s and p affirms b and b ratings, page-9

"One view of Babcock & Brown's ability to pay its debt is the performance of its $414 million in subordinated notes listed on the ASX. They have a face value of $100 but are trading at $38 which gives a yield of 26 per cent. Another $179 million are trading on the New Zealand Stock Exchange at $NZ55"

are the NZ notes the same terms? isn't that a no brainer arbitrage?

sell NZ buy A even with currency that's a big difference...they can't be same terms?