I'd agree - i think part of early stirrings of overdue re-rate...

I'd agree -
i think part of early stirrings of overdue re-rate of corp bond/hybrid market rather than just divs. If and when market believes that issuing companies will survive, then the YTMs become abolutely compelling. Through last week we had strange the phenomenon of headstocks like FCL & GNS rising but their hybrids heading the other way, despite imminent dividends on latter (& no div on Futuris headstock!).
As an example of the odd goings-on, FCLPA went XD today yet rose almost 11% despite little interest/rise in days before div. Bear in mind volumes low on some of these stocks & doesn't take much in dollars or cents to give an apparently impressive percentage rally from the bombed out levels. Remember MXUPA still 74% down from par so let's hope the crawl back gathers momentum. Early days, butencouraging nonetheless!