mxupa - $80 and 12 month high, page-10

87.50
$6.9 dividend
=7.9% yield.

For reasonable low risk.

With the potential for
12.5/87.5 = 14.2% capital gain.

There has been commentary that these will be redeemed (for $100). The reasoning behind this is that they are a relatively expensive form of debt.

So, the idea would be to redeem these, then take out a loan and pay, say, 6% interest.

Interest rate premiums have been a bit strange since 2007.... but, when they return to normal, a 3.9% margin above BBSW is likely to be very excessive.