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Lucky, be extremely careful of that trade at the moment, the dynamics have changed dramatically.

In my view the gap until approximately 400 million bbi (bond holders/traders and fearful) are sold will advance.

I agree there is an arbitrage possible but NZ shareholders will not get their SRN before Friday and probably not until Monday. I got mine by deed poll today, but most will wait until the mail is received, from Australia that is a minimum of three days (BBI won't airmail them which is a min. of two days.