cwnha and cwnhb, page-27

Guys
Two things
1. Change of control event- the terms in the Deed are that an offer may be made for the notes at less than the face value. However there is no compunction on the note holder to accept. If the terms are unacceptable they can simply retain the notes and keep getting the yield.

2. The first call date on the CWNHA is 2018, where I would say there will be a high probability of higher Reserve and 90 day bank bill rates applying and in an increasing rates environment with the yield payment on the notes going up- In this scenario the market price will exceed the face value.

Do you think Crown or its successor will not redeem in those circumstances?

This is panic selling by retail investors and yet again poor analyst commentary. Just hold until 2018 and take your 100 face value if you have medium term investment horizons

I hold them and if I didn't have other floaters in my portfolio I would buy more.