Hi Feeny,
If you have closer look at their presentation, most of their debt is part of an 3 bn ongoing rollover in euro denominated debt. The major fall in the aussie dollar has been against the Yen and USD. Also, they negotiated the look through debt covenant level to 55% for a 50bps increase in the cost.
So based on your calculations, they would not be in breach of their debt covenant again. It would take something in the order of euro/aud of 0.39
what is going to be worth , page-4
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