......The debt market view was summed up by analysts at Bell...

......The debt market view was summed up by analysts at Bell Potter who warned clients that privatisation of Crown would not be good for holders of Crown notes which traded under the tickers CWNHA and CWNHB.
"While the expectation is that investment grade corporates will redeem ASX listed debt and hybrid securities at their first call date, the potential for an investment grade issuer such as Crown to become an unrated private company materially increases the risk that CWNHA and CWNHB will not be redeemed at their first call date," the Bell Potter analysts said.
"If a privatised Crown adopts a capital structure more aligned to returns required by private equity owners, there is an increasing risk CWNHA and CWNHB may not be redeemed until their maturity date at year 60 (CWNHA September 2072, CWNHB April 2075).
"In recent years, Crown has been placing less importance on maintaining an investment grade credit rating.