How bankers’ have a gun at your head

Unfavourable reviews on preference share offers like ANZ CPS3 and Suncorp CPS2, or subordinated notes such as Colonial Group Subordinated Notes, always get the phones running hot. Not so much from members mind you, but investor relations flaks and brokers. Nothing rankles them quite so much as our refrain that the 10, 20 or 50-year official terms on these securities might actually be 10, 20 or 50 years. Or that perpetual might actually mean forever, or thereabouts. ‘No chance,’ they argue explicitly or implicitly, ‘never happens’. The ‘reputational risk’ of not redeeming at the first opportunity (usually five years in)...

Unfavourable reviews on preference share offers like ANZ CPS3 and Suncorp CPS2, or subordinated notes such as Colonial Group Subordinated Notes, always get the phones running hot.

Not so much from members mind you, but investor relations flaks and brokers.

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