From a risk/reward perspective, I believe MXUPA is the best hybrid.
- Multiplex owned by Brookfield Asset Management (strong parent, who has put in pref shares which rank behind MXUPA)
- after write downs, net equity around $4 billion
My calculations as follows:
Assume, BBSW 3.5% and interest payments met, rate of return for a range of scenarios in terms of redemption (when credit crisis is iver);
redemption on 15 Apr 2010 gives rate of return of 249% PER ANNUM
redemption on 15 Apr 2011 gives rate of return of 136% PER ANNUM
redemption on 15 Apr 2012 gives rate of return of 98% PER ANNUM
redemption of 15 Apr 2013 gives rate of return of 79% PER ANNUM
if PERPETUAL, rate of return is 25% PER ANNUM
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