This is my list of possible reasons for Telstra getting...

This is my list of possible reasons for Telstra getting flogged:

1. Continued uncertainty about NBN

2. ACCC cutting fixed line charges

3. Hedgies indulging in paired trades shorting Telstra to bankroll long positions into riskier but higher yielding stocks like banks and resources

4. Future fund secretly selling shares

5. Telstra's debt issuance program

6. Hedgies are getting bored.

The first three are fairly well known and have been on the cards since Telstra was plus 3 dollars. What is so different now?

4. and 5. are quite interesting. If it is the Future Fund selling, within a few days we should have a substantial shareholder change notice. I wouldn't be surprised.

5. is interesting because the sell off started on the day the debt issuance prospectus was issued (10/9). I have skimmed through the prospectus and can't find anything peculiar in it. This is issued every year. However, could it be that institutions are buying Telstra notes and selling/shorting shares as they command a higher rate of return?