neiln, page-3

I am long TIMPB and short TIM
No loss trade in range TIM= 3 cents to TIM = $1.20

Very difficult to short TIM now as CFD providers have taken TIM off their lists due to lack of borrowing capacity I guess;

GNSPA is one of my favourites. They announced they would exchange by Sep09; If the do, annualised rate of return is around 85% PER ANNUM. If there is a delay (assume Sep 2011), rate of return drops to 43% PER ANNUM;

Why would anybody invest in equities when hybrids are so cheap. When company gets into trouble, more equity is issued which takes equity price down but shores up hybrid.