CWN 0.25% $12.09 crown resorts limited

cwnha and cwnhb, page-14

  1. 2,459 Posts.
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    I think the privatisation is the issue..........but until recently we were talking about an asset purchase not a full privatisation.....if the former then the notes are a screaming buy, if he buys the whole company then the notes are probably right to fall.

    I think the price action in the notes tells you that the insiders believe there will be a full takeover and hence risk on the credit rating and call possibility of the notes.

    If a full privatisation I would expect the notes to yield around 9% on a perpetual basis (my guess based on other issues out there).....which would imply a price around $80 on the CWNHA

    Lets hope he tries to buy the risky assets out of CWN rather than the whole thing!
 
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