Now cheaper as ex div.
Assume they survive and you purchase at 32.5 and redemption in say Oct 2011. If BBSW=3.5% and they pay ALL interest coupons, rate of return is 99% PER ANNUM.
if you assume redemption another two years from then in Oct 2013, rate of return is still a very healthy 64% PER ANNUM.
If perpetual (unlikely but worst case): return is 23% PER ANNUM year in year out
In my opinion, there are a number of reasons they will survive (a) good net equity (b) BAM very strong and have pref shares ranking behind MXUPA
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