what’s the difference between 800 & 1972?, page-27

I can't think of any perpetual hybrids that have returned $100, even from the ones that recovered. It's the perpetual nature of PXUPA which places them in limbo. With a firm conversion date things would come to a head and they would have no choice but to convert at face value and the hybrids would never have reached sub $10.

The terms of PXUPA are amongst the worst I've seen. Particularly no accumulated coupon rates. So we are due to step up again in December. Usually the interest rate would border on unviable and the company would cash them in. But without the accrual of interest the interest rate becomes inconsequential.