WatfordI'm a bit concerned about your use of the word...

Watford
I'm a bit concerned about your use of the word "guaranteed" for any hybrid. Repayment of capital requires the company to survive until the maturity date, and as holders of B&B,Allco & Timbercorp bonds will know, there is always a real zero value risk. That is why these things are selling at discounts and that is why one should hold lots of different bonds and never risk the farm on any particular company. I'm sure you know that but there are lots of less sophisticated investors on this site!