At $56, GNSPA has roughly 17% per annum running yield plus...

At $56, GNSPA has roughly 17% per annum running yield plus potential for capital gain 80% when redeemed. This equates to 39% per annum to Jul 2012 assuming that would be a reasonable time to redeem (when markets are better); By that time, BBSW plus 5% might be considered expensive funding.

If you take a more conservative view, and assume redemption July 2015,the annual rate of return drops to 27% per annum.

My calculations use NPV of 3.2% (BBSW)