Floating rate notes, page-3

Hi Ozeb,
The bank hybrids have one nasty clause which the Ramsay notes do not have.
http://www.fundsfocus.com.au/managed-funds/pdfs/ipo/cba-perls-7-analysis.pdf

It relates to the regulator having the power to write them off to protect the viability of the bank.
They can only be repaid with the regulator's permission.
This is why they have taken a bit of a pasting lately.


I have too many of them.

cheers