pxupa very attractive, page-14

on BBSW, I just assume a 5% average for "perpetual".


On PXUPA, I am assuming 2.4% margin (which is before step up) and I am assuming 4.8% margin on AAZPB which has already stepped off.

Very simply, 9.8/50 for AAZPB is around 20%. for PXUPA, 7.4/44 is around 17% so, yes, AAZPB is better yield and hopefully are more likely to be exchanged before PXUPA (hope you are right)