Should you buy Bendigo and Adelaide Bank CPS 3?

Bendigo and Adelaide Bank has opened its offer for Convertible Preference Shares 3. Jon Mills discusses whether their potential returns compensate investors for the risks.

Soon after announcing its offer of Convertible Preferences Shares 3 (CPS 3), Bendigo and Adelaide Bank raised the size from $200m to $225m. The strong demand isn’t surprising, as the 4% margin over the bank bill rate paid by CPS 3 looks attractive given low interest rates.

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