cwnha and cwnhb, page-14

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!