gaz, I hope so too :) the ability to convert before 7 years...

gaz, I hope so too :)

the ability to convert before 7 years makes sense too b/c it is leverage by the banks to CNP to get moving to improve the performance, otherwise they can always threaten to call the debt via the conversion and force CNP's hand and take control if they feel things are not moving quick enough.

If I was CNP, I of course prefer the 7 years fix conversion. but can't get everything their own way and this is incentive to get moving and in line with the objectives outlined on my first post.

all comes downt to the condition they agree in the hybrid....

please dyor. purely my take on the situation based on available information. cheers.