Yes the safely net is all good and well but without a hedge swap partner we are left with current IO prices of circa USD$105 which should include A$50 profit.
As I eluded to in my previous post, I don't think Macquarie will entertain losing $1.5 m per quarter, do you? That means they may try to initiate a lower hedge price and if IO prices recover significantly, then we are paying for their Xmas party lobsters.
Yes the safely net is all good and well but without a hedge swap...
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