Healthscope Notes II: An easy leave

Key Points Similar high-risk, high-return play to MYOB Sub Notes Healthscope needs to keep growing earnings to avoid senior debt default Lack of financial disclosure makes risk assessment difficult In BBSW (refer section 6.4 of the prospectus). Based on current swap rates, sub note investors are being offered about 2.5%pa more. Given the massive gulf in risk between the two, it’s too skinny.   Follow the insiders. The joint lead managers – ANZ, CBA, NAB and Westpac – all hold a piece of the senior debt. As far as we’re aware they’ve never offered to sell it to their...

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