sgoniActually WBC is issuing hybrid capital whcih is on the...

sgoni
Actually WBC is issuing hybrid capital whcih is on the nose. BAM is investment grade and has raised debt this last 6 months at less than 1.5% margin.It seems that most investment grade debt is being raised from banks at around 3% + fees so close to 3.5% in total. Not saying it wont be stepped up, but it wont be kept out there forever and even if it is stepped up its close on 4% margin and say BBSW of 3% gives 7% on $20 and the prospect of getting $100 in a not unreasonable time horizon