pxupa very attractive, page-8

The market is pricing all these hybrids as perpetual, rightly or wrongly. Certainly PXUPA seems a little more perpetual than some others because step-up isn't until 2012 and pressure to redeem won't build until some time after that.

Anyway, given the PXUPA hasn't stepped-up yet it is paying a lower yield than AAZPB and some others so really 4 years of waiting for the step-up is a lot of foregone interest. I'm not particularly up with PPX but they do seem to have a higher credit and business risk so perhaps there is a little bit more capital risk being priced in as well. If income gets really tight with business units tanking they may stop paying interest on the PXUPA by necessity?

goodluck