HLI 1.25% $3.95 helia group limited

hli is pretty much all aud assets and liabilities. new aps117 as...

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    hli is pretty much all aud assets and liabilities.

    new aps117 as applied to HLi pretty much immunises HLi from movements in yield curve as both assets and liabilities now discounted. As HLI maturity matches assets versus liabilities any movement in curve is negligible in net impact.

    but I would argue that the accounting liabilities are massively overstated in reality. So HLi is effectively net long and enjoys higher returns on its assets from higher rates.
 
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