Good analysis as always, Mr P. It does seem like a bet on higher for longer POO - I haven’t done the maths (leave that to your good self), but I’m sure not having to hedge 30% of production is worth significantly more than the apparent higher interest rate on the secured notes in most scenarios where the hedge would not have come in useful and is mostly an unnecessary insurance expense. So a good bet IMO, unless the goodies and the baddies all kiss and make up and POO crashes of course.
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Good analysis as always, Mr P. It does seem like a bet on higher...
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