and listed equity.

How many will investigate ELDPA and be able to calculate a debt service or interest cover ratio of some sort, and some sort of gearing/LVR calc. Credit analysis isn't always part of an ASX investors repertoir. (Maybe it should be - another issue!)

So I think there is an advantage to those in the know!