Lower ranking? I thought both are at subordinated level? Both are T2 issuance as far as I'm aware.
Margins have tightened a lot in the secondary markets (OTC wholesale). However, for an ASX Listed Bond, fair value would be around +250 mark. This is printing in the range of +220-230. I agree this is slightly undervalued. Not to mention the fact this is 11.5 years and callable in 6.5 years (increasing default risk and equity conversion under non-viability clause). They should have made this 10 non-call 5 years if they were going to print at this margin.
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