"May be this is only One of the clever thing PB has done for this convertible bond deal by fixing US$1.0463 per AU$1. So Linc actually will pay less for the lower AUD...
I think you are refering to the recent $200M US Bond which was fixed at 1.0463. As this money was already converted into AUD to repay the other debt they won't gain or lose on it so there is no exchange rate impact on this bond.
I however was talking about the $265M bond which as I understand it does not have any fixed exchange rate on conversion and hence when they repay this one in 2017 they will have to pay $286M based on todays exchange rate.
LNC Price at posting:
$1.22 Sentiment: Sell Disclosure: Not Held
